The recipient of Bridging Finance triggers an alarm in the event of mass deletion of emails

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    A service ticket submitted to an IT company on October 6, 2020 contained the request to delete “all email recordings” based on specific inquiries. Based on logs verified by PwC, this resulted in the deletion of 34,200 emails.

    PwC also has “a number of concerns” regarding the Alaska-Alberta Railway Development Corp. (AARDC), the firm with which Bridging Finance had the largest credit exposure. As of March 31, Bridging had reportedly loaned $ 316.6 million to AARDC. PwC said it has requested that AARDC repay $ 207.8 million of its outstanding loan.

    The OSC has claimed that Sharpe has received payments of $ 20 million from Sean McCoshen, the sole shareholder of AARDC. PwC said his lawyer tried to have a conversation with McCoshen about the role of some numbered companies under his control, but McCoshen’s attorney said he was unable to respond “due to medical conditions.”

    PwC also alleged that it was informed of the resignation of the AARDC legal advisor along with part of its management team late last month. The court-appointed recipient informed the shareholders that his forensic team would endeavor to restore the deleted emails.

    In a statement Thursday, Melissa MacKewn, Sharpe’s attorney, panned PwC’s report. As reported by the Financial Post, MacKewn said the report’s references to AARDC effectively slandered and threatened to get “substantial” on a major loan for a railroad project [erode] the value “of key assets for investors in bridging finance funds.

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