REGINA – Opposition New Democrats are levelling a new conflict of interest accusation against Education Minister Jeremy Cockrill, this time for potential insider trading.

At an NDP media availability outside the Legislature, their ethics and democracy critic Meara Conway told reporters Cockrill was now under a second active investigation from the Conflict of Interest Commissioner over allegations he breached the Act by investments in helium companies Helium Evolution and Royal Helium, companies that were awarded tax breaks by the Saskatchewan Government.

“The facts suggest Cockrill had abused his insider knowledge to buy into a helium company and right before the company scored big on government tax breaks.”

Cockrill had publicly disclosed those investments in a March 26, 2023 filing with the Conflict of Interest Commissioner. Conway said this was after the government had announced they were “putting big money and resources into growing the helium industry in Saskatchewan.”

“As a member of cabinet, he had behind the scenes access to the government’s helium action plan and access to fellow ministers, who were rubbing shoulders with these companies, joining them at international trade shows and conferences and hosting them at the legislature. It’s a conflict of interest, and it even looks as if it looks like a good amount to insider trading.”

Cockrill is already being investigated by the Conflict of Interest Commissioner over his sales role with Fortress Windows and Doors, who had a $179,137.46 contract to supply windows and doors to Battlefords Housing Authority. Cockrill has publicly disclosed that sales role and has said he is cooperating with the investigation, but has denied being involved in the contracts in question.

In a letter dated May 17;Conway wrote the Conflict of Interest commissioner asking he look into Cockrill’s compliance with the Act given his investment in Helium Evolution and Royal Helium, including sections 3, 9, 10 and 15.

Cockrill response

In response to the latest comments from Conway, Cockrill issued this statement today:

“I did not participate in any government decisions regarding the helium industry nor did I have any inside information regarding the industry.  I am fully cooperating with the Conflict of Interest Commissioner’s review and am confident that I acted appropriately.

“Ever since being elected in 2020, I have been fully transparent with the Conflict of Interest Commissioner and followed all of the recommendations that he has provided to me. I continue to cooperate with the Commissioner as he does his review

“While I understand the Commissioner is proceeding with a review under Section 3 and 15 under the Act, there is no review of insider trading under Section 4. Ms. Conway is aware of that but chose to make this unfounded allegation at her media event today. He has also stated:

  •     “I agree with Mr. Cockrill that the Opinion Request does not identify any meeting or decision at which Mr. Cockrill allegedly failed to disclose a conflict of interest or withdraw from the meeting.”

•       “In response, Mr. Cockrill argues that the 2021 Helium Action Plan cannot give rise to a conflict of interest. I agree – the existence of the November 15, 2021, Helium Action Plan would not raise reasonable and probable grounds in itself given that Mr. Cockrill was not a member of Cabinet and did not own any interest in Helium Evolution or Royal Helium at that time.”

“While the NDP is focused on slinging mud, we are focused on Saskatchewan people and keeping our economy strong to ensure a bright future for everyone.”

Opposition responds

Shortly after Cockrill issued his response the NDP countered with their own response to Cockrill’s “mischaracterizations.”

“It is disappointing to see Mr. Cockrill cherry-pick a single sentence from the Commissioner’s letter in such a way that distorts its meaning. To correct this inaccuracy, the full paragraph is being provided: 

“In response, Mr. Cockrill argues that the 2021 Helium Action Plan…..at that time. However, the 2021 Helium Action Plan contemplates ongoing actions through to 2030. Moreover, Ms. Conway’s Opinion Request also points to (a) the Government’s subsequently granting helium permits to Helium Evolution and Royal Helium (the timing which is not clear on the materials): (b) Helium Evolution’s 2023 Financial Statements, which refers to “an amount expected to be returned by the Government of Saskatchewan due to overpayment of unfulfilled work commitments “ and “a royalty agreement”; and (c) the Government’s partnership with Helium Evolution and Royal, including participating in a 2024 conference together.”

“It’s also disappointing that Minister Cockrill has released a statement that provides no clarity as to when he in fact purchased shares in these two helium companies, whether he was in cabinet, and in the case of Royal Helium, whether it was before that company was awarded certain tax incentives. Ms. Conway stands by comments that the timeline of events raises the possibility of Minister Cockrill using his power and access as a member of cabinet to benefit his own private financial gain. Unfortunately, only Jeremy Cockrill can confirm the timing around when he bought his shares and so far, he has failed to do that.”

The NDP also accused Cockrill of having yet to answer the following questions:

“When between April 1, 2022 and March 31, 2023 did he buy his stock in Royal Helium and Helium Evolution? Was it before they publicly announced they had received the SPII on July 26, 2022? 

“Did he do so with prior knowledge that these companies would be receiving royalty credits from the Government of Saskatchewan?

“Did he recuse himself – as a Minister – from future government and cabinet decisions and discussions regarding the helium industry after the purchase of stocks in these two companies – including voting on budgets that saw their royalty credit caps increased from 30M to 100M?”