Bill Morneau’s Father Sold 200K Shares in Family Company Days Before Tax Changes Announced
As Finance Minister Bill Morneau is pressed in the House of Commons for details on the circumstances of the sale of shares he held in his family business, Morneau Shepell Inc., Global News has analyzed insider trading reports of the company and discovered that Morneau’s father sold a significant number of shares days before his son announced a major tax policy change.
Regulatory filings show that William F. Morneau Sr. sold 100,000 shares of Morneau Sheppell Inc. (MSI) at a price of $15.20 per share on Nov. 23, 2015, and sold another 100,000 shares on Dec 3, 2015, at a price of $15 a share.
On Dec. 7, 2015, Morneau, the finance minister, tabled documents in the House of Commons which announced his government’s intention to change tax rules that would increase taxes on wealthy Canadians as of Jan. 1. 2016.
According to historical share price data published by Yahoo Finance, MSI shares dropped from $14.90 a share on market open of the morning of Dec. 7 to $14.09 a week later, on the morning of the Dec. 14. That represents a drop in value of just over 5.4 per cent.