Jeremy Cockrill under investigation over helium investments

Saskatchewan’s education minister says he did nothing wrong after allegations of another conflict of interest over helium investments.

The Sask. NDP revealed on Wednesday that Jeremy Cockrill is being investigated by the conflict of interest commissioner for his investments in the helium industry and “potentially using privileged cabinet information for insider trading.”

Cockrill’s MLA disclosure statement for 2022 shows he had invested in two helium companies – Helium Evolution, and Royal Helium — between Apr. 1, 2022 and March 2023. The statement doesn’t specify when the investment was made or how much was invested. Cockrill’s 2023 disclosure statement again listed investment in Helium Evolution.

NDP Ethics Critic Meara Conway says it’s disappointing Jeremy Cockrill hasn’t clarified when he invested in the helium companies. Sept. 25, 2024 (Lisa Schick/980 CJME)

In a letter sent to the commissioner in May, NDP ethics critic Meara Conway said the government has since granted permits to both companies and has been working to substantially expand Saskatchewan’s helium industry.

“While there is no issue with the government working with private partners to develop industries, I was surprised to see a cabinet minister had invested in two of the main companies that the Government of Saskatchewan appears to be closely partnering with to build up the helium industry,” Conway wrote.

Conway said on Sept. 25, this was also after the provincial government had introduced its Helium Action Plan, to have Saskatchewan producing 10 per cent of the world’s helium supply by 2030.

She asserts that, in the year leading up to 2023, Cockrill had access.

“As a member of cabinet he had behind the scene 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,” said Conway.

In July 2022, Royal Helium announced it was the first to get a royalty credit from the provincial government. Its news release said it could get up to $4,227,185 in Royalty Tax Credits based on eligible project costs.

“We are extremely pleased with the agility the Saskatchewan government has shown in quickly implementing their new Helium Action Plan and how quickly they have been able to process and approve our first submission,” said company president and CEO Andrew Davidson in the news release.

In correspondence between Conway, the commissioner, and Cockrill, Conway said Cockrill didn’t clarify when he made the investments.

Conway said the problem here isn’t the government working with industry, it’s that Cockrill is serving two masters.

“He should be making decisions as a Member of Cabinet, as a Member of Government, only in the interests of Saskatchewan people but he’s also now an investor in these companies who has the potential for private financial gain,” said Conway.

When asked why she was bringing this forward now, Conway said voters deserve this information as they consider who to vote for in the coming election.

Cockrill’s response

In a statement issued on Sept. 25, Cockrill said he is confident he acted appropriately and is co-operating with the commissioner.

“I did not participate in any government decisions regarding the helium industry nor did I have any inside information regarding the industry,” Cockrill’s statement read.

“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.”

Cockrill further noted that insider trading is not part of the review.

“Ms. Conway is aware of that but chose to make this unfounded allegation at her media event today,” the minister’s statement read.

“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.”

This is the third conflict of interest investigation against a Sask. Party MLA this year, prompted by a complaint from Conway – one into Gary Grewal and another into Cockrill, both accused of using government connections to benefit private businesses.

– With files from 980 CJME’s Lisa Schick