Human Resources Minister Belinda Stronach will sell all of her holdings in Magna International Inc. to comply with federal cabinet conflict-of-interest rules.
She could make $15 million on the sale. Stronach also sold $4.6 million worth of shares in the family auto parts company shortly after joining the Liberal cabinet last spring.
Her defection helped the Liberals survive a confidence vote. Her reward was an immediate appointment to the Human Resources portfolio.
Human Resources Minister Belinda Stronach (CP PHOTO/Tom Hanson)
"I think I have to put it in the bank and save," Stronach said Monday, referring to the sale price.
As part of an agreement with the federal ethics commissioner released on the weekend, Stronach also is committed to stay out of cabinet discussions related to the automotive and steel industries.
Stronach ran Magna International Inc. before entering politics. The business was founded by her father, Frank Stronach, and built into a huge international auto parts supply company.
Stronach said the ethics commissioner's office is satisfied with her financial disclosure documents, and her plan to sell the shares.
She noted that she also donates her $213,000-a-year ministerial salary to charity.
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