Minister Jeremy Cockrill during a highways announcement earlier this year. He is under investigation on whether he used privileged information for insider trading. (Julia Lovett-Squires/battlefordsNOW Staff)

By Julia Lovett-Squires

investigation into MLA

Sask NDP raises possibility of insider trading by Cockrill

Sep 25, 2024 | 12:48 PM

An investigation is underway to determine if Battlefords MLA Jeremy Cockrill used privileged cabinet information for the purpose of insider trading.

The provincial NDP alleges Cockrill used information from his position within the government to buy shares in two helium companies, right as the province was pushing expansion of the industry.

Cockrill rebukes that claim.

“I did not participate in any government decisions regarding the helium industry nor did I have any inside information regarding the industry,” the Battlefords MLA said in an emailed statement.

Saskatchewan NDP Ethics Critic Meara Conway said within Cockrill’s standard ethics disclosure in 2023, he stated he owns shares in Royal Helium – one of the companies the Sask. Party government partnered with. Conway said Cockrill’s shares were not listed in previous disclosures, which means he could still have been involved in cabinet discussions regarding the development of the helium industry in Saskatchewan.

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Cockrill also disclosed holding shares of Helium Evolution, a company whose board includes former Sask. Party Premier Brad Wall, which stated in its 2023 financial statements it expected “royalty agreements” from the Government of Saskatchewan.

Royal Helium was reported to be the first company to benefit from the Saskatchewan Petroleum Innovation Incentive (SPII) program. The company reported receiving approval for more than $4.2 million in royalty tax credits, just a few months after Cockrill joined cabinet.

The NDP said it’s not just a clear conflict, it also points to the possibility of insider trading.

“Tens of millions of dollars worth of tax incentives would be available to these companies and a member of cabinet participated in making multi-million dollar decisions that he knows could benefit him financially,” Conway said. “It’s time to put an end to the backroom deals and corruptions that have defined Scott Moe and the Sask. Party for years. It’s time for change.”

According to Daniel Westlake, assistant professor with the University of Saskatchewan’s Department of Political Studies, if what the official opposition proves to be true, it isn’t good timing and could cost the party some votes.

“Some of that depends on how the Sask. Party reacts,” he said. “There’s different directions they could go. They could decide to stand by their guy or they could decide to cut him loose and I suspect that if they stand by him…that’s a riskier strategy.”

Westlake also wonders if Cockrill knew about the investments as some ministers put their investments in a blind trust.

“That would change the story significantly,” he said.

“If he doesn’t know what he’s invested in because as a minister he is trying to avoid potential conflict, that doesn’t look as bad on him.”

This is the second ethics investigation Cockrill is facing. According to the NDP, he’s accused of benefitting from government contracts through his in-laws’ private business Fortress Windows and Doors. That company has operated in the Battlefords for over 30 years.

READ MORE: Cockrill has had multiple political firestorms in his time as MLA.