Montreal blocks recycling giant Ricova from bidding on new contracts

Montreal is barring Ricova, which operates both the city's recycling sorting centres, from bidding on new contracts for the next five years, following a damning report from the inspector general.

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eriverside
eriverside
22 · 19 days ago · Reddit

Ricova bought recycling material from the city, sold it to ricova international and RI then sold it off at a higher price to a 3rd party. They made a minimum 20$ per ton profit but they gave an example of buying it from Montreal at 100$/tone then selling it for 200$/tone.

If you're selling it to a sister company, I call shenanigans. Good on the inspector for demanding a 5 year ban. Not sure how we fill the gap since they have a monopoly, but it opens up the market to competition.

Overall, bad stuff but the city is doing something about it, so good news.

stephiso
stephiso
14 · 19 days ago · Reddit

This is where Ricova closes and a new company shows up for the next contract and it'll be called Rivaco instead

jeremy_jer
jeremy_jer
7 · 19 days ago · Reddit

Probably the bribe was too low for the city authorities.