By Trevor Greyeyes and James Wastasecoot
New details surrounding the $10 million TLE Trust investment in the Meadows property are raising red flags — and more questions than answers — for members of Peguis First Nation.
Property records obtained through Teranet, Manitoba’s online land registration system, confirm that developer Andrew Marquess — through his company — now owns 167.31 acres of the former golf course known as The Meadows, located in the municipality of East St. Paul.
A second parcel of 16.26 acres remains with the Peguis First Nation Real Estate Trust (PFNRET) and includes the site of a provincially funded daycare. This arrangement likely reflects the original agreement for the daycare’s construction, which was signed between PFNRET and the province, not Peguis First Nation directly.
These land transfers come amid a $130 million lawsuit filed by Peguis First Nation on Sept. 27, 2024 against Marquess and several numbered companies.
Greg Stevenson, former chair of the Peguis First Nation Real Estate Trust, defended the arrangement in a recent interview, calling it a necessary deal to avoid default and total loss. “Peguis is going to get their money back — their $10 million — over five to seven years, plus interest,” he said, emphasizing that developer Andrew Marquess “took on the debt and everything else that came with it.” (On Jan. 8, 2025, Peguis FN held trustee elections where new trustees were elected.)
The Peguis First Nation council lawsuit alleges breach of fiduciary duty, self-dealing, and misuse of influence for personal gain. Specifically, it claims Marquess leveraged his advisory role within the Peguis development structure — under then-Chief Glenn Hudson — to engineer transactions that benefited himself and his associates at the expense of Peguis First Nation and its members.
On Meadows specifically, a limited partnership was set up between PFNRET and a numbered company that was owned by Maureen Diamond, Marquess’s wife.
According to multiple sources close to the Trust, band leadership was not fully consulted on the extent or terms of these arrangements. The daycare, built on PFNRET-held land, has proceeded without the involvement or approval of Peguis Chief and Council — leading to a cease-and-desist letter issued in 2023 that was ultimately ignored by the Trust.
Stevenson confirmed that PFNRET continued with construction despite the cease-and-desist letter, stating that a walkthrough of the building was conducted in February 2025 and that the structure remains in good condition. He also noted that GST and ITC credits tied to the daycare are expected to return nearly $1 million to the Trust, assuming proper filings are completed.
By late 2024, construction was nearly complete, but no operator had been identified and no plan submitted for how the daycare would be staffed or funded. The province, meanwhile, quietly paused its support.
As for the larger parcel — the 167.31 acres acquired by Marquess’s company — it remains entangled in litigation and symbolic of deeper governance questions within Peguis First Nation of who is in charge and responsible.
These events highlight broader concerns about accountability within First Nation-controlled trusts and the murky overlap between economic development arms and community representation. For many off-reserve members, the absence of consultation — and the appearance of inside deals — has only deepened a longstanding distrust in how TLE funds are managed.
While critics call the transfer a fire sale of community assets, Stevenson argued that PFNRET had few options. He said lenders walked away after Peguis began suing various levels of government, and that a deal with Marquess was the only way to avoid foreclosure. “We exhausted everything we had to carry this as far as we could,” he said. “It was never the intention to convert the Meadows into reserve land — it was always meant to be a commercial development,” as fee simple lands.
A Look at the Deal
Intrepid reporters that we are, Terra Indigena was able to get a copy of the actual deal and the following are the reasons why concerned Peguis First Nation band members should be concerned.
This is a developer-driven deal heavily weighted in favour of the company that purchased the most shares from PFNRET. Thereby dissolving the limited partnership corporation that held the land jointly.
The Trust is handed over control of valuable real estate for:
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A promissory note (not immediate cash)
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The assumption of a defaulted loan
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A long-term hope that the Purchaser will deliver on rezoning, subdivision, and development
The Trust risks losing development leverage and community oversight, especially if subdivision or refinancing fails. It also potentially places community assets in the hands of a third party with broad autonomy, enforceable by Power of Attorney.
Here are the potential red flags of the deal:
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Promissory Note risk:
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No upfront cash = delayed liquidity for the Trust
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If Marquess defaults or delays, enforcement is slow
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Power of Attorney:
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Allows Purchaser to act unilaterally after 3 unresponded requests
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May enable decisions against community wishes
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No Independent Oversight or Milestones:
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Agreement lacks third-party oversight
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No clear performance milestones for development
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Vague financial protections:
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No escrow or security for Promissory Note other than delayed mortgage
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No guarantee of refinancing within a specific timeline
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Control Shift:
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Despite owning 999 units pre-sale, PFNRET loses majority and thereby decision-making authority over the LP
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Broad Indemnity language:
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Especially around “good faith” use of Power of Attorney, which is subjective
Murkiness in PFNRET business dealings
Crystal Ionics bought, on Jan.27, 2023, 10115382 Manitoba Inc. with a transaction of $2.8 million from PFNRET. That information is still listed on the website (https://peguisretrust.com/projects/).
As reported by CBC ( 'We need it here,' elder says after Peguis First Nation trust built daycare in Winnipeg suburb Joanne Levasseur, Caroline Barghout · CBC News May 09, 2025), Pretium Projects filed a lien for $2.4 million against the property.
Also, PFNRET approached Peguis First Nation chief and council, now under Chief Bird, about paying the hydro for the building. The request was denied.
There is not much, as far as financial information posted, on the PFRNET website but it’s there if you want to look (https://peguisretrust.com/financials/).
There has been no mention or entry of the Wellington Crescent land purchase or subsequent sale in any publicly available PFNRET financial statements or reports that are publicly available.
Stevenson also confirmed that after the Wellington Crescent sale, PFNRET had “maybe $20,000 left” by year-end, despite making a $1.8 million profit. He attributed the drain to interest payments and extensions on the CWB loan, but acknowledged that without the Wellington funds, PFNRET would have had to go back to Peguis Council for help — something they wanted to avoid.