Loewen became involved a serious controversy in early 2002, after issuing a media notice that was strongly critical of Manitoba's Crocus investment portfolio. He wrote that the company held investments "in a number of Manitoba companies" that were "in financial difficulty", and requested that the government ask the Auditor General to review the valuation of the fund. His statement was met with strong opposition from Crocus, which threatened legal action. Loewen was subsequently demoted from his position as Finance Critic by Stuart Murray, and was required to make a formal apology to the legislature in April 2002. Almost three years later, Crocus stopped trading and was forced into receivership. Many believe Loewen's concerns were vindicated by the trust's eventual failure. Loewen criticized several parties, including the government, opposition and senior Crocus management, when discussing the firm's failure in a 2007 interview.