Otera scandal: It’s enough to be an ostrich!

With $420 billion in net assets under management for the financial well-being of all Quebecers, Caisse de Depot et placement du Quebec should be beyond doubt. To that end, Caisse must be completely transparent. Great transparency.

That’s why Caisse’s board must now “order” CEO Charles Emond to release the famous 2019 outside investigation report into the financial scandal that tainted subsidiary Otéra Capital. after the revelation register.

Despite the firing of four of Otéra’s top executives, we’ve never been able to learn the ins and outs of this massive financial scandal. why ? Because Caisse, under former CEO Michael Sabia, only published a summary of said investigative report.

However, with the new revelations of my colleague Jean-Louis Fortin Conflict of interest “disguise” operation in 26 commercial loans Which in 2019 also co-chaired another Otéra vice president, it is time to unveil the famous external investigation report.

It was Michael Sabia who commissioned her to shed “all light” on the revelations of the investigation office in register. With the summary revealed, it is clear that the light has not been shed publicly.

Despite repeated requests from registerCaisse’s top management, headed by CEO Charles Emond, still refuses to release the aforementioned investigation report.

In the face of new revelations to hide conflicts of interest, Caisse merely responded that the vice president in question had disclosed his interest in 2013, but only asked him to sell his shares in February 2019. Last point.

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Call CA

There is enough to make an ostrich. Thus, it is up to the Caisse (CA) board of directors to ask senior executives to publish the aforementioned external report on the financial scandal of its subsidiary Otéra.

After all, it is the Caisse Board of Directors that is ultimately responsible for compliance with the rules of good governance within Caisse and its subsidiaries, particularly those of Otéra, CDPQ Infra and Ivanhoé Cambridge.

It is also (the Board of Directors) ultimately responsible for compliance with the Code of Ethics, Professional Conduct and the rules regarding conflicts of interest applicable to officers and employees of Caisse and its affiliates.

The cover-up of conflicts of interest in 26 business loans to Otéra by a Caisse vice president, which my colleague Jean-Louis Fortin has just disclosed, is a violation of Caisse’s good governance, ethical code, deontology and conflicts of interest.

In case of refusal

If Caisse’s board also insists that the external report on the Otéra case not be made public, it will be up to the minister responsible for Caisse, namely Finance Minister Eric Girard, to demand public disclosure.

Under the law relating to the Depository and Placement Fund, the fund is obligated to respond to the Minister’s governance concerns.

the problem? It is still necessary that Minister Gerrard, after revealing the new of register In Otéra, he sees reason to be suspicious.

Last Tuesday, a colleague of register He challenged him in the matter twice in the halls of the National Assembly, before and after the interrogation period.

His reaction: He didn’t stop to answer questions, just said “No comment.”

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keep the opposition

Opposition parties, fortunately, question the Fund’s ruling.

Quebec Solidere (QS) spokeswoman on the economy, Ruba Ghazal, believes Caisse de Depot leaders should come and explain their position to elected officials on a parliamentary committee. How did Caisse try to hide conflicts of interest rather than show her credentials? ask herself.

For his part, the parliamentary leader of the Kibekwe Party, Joel Arsenault, lamented that El-Kissi had “hid the relevant information”, while Liberal leader Dominique Englade believed that the information could have been “disclosed in a timely manner”.

To show the extent to which there is a problem with Caisse’s good governance, the Auditor General, Guylaine Leclerc, emphasized in a recent report that Caisse had not respected many of its rules regarding auditing and declaring conflicts of interest in several investment files.