Our FBI has learned that businessman Robert Giraud, who led 75 Quebec millionaires to invest more than $221 million in the Huot Group over the past few years, has had two companies divested from his company.
• Also read: Huot Group’s financial difficulties: 90 millionaires fear for their money
• Also read: AMF is examining the Huot Group case
According to our information, the businessmen who trusted him in this adventure were going to call him to resign after a meeting that lasted several hours on Monday. Robert Gero, who controlled real estate investment fund SH and Q-12 Capital, had agreed to step down from his duties.
“My decision has been carefully considered and is the right one in the current context. Recent events have been trying, so it is time for me to give up my place to another general partner within the organization,” Robert Gero said in a press release on Tuesday.
“Being fully invested, I remain committed to the success of the financial restructuring,” he went on to say.
Remember, in the wake of the Huot Group’s financial setbacks, a group of lenders created a file rescue fund 50 million dollars in order to avoid bankruptcy at the Huot Group, try to find their money and take over the real estate of the Quebec giant.
A small group made up mostly of lenders within those companies is now expected to take over the leadership of the SH and Q-12 Capital Real Estate Investment Trust, according to a lender familiar with the matter. An official announcement to this effect will be made soon.
AMF file in the file
It is reported that the Financial Markets Authority (AMF) has begun “checks” on the file of Huot Group, after receiving “several complaints”. According to our sources, the AMF will seek to know what was said or promised to the investors who entrusted their money to Robert Giraud, in order to make sure that everything was done according to the rules of the art.
Robert Gero, in the voice of his attorney, affirmed that he had “always respected the applicable laws and regulations in his actions in any capacity whatsoever”.
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