$ 44 Million for the project of a partner of the big boss

,
Jean-François Cloutier ,
Philippe Langlois ,
Hugo Joncas ,
Félix Séguin and
Andrea Valeria

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 The subsidiary of the Caisse de dépôt Otéra Capital has loaned $ 44 million to the construction of a residence for seniors with one of the promoters is… an important business partner of his boss.

Photo courtesy ofAlfonso Graceffa
CEO, Otéra

Otéra argues that its president and CEO Alfonso Graceffa has not participated in any way in the processing of this loan file with his associate and that he withdrew from the meetings where it was mentioned.

However, even if he is the big boss of a subsidiary of the Caisse de dépôt et placement du Québec, Mr. Graceffa remains in business (in real estate) with this partner, and have been since 1997.

Yesterday, our Bureau of investigation found that a vice-president of Otera, Martine Gaudreault, is the couple and in business with a private lender for a long time linked to the clan mafia Rizzuto. The Fund was quickly suspended Ms. Gaudreault in the wake of the publication of our report.

We have discovered another delicate situation within the lender’s real estate Fund : Otera has lent 43,98 million in 2017 to the partnership Quartier St-Jean, promoter of a seniors residence 181 units named The District.

One of four partners in this project is Thomas Marcantonio, the man of affairs who is a partner in several private companies, with Alfonso Graceffa, president and chief executive officer of Otéra.

As of yesterday, Marcantino and Graceffa owned five companies, including four real estate companies that were used to purchase various buildings.

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 Code of ethics clear

The code of ethics-Otéra, which applies to all its executives and employees, stipulates that the latter must avoid situations that ” would result in a conflict of interest, real or perceived, that is to say the creation of an obligation, interest or preoccupation likely to affect [their] judgment or [their] impartiality.”

Employees must also avoid to be involved directly or indirectly in activities ” that could be potentially embarrassing for Otera “.

Reached by telephone, Thomas Marcantonio stated that Mr. Graceffa and him were business partners for over 25 years.

 Not in the details

He said that he had spoken of the residency project with Mr. Graceffa ” in a general way, but not in a particular way “.

“To my knowledge, it has not intervened at all [in the loan]. It even made me a note specifies that saw that I was involved, he looked the same not the case, ” he said.

Mr. Graceffa has not wanted to grant the interview and indicated at the end of the wire that the Fund would respond to questions from our Office of investigation.

On his side, Mélanie Charbonneau, vice-president for legal Affairs of Otéra Capital, said that ” Mr. Graceffa stated from the beginning his business relationship and has not been involved at any time in this folder “.

In an email, she explained that it is the credit committee of the board of directors of Otéra that has ruled on the project.

“Mr. Graceffa has made his statement to the committee and withdrew from the meeting during the presentation, deliberation and approval of the loan file,” he wrote.

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Alfonso Graceffa is not one of the five officers of the Caisse and its subsidiaries and affiliates the best paid, so we refused to reveal his salary, yesterday.

The project The District is described as “a modern residence and distinguished “which” provides facilities of first quality “.

Incidentally, this is Martine Gaudreault, suspended yesterday, which authorized the loan of Otera to the partnership Quartier St-Jean.

The vice-president of Otera suspended from her job

Martine Gaudreault

The Caisse was suspended yesterday the vice-president of one of its subsidiaries, who is in a relationship with a private lender for a long time linked to the clan mafia Rizzuto.

In a statement released in the morning, the management of the Fund explains that Martine Gaudreault, vice-president of Otéra Capital, is suspended for the time of an internal investigation.

These measures have been taken following the revelations of our investigation Bureau concerning the spouse of Ms. Gaudreault, Alain Cormier. The latter, a lender alternative, has done business with members of the Rizzuto organization between 2008 and 2012.

 With the son of the ex-godfather

Mr. Cormier has been co-shareholder of a firm with Leonardo Rizzuto, the son of the ex-godfather Vito Rizzuto, through companies to number. Giovanna Cammalleri, the wife of Vito Rizzuto, was also present in the assembly business.

Alain Cormier has also been involved in controversial real estate project, the 1000 de la Commune, and has borrowed money to the firm, an individual convicted of money laundering related to drug trafficking.

The revelations of our Office of investigation “are taken very seriously, because they are aimed at matters of integrity,” says the Fund in its brief statement.

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“An internal investigation has been opened yesterday, and will be conducted by an outside lawyer so that all of the checks being made. The findings of this survey will be made public, ” says the institution.

Alain Cormier

 With balance

The Caisse also emphasizes that ” integrity is a principle that is non-negotiable on which no compromise will be done “.

According to our information, Ms. Gaudreault is suspended with pay.

The Cashier refused, since Monday, to answer many of our questions, including :

  • Is that Martine Gaudreault has its links to business and the heart in its statement of interest ?
  • How to the Cashier she acted if she was aware of these links ?
  • The institution sees a problem with the situation in which Ms. Gaudreault ?

 The vice-president suspended yesterday refused to grant us an interview.

The real estate companies of the big boss of Otera and Thomas Marcantonio

 Manoir King David (2 separate companies)

 Value of$7.7 Million

  • Côte-Saint-Luc
  • Building of 8 floors, totaling 71 units

 Apartments Lakeside

 Value of$7.2 Million

  • Pointe-Claire
  • 8 buildings for a total of 104 accommodation units

 Castle Doral

 Value of 17,97 M$

  • Montreal
  • 14-story building totaling 167 units

 517 donegani avenue and 7 Fairwood

 Value of$3.1 Million

  • Pointe-Claire
  • Two buildings of 3 floors totaling 38 units
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