A loan of$ 3.3 Million to a firm of the president

,
Philippe Langlois ,
Hugo Joncas ,
Félix Séguin and
Andrea Valeria

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A subsidiary of Otéra has granted a loan of $ 3.3 million to a firm of the chairman of Otéra and his ex-wife for the financing of an income property in Côte-Saint-Luc.

  • READ ALSO: The Fund should modify its code of ethics

Photo courtesy ofAlfonso Graceffa

 

At Otéra is a subsidiary of the Caisse de dépôt et placement du Québec, the code of ethics specifies clearly that an employee may be appointed as an officer or director of another company only ” on the condition that […] the company in question is not a partner, a customer or a supplier of goods to Otera “.

Our Office investigation, it was discovered that the financial Corporation MCAP, a subsidiary 78 % of Otera, has granted the loan of$ 3.3 Million at the end of 2017 to a numbered company administered in particular by Alfonso Graceffa and his former wife.

$12 billion

Mr. Graceffa is the big boss of Otera, a subsidiary of the Caisse which has made real estate financing with a turnover of $ 12 billion. MCAP is in the bosom of the Fund since 2002, according to its website.

The loan of$ 3.3 Million was used for the refinancing of a residential building, the Residences Artistocrate, Côte-Saint-Luc, on the island of Montreal, show documents accessed by our Bureau of investigation.

“Very broad mandate “

When questioned on this subject, Mélanie Charbonneau, vice-president of legal Affairs of Otera, was first recalled that ” the Fund has issued a warrant for the investigation the day before yesterday with a very broad mandate in order that all necessary checks are made independently “.

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Then she added : “as a shareholder, Otéra Capital has representatives in the board of directors of MCAP, which mr. Graceffa. The council does not endorse any individual loan, including the one to which you are referring, so mr. Graceffa has not been part of any discussion or decision in this regard. “

According to Ms. Charbonneau, ” these loans [] MCAP are not subject to any approval of Otéra Capital. MCAP is a company managed independently of Otéra Capital. Mr. Graceffa was, however, declared to MCAP’s interest in the building in question “, we had it written.

New questions

The granting of this loan is not without posing new questions about an appearance of a conflict of interest within the senior management of Otéra.

Our Office investigation, it was revealed yesterday that Otéra Capital had granted in 2017, a loan of$ 44 Million to a company of an important business partner of the big boss of Otera for the construction of a residence for the elderly, The Quartier St-Jean.

Otéra argues that its president and CEO Alfonso Graceffa has not participated in any way in the processing of this loan file with its associated and that it is removed from the sessions during which it was mentioned.

Our research has determined that Mr. Graceffa is a director and shareholder of a dozen companies distinct to Otera and MCAP. The vast majority of these firms are active in the real estate sector.

Still according to the code of ethics of Otera, any activity carried out by employees outside of Otera ” must be separated from [their] professional activities within Otéra and should not [the] help pass the time and the effort necessary to do so.”

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Our Office of investigation also revealed Tuesday that Martine Gaudreault, vice-president of Otera, is a business partner and the heart of a private lender long linked to the clan mafia Rizzuto.

Martine Gaudreault and her husband Alain Cormier had erased the traces of their business relations on the internet, after our revelations on Tuesday. The site of Bancan, the company of Cormier, the promotion of buildings of Martine Gaudreault and his LinkedIn profile no longer exists since Tuesday. “The decisions taken by the employees with regard to their accounts of social networks within their personal life and private “, said the spokesperson of Otera Mélanie Charbonneau.

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