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Results: 76 - 90 of 174
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 16:50
Thank you.
We are not in any way connected to the four “sword” companies. We have never provided any advice with respect to those companies. We have co-operated fully with the CRA. We've provided all the files and all the client names with respect to our offshore structures.
View Peter Julian Profile
NDP (BC)
Thank you, Mr. Chair.
I, too, am extremely disappointed in the answers from KPMG. We ask questions and we are not getting answers.
The Standing Committee on Finance has the authority to seek that information. KPMG cannot just tell us that the company had absolutely nothing to do with this. They have to respond and explain. So far, we have received no answers to our questions, and there have been many.
I'm very disappointed in the quality of the answers we're getting.
I want to come back to the issue of client companies or shell companies.
We might even say bogus companies.
You said there are no longer any shell companies or client companies as part of KPMG's strategy. Did I understand correctly? Could you give us the date when those companies were dissolved or wound up?
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 16:52
Thank you, Mr. Julian.
In terms of specific client information, I can't provide you with the details. My code of conduct precludes me.
View Peter Julian Profile
NDP (BC)
I'm not asking specifically. I asked earlier how many companies have been dissolved. You said they've all been dissolved. I'd like to know the dates when those companies were dissolved. That's data; it's not privileged information.
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 16:52
Mr. Julian, I didn't mention anything with respect to clients. I didn't indicate whether they were resolved or not.
I cannot discuss client information with respect to this committee—
View Gabriel Ste-Marie Profile
BQ (QC)
A point of order, Mr. Chair.
The committee has been given powers by an act that overrides the professional secrecy of accountants, and that argument cannot be made before the Standing Committee on Finance. I am sorry.
View Peter Julian Profile
NDP (BC)
My question was very simple: How many client or shell companies exist? You said you don't use this anymore. Does that mean that you have dissolved all these shell companies or client companies, including Plantation Island, General Island, Sandy Point, First Land, Parrhesia that I mentioned earlier? Does that mean those companies no longer exist, or does KPMG still have shell or client companies as part of its portfolio?
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 16:54
We do not offer the product. We have not offered the product since 2003. With respect to the specific client information, I cannot provide that. CRA has the names of all the clients, and we've provided them with each of the client bios.
View Peter Julian Profile
NDP (BC)
Ms. Iacovelli, I'm not asking for privileged information. I'm asking for numbers. You have access to those numbers. I don't understand why you are not being co-operative and answering these questions. They're legitimate questions.
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 16:54
Mr. Julian, I believe that my colleague Greg Wiebe, when he was at the finance committee previously, indicated that we stopped offering the product in 2013 and that there were 16 implementations of that product.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:07
Thank you, Mr. Chair.
I'm going to direct most of my questions to Ms. Iacovelli, but first I have a question for Ms. Watson.
My sympathies go to you and all of the victims of these frauds. I wish there were a better way of recovering the losses that you've suffered.
You've heard Ms. Iacovelli say that KPMG has no culpability in the different frauds that we're discussing today, whether it's Norshield or Cinar or Mount Real. Do you accept her denial?
Janet Watson
View Janet Watson Profile
Janet Watson
2021-05-06 17:08
Just judging by what was uncovered in Enquête and The Fifth Estate, there were too many coincidences. Ms. Iacovelli keeps referring to not being involved with Cinar, but I know KPMG was involved with Norshield. I'm not satisfied with her answers. I will give her the benefit of the doubt to say possibly she is correct or maybe she's not permitted to give more information, which is probably the case.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:09
All right.
I'm going to ask some questions of Ms. Iacovelli.
Ms. Iacovelli, you have denied any culpability in these frauds, but you did acknowledge that KPMG has established offshore structures for clients, correct? Just give a yes or no.
Results: 76 - 90 of 174 | Page: 6 of 12

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