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Results: 121 - 135 of 174
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 17:34
Thank you.
RSM International were the receivers with respect to that Olympus United Funds Corporation, and their view was that we should have caught the fraud. Unfortunately, we did not catch the fraud and we did settle with respect to Olympus. We paid $7.5 million to the receiver. RSM International were also the receivers when there was no redemption reimbursed with respect to the funds.
We have looked very carefully at this. There is no connection that we see between the Olympus fund and Cinar.
View Peter Julian Profile
NDP (BC)
I'm sorry, Mr. Chair.
We certainly need more time to question the witnesses. There's a lot of important testimony, particularly on KPMG's actions following the revelations that aired at the end of February on Enquête and The Fifth Estate.
I want to come back to this issue from your own testimony, Ms. Iacovelli. You have stated on the record that shell companies, client companies, were not offered after 2003. In the past, KPMG has validated that the Montreal office was behind the incorporation of Parrhesia on December 17, 2001, at the same time as the “sword” companies.
Since this wasn't offered since 2003, imagine my surprise when we went online to find out when Parrhesia was actually dissolved. It was dissolved 43 days ago, on March 24, 2021, just three weeks after the bombshell revelations from The Fifth Estateand Enquête. How can KPMG pretend they weren't offering that after 2003 when the corporate registry says very clearly that it was only after Enquête and The Fifth Estate came forward that the company was dissolved?
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 17:37
I don't have any information on that entity.
View Gabriel Ste-Marie Profile
BQ (QC)
My question is for Senator Downe, Ms. Watson, Ms. Daviau, Mr. Campbell and Mr. Cohen.
CBC/Radio-Canada published an article suggesting a potential connection between KPMG and the four sword companies in the Isle of Man, and KPMG is telling us that there is no connection.
Who do you think is right?
Debi Daviau
View Debi Daviau Profile
Debi Daviau
2021-05-06 17:51
I'll start by saying I have no idea.
Percy E. Downe
View Percy E. Downe Profile
Hon. Percy E. Downe
2021-05-06 17:52
I'm the same. I've only studied the CRA and what they have done, so I haven't followed this at all.
James Cohen
View James Cohen Profile
James Cohen
2021-05-06 17:52
I'll say that I'm the same. I don't know enough of the details of the cases to know.
Janet Watson
View Janet Watson Profile
Janet Watson
2021-05-06 17:52
I would say that Mr. Cashore of The Fifth Estate has been working on this since 2016, and I think there are a lot of very important coincidences. There have also been tax experts on the show who said it was too much of a coincidence, so yes, I would say there is a link.
View Peter Julian Profile
NDP (BC)
Thank you very much, Mr. Chair.
I beg to correct you. The beneficial ownership registry was supported by the other two parties. The NDP pushed for a publicly accessible beneficial ownership registry, and as we can see from the report on snow washing, it was declined by the other parties, so I'm very glad to see that the idea of a publicly accessible beneficial ownership registry has now come back.
I want to come back to Ms. Iacovelli.
There are two directors for Parrhesia. Nigel Glazier Scott and Paul Joseph Valentine Dougherty were directors of Parrhesia, which was incorporated by KPMG and, as I mentioned, was summarily dissolved 43 days ago. They are the same directors for the “sword” companies.
Could you tell us if there's a connection between these two individuals, Nigel Glazier Scott and Paul Joseph Valentine Dougherty, and KPMG?
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 17:57
With respect to the fact that they were the same directors, again it speaks to what the corporate service providers offer. They set up these corporations. They prepare documents and articles that they provide to shareholders. They also arrange for manager shareholders and directors, so I'm not surprised that they would be the same directors. Corporate service providers make all of those arrangements.
View Peter Julian Profile
NDP (BC)
I'm sorry. I have a follow-up question.
Who was the corporate service provider that set up Parrhesia?
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 17:58
Again, I can't speak to Parrhesia. The corporate service provider that we worked with was Cordery.
Again, Mr. Julian, can I make a clarification on something?
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 17:58
Thank you.
I just want to clarify that we stopped offering the product in 2003. The last time we offered it was in 2003. We did not manage the structure after that time, so I don't have information as to when any of these companies were dissolved. I just want to make that point of clarification.
We have provided the CRA with all of the information on the 16 implementations we've done.
View Rhéal Fortin Profile
BQ (QC)
To your knowledge, did the federal government make any inquiries into the WE foundation's financial situation?
Marc Kielburger
View Marc Kielburger Profile
Marc Kielburger
2021-03-15 15:11
You'd have to ask that question, sir, to ESDC. We were very clear with ESDC why we felt it was necessary to put the contract in that foundation body because of the request to take on the liability for 40,000 young people during the pandemic, and it was a last-moment request during the contract negotiations.
Results: 121 - 135 of 174 | Page: 9 of 12

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