December 5, 2021

The Queens County Citizen

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Tax havens: Kaisse has invested more than US $ 35 million in funds managed by the White Star

Tax havens: Kaisse has invested more than US $ 35 million in funds managed by the White Star

Caisse de dépôt et placement du Québec (CDPQ) Guernsey has invested over US $ 35 million in the funds registered here of White Star Capital, which is active in the tax haven. Newspaper.

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“La Caisse invested US $ 15 million in White Star II Fund and US $ 20 million in White Star III”, confirmed Journal Maxime Chagnon, head of global media relations at Caisse de Dipôt et placement du Québec (CDPQ). In Canadian dollars, it works for about $ 37 million. In comparison, Investment Québec (IQ) has invested more than $ 45 million in White Star Funds here, namely $ 24.75 million (2021), $ 10 million (2018) and $ 10.6 million (2014). Funds de Solidarity has invested $ 15 million in FTQ White Star III and $ 15 million in White Star II for a total of $ 30 million.

Over $ 112 million

In recent years, Caisse, Investissement Québec and Fonds de solidarité FTQ together have invested more than $ 112 million in White Star Funds.

At Journal, Maxime Chagnon, Caisse’s spokeswoman, stressed that the money invested in White Star Funds was in Quebec and was lobbying wool stockings to prevent it from going to Guernsey.

“The White Star II Fund, in which Kaisse invested US $ 15 million, was originally registered in Quebec. It was originally registered in Guernsey, but by the end of 2019, we are in talks with White Star to persuade them to register Fund II in Quebec,” Maxim Chagnon explained.

“It ended in 2020, when we also began negotiations to invest US $ 20 million in Fund III. It was also registered in Quebec,” he continued.

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Summit

Interviewed at JournalIn late October, Jean-Franకోois Marcox, one of White Star’s two control managers, agreed to operate in Guernsey, where the other control manager, Eric Martino-Fortin, lived.

“Part of the structure in Quebec is in Quebec and does not pass through Guernsey,” he said, stressing that it could serve to attract European funds.

Former shareholder FitzGibbon

Keep in mind that Finance Minister Pierre FitzGibbon has already submitted Eric Martino-Fortin to Prime Minister Franకోois Legalt in Paris in 2019, but he has money in one of their funds.

Last June, Mr FitzGibbon stepped down from the Council of Ministers and resumed his seat after adhering to the National Assembly’s Code of Conduct.

According to his organization, Mr. IQ’s new $ 25 million in the company’s $ 450 million fund. There was no discussion between FitzGibbon and the White Star.

స్టార్ White Star has invested in Montreal companies such as Angel Host, Diffuse and Dialog, which went public in March 2021.

White Star Capital in a nutshell

  • Foundation: 2014
  • Employees: 30
  • Pays: Germany, Canada, South Korea, United States, France, Guernsey, Japan, Monaco, Poland and the United Kingdom

Sources: Caisse de dépôt et placement du Québec and White Star

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