The Celsius network still looks pretty bad Caisse de dépôt

Governance experts wonder how the Caisse de dépôt was able to invest $200 million in Celsius, according to Vermont finance officials.

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“What kind of diligence does Kaisse do? If she made a mistake in this company, did she do it in other companies? asked ESG-UQAM teacher Robert Pouliot.

“If there are more cases like this, trust in the Caisse de dépôt will be undermined,” worries Donald Rindo, CEO and co-founder of the Institute for Confidence in Organizations (ICO).

“The report by the Vermont authorities is written in black and white that Celsius is making false statements,” said Saidatou Diko, a professor of accounting sciences at the University of Quebec in Montreal (UQAM).

Last July, the Celsius network was already accused of running a “Ponzi scheme” in the United States.

“It is impossible not to see that it is a company in bad financial condition,” said governance expert Saidatou Diko.

“Hard Analysis”

Questioned several times by Le Journal, the Caisse always wants to be reassured with money from the woolen socks of Quebecers.

“Every investment at CDPQ is subject to rigorous analysis,” we promise.

Last March, the Quebec Auditor General’s report was scathing in two of its observations regarding the company.

“The framework for prevention and identification of certain risks affecting fund reputation should be strengthened”, we read.

“Critical steps in the investment process are not always carried out in accordance with policies and directives relating to the prevention and detection of significant risks, particularly related to conflicts of interest,” it added.

In October 2021, News magazine Caisse was asked for a risk assessment report on the investment in Celsius, but they refused to provide it.

“You certainly understand that a report is a report with content that provides information on CDPQ investment strategies,” replied Claude Mikhail, director of administrative law and head of information access.

Joined by News magazine Yesterday, the fund declined to comment on the case.

“We are continuing to work through our legal options,” spokeswoman Kate Monfett said, referring to a possible outcome in court.

Last July, News magazine Caisse de Depot et Placement du Québec reported that Celsius’ big boss Alex Mashinsky led the investing firm, but Caisse denied any “real or apparent conflict of interest.”