Celsius Network still makes the Caisse de dépôt look very bad

Celsius Network still makes the Caisse de Dépôt look very bad


Governance experts wonder how the Caisse de depot was able to invest $200 million in Celsius when it was near insolvency, according to Vermont financial authorities.

“What kind of due diligence exercise does the Caisse carry out? If she made a mistake in this company, did she do so in other companies? asked Robert Pouliot, teacher at ESG-UQAM.

“If there are many other cases like this, trust in the Caisse de dépôt can be undermined” , worries Donald Riendeau, CEO and co-founder of the Institute for Trust in Organizations (ICO).

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

Celsius Network still makes the Caisse de depot look very bad

Saidatou Dicko
Expert in governance

Last July, Celsius Network had already been accused in the United States of having outright set up a “Ponzi scheme”.

“It is not possible that the experts of the Caisse do not didn’t see that it was a company in bad financial shape,” observes governance expert Saidatou Dicko.

“Rigorous analysis”

Questioned many times by Le Journal, the Caisse has always wanted to be reassuring with the money from the woolen socks of Quebecers.

“Each investment at the CDPQ is subject to rigorous analysis”, we were assured. 

Last March, the report of the Auditor General of Quebec was scathing in its two findings towards the institution.

“The framework relating to the prevention and detection of certain risks that could affect the reputation of the Caisse needs to be strengthened”, could we read.

“Key steps in the investment process have not always been carried out in accordance with policies and guidelines for the prevention and detection of significant risks, in particular those relating to conflicts of interest,” it added.< /p>

In October 2021, Le Journal asked the Caisse for the risk assessment report on the investment in Celsius, but we refused tooth and nail to provide it.< /p>

“You will surely understand that the document referred to is a report whose content includes information providing information on the CDPQ's investment strategies,” replied Claude Mikhail, Director of Administrative Law and Head of Access to Information.

Reached by Le Journal yesterday, the Caisse did not want to comment on the case.

“We are continuing our work on our legal options”, indicated his spokeswoman Kate Monfette, hinting at a possible outcome in court.

Last July, Le Journal reported that a vice-president of the Caisse de depot et placement du Québec headed a firm in which the big boss of Celsius, Alex Mashinsky, invested, but that the Caisse denied any “real or apparent”.

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