Statement regarding Allen Gelberg

TORONTO, Dec. 15, 2016 /CNW/ - MaRS Discovery District confirms that a former employee with responsibility for procurement and delivery of event services was involved in apparent fraudulent activities, using his position at MaRS to divert funds related to event activities at MaRS to the employee's personal use.

As soon as external sources brought the improprieties to the attention of MaRS' senior management, MaRS took immediate and appropriate action to suspend the employee and initiate an investigation.

MaRS engaged a forensic investigation firm to assist with identifying and quantifying the misappropriated funds. A forensic report has been provided to the police, and MaRS is working with its insurance firm to recover some of the diverted funds. The individual in question is no longer an employee of MaRS.

As an organization that receives public and philanthropic funding, MaRS is committed to its fiduciary responsibilities. We continually strive to strengthen our internal control processes. Consistent with best practice, MaRS has implemented an ethics reporting system "whistleblower line" to avoid another such incident in the future.

As the situation is currently under investigation with the Toronto Police Service's Financial Crimes unit, we cannot comment further.

SOURCE MaRS Discovery District

For further information: Karen Mazurkewich, Lead Executive Communications, MaRS, kmazurkewich@marsdd.com, 416-673-8478

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