MONTRÉAL, June 19, 2019 /CNW Telbec/ - The outgoing CEO of Otéra Capital, Alfonso Graceffa, is vehemently contesting his wrongful and unjust dismissal, which has done considerable damage to his irreproachable 30-year reputation. He is offering his full cooperation to Québec's anti-corruption unit, UPAC.
Mr. Graceffa condemns the negative public relations exercise being carried out against him by the Caisse de dépôt et placement du Québec in light of the conclusion of the exhaustive investigation into Otéra Capital which lasted nearly four months, at a cost of $5 million in public funds.
This investigation, commissioned by and for the Caisse de dépôt et placement du Québec, was conducted by a team of 120 lawyers and experts in forensic accounting, criminal intelligence, money laundering, financial fraud, real estate fraud, governance and ethics.
During Mr. Graceffa's leadership, the investigation found "no evidence that the Otéra portfolio was subject to fraud or to money laundering, and no evidence of fraudulent transactions".
"I have an exceptional career in the banking, finance and real estate industries that I am very proud of," says Mr. Graceffa. "I have always conducted myself professionally and have consistently acted prudently and in good faith. I have never in my career received any preferential treatment or benefit. And I have never provided anyone else with such benefits. The accusations levelled against me by Caisse de dépôt et placement du Québec do not stand up to serious and rigorous scrutiny," he affirms.
A respected banker, Mr. Graceffa was invited in 2006 to join the executive and management teams of several Caisse de dépôt et placement du Québec subsidiaries. He was systematically promoted to increasingly senior positions in 2009, 2011, 2012, 2013, 2017 and 2018, exceeding expectations, and his responsibilities were expanded.
Until May 27 of this year, Mr. Graceffa served as President of the Board of Directors and CEO of Otéra Capital, President of the Board of Directors of the mortgage financing company MCAP, and Head of Business Units and member of the Executive Committee of Ivanhoé Cambridge.
In his positions, Mr. Graceffa was responsible for more than $100 billion worth of funds and assets under management for all Quebecers.
The Caisse de dépôt et placement du Québec investigation also concluded that the four individuals targeted for dismissal "acted independently from one another."
"The allegations against me are based on incomplete facts that have been taken out of context. They constitute an unacceptable and unjustified attack on my reputation. I will restore my reputation, which I have carefully and rigorously built both as a manager of public funds and in my business and personal affairs."
As a business executive, Mr. Graceffa has always demonstrated high integrity and adhered to professional rules of conduct, ethics, governance and management, and meet all set requirements. In this regard, he is offering his full cooperation to UPAC, to which the investigation report would have been submitted.
SOURCE Alfonso Graceffa
For further information: Astérisme, Jean Maurice Duddin, [email protected], 514 771-5777