A mysterious financier linked to the pot firm presided by Martin Cauchon

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Businessman Pierre Caland has invested millions of dollars in 48 North via tax havens

A wealthy and enigmatic financier installed in tax havens holds at least $ 8 million in a cannabis firm run by newspaper owner and former Liberal Minister Martin Cauchon and the columnist at La Presse Alain Dubuc.

Investments by Frenchman Pierre Caland in 48North Cannabis Corp. – the Ontario cannabis producer – via a Swiss company were confirmed at the beginning of June by a press release.

Our Investigation Office found that Pierre Caland is also the secret investor who bet $ 3 million from the British Virgin Islands to a 48North parent company in 2016, Delshen Therapeutics.

Last January, when we revealed the existence of this extra-territorial investment, the public documents did not allow us to know Mr. Caland’s identity, and the company did not want to reveal his name.

48North’s board of directors is chaired by Martin Cauchon, the former Liberal minister who became the owner of the Capitales Médias Group, which publishes the daily newspapers Le Soleil, The Tribune, Le Nouvelliste, Le Droitand La Voix de l’Est .

The columnist at La Presse Alain Dubuc, who has already criticized the use of tax havens, also sits on this board.

In January, Mr. Dubuc refused to appoint Mr. Caland and stated that he did not know then the “financial mechanism” by which he had invested in the company.

However, we have been successful in obtaining responses from the Ontario Securities Commission (OSC) since the Autorité des marchés financiers (AMF) has denied us full access to the documents.

Colorful investor

“Money is a source of misfortune. “I am fully Marxist. “I made 100 times my bet with my first investment. These are some of the surprising statements made by Pierre Caland in a rare interview given to Lebanese TV in 2004.

Mr. Caland is a well-rounded man who says he made his fortune on the stock market in his twenties. A former employee of the JP Morgan investment bank, Pierre Caland is the grandson of Lebanon’s first independent president, Bechara el-Khoury. He is the son of artist Huguette Caland, who lives in California. In 1972, at the age of 15, he was part of the French 200 meter freestyle swimming team at the Olympic Games in Munich.

Caland lives in a Swiss village, Gstaad, described as the “Beverly Hills of the Alps” by the Swiss press (the late Johnny Halliday moved there in 2006).

Tax heavens

He has been married at least twice, including once in the 1990s with German supermodel Nicole Nagel, with whom he lived in Bel-Air, an affluent suburb of Los Angeles.

According to our research, four companies controlled by him are established in tax havens (British Virgin Islands, Panama, Switzerland and Luxembourg).

Caland founded Arabella SA, a firm established in Luxembourg, in the 1990s according to Bloomberg. Arabella has been a major shareholder in two companies that have been linked by the American press to Montreal scammer Irving Kott.

A confidential document quoted by USA Today in 2003 even stated that Kott and Arabella were related. Irving Kott, who died in 2009, is described as a master of the fraudulent manipulation of penny stocks . He had ties to the Wall Street Wolf , Jordan Belfort (played by Leonardo Di Caprio in the film of the same name), and survived during his career two assassination attempts, one of which was even sponsored by the mafia , according to Bloomberg.

How did Mr. Caland come to invest in 48North? Hard to say, since the principal did not answer our questions. Joined by phone, he asked us to send him a formal request by email, but he did not respond.

Many of Caland’s most recent known investments have been made in small gold and shale companies in Canada and the United States, penny stocks (shares worth less than US $ 5, according to the Securities and Exchange Commission) to the Stock Exchange.

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