(Quebec) After dreaming of exporting its model, the Quebec Deposit and Placement Fund renounces trying to sell its Automated REM Automated Train in the United States.
Posted at 7:08 p.m.
Patrice Bergeron
Canadian press
This was indicated on Tuesday the president of the cash register, Charles Emond, in parliamentary committee.
In 2018, his predecessor, Michael Sabia, said he had two or three conversations to export the REM model to our southern neighbors.
But the context has changed, said Emond in response to questions from Liberal deputy Frédéric Beauchemin, interested in knowing if the cash register still had inclinations.
“I have no intention of exporting the model to the United States in the same way that it had been pointed out at the time,” decided the big boss of the box.
“The whole team is focused to deliver the project (from the Montreal REM) to its entirety,” he continued, while the fund aims to open the other planned branches, in addition to managing the tram project in Quebec.
He spoke of the “well-ordered charity begins with oneself” saying to justify himself.
Recall that the REM has experienced many setbacks and breakdowns in the past year due in particular to the weather in winter.
Inde
In addition, the fund defended its investments and practices in India after the liberal opposition describes as “bigger scandal” to have splashed the institution.
-The cash register had invested US 470 million in Azure Power Global, a company located in India which produces solar energy, which is only worth 100 million US, due to dubious practices and corruption.
Emond assured that Quebecers “should not be worried” by adding that it was an isolated case.
“There was not a flaw in the checks of the cash register,” he said.
With what we know today, Mr. Emond assured that the institution would not do the transaction.
Mr. Beauchemin described as “disaster” and “scandal” the Azure affair.
He criticizes the case in particular for having trusted the same three local employees, “three Amigos”, to make another investment, this time in a highway also controversial in India.
But Mr. Emond assures that this highway file is currently “profitable”.
He ensures that algorithms did not indicate irregularities for employees.
“There is no perfect system to detect the behavior of three ex-employees who decide to act by collusion outside the funds of the cash register,” concluded Mr. Emond.
The infrastructure portfolio represents 64 billion out of a total of 473 billion assets of the cash register.
