(Quebec) The Legault government says it is concerned about the interest of “non-compliant” financial groups who would like to take advantage of Quebec’s key position in the battery industry to enrich themselves, as revealed on Thursday The Press.
“Clearly, we want to protect our natural resources, especially critical minerals, from being in hands that do not comply with or are not aligned with the interests of Quebec,” said the Minister of Economy, Innovation and Energy, Pierre Fitzgibbon. “We are doing a lot of work in this direction with the federal government too, there are very in-depth means to help us,” he added.
The Press reported Thursday that Quebec’s enviable position in the creation of a North American battery sector is of interest to a financial group linked to money laundering and transnational organized crime. Investissement Québec blocked a sophisticated seduction campaign aimed at seducing political figures and buying a strategic mine in Abitibi with its support.
It has been revealed that businessmen involved in the takeover of the La Corne lithium mine were even able to meet Minister Fitzgibbon to plead their case.
“I met people, as I meet a lot of people, but there is a very diligent process that takes place in government. So, with Investissement Québec and the federal government, people quickly discovered that there were perhaps some problematic things. Consequently, there was never any follow-up to the meetings that took place with this group,” explained Mr. Fitzgibbon.
PHOTO CHARLES WILLIAM PELLETIER, ARCHIVES SPECIAL COLLABORATION
Pierre Fitzgibbon, Minister of Economy, Innovation and Energy
I wasted an hour of my time, but the good news is that after that, before we go any further, before we even write offer letters, discuss structure, we do a diligent review.
Pierre Fitzgibbon, Minister of Economy, Innovation and Energy
The group called Lithium 360 brought together Quebec and American business people, with the support of a European financing company called Bandenia. It even succeeded in registering with three government agencies responsible for keeping bandits out of the financial industry: Revenu Québec, the Consumer Protection Office and the Financial Operations and Declarations Analysis Center of the Canada (FINTRAC), reported The Press.
How is it that Revenu Québec, which is mandated by the Government of Quebec to conduct a security investigation into the background of any owner of a money-services business, granted six activity permits to money-services businesses in the Bandenia network? The Minister of Finance, responsible for Revenu Québec, Eric Girard did not want to comment on the investigation of The Press.
“I think there are mechanisms in place,” responded Minister Fitzgibbon. “Here, fortunately, the work was done upstream, then there was no loss of money, there was no loss of resources there. I think we can say that we are comfortable with the process that was followed,” he said.
Investissement Québec had also warned Minister Fitzgibbon when a team of experts within the financial arm of the government had begun to sniff out the presence of undesirable players behind Lithium 360. Since critical minerals are a key sector for Quebec, Investissement Québec closely monitors potential investors.
The partners’ pedigree is x-rayed, sometimes with the help of specialized databases or Investissement Québec offices abroad. The Crown corporation may even require investors to travel to Quebec in person.