The financial setbacks of the Huot Group in Quebec have attracted the attention of the Autorité des marchés financiers (AMF), which is carrying out “verifications” in this affair, our Bureau of Investigation has learned.
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“The Autorité is well aware of the Groupe Huot file, which has been the subject of several complaints in recent weeks. We are therefore carrying out various checks in connection with these complaints”, indicated by email Sylvain Théberge, spokesperson for the AMF, who did not wish to comment further.
According to our information, the AMF would be interested in the way in which investors would have been led to bet their money in projects of the Huot Group, which is currently experiencing significant financial difficulties.
A group of approximately 75 millionaires from the capital have invested more than $221 million in the Huot Group, through companies controlled by Quebec businessman Robert Giroux, our Office recently revealed. of investigation.
Up to 12% interest
Investors who agreed to testify on condition of anonymity claim to have lent colossal sums to Robert Giroux’s companies, at an interest rate of up to 12%.
Photo from Robert Giroux’s Facebook page
Businessman Robert Giroux.
Robert Giroux’s companies then lent these millions of dollars to the Huot Group, at a higher interest rate.
“It was like a bank, a bit. Obviously, it was profitable for Giroux, but it suited everyone, ”summarizes an investor. To his knowledge, the whole process seemed to be in order.
According to our sources, the AMF is now trying to find out what was said or promised to investors who entrusted their money to Giroux, so as to ensure that everything was done according to the rules of the art.
The checks carried out by the AMF should make it possible to determine in particular whether an official investigation will be launched in this file, we learned.
Robert Giroux declined to comment. Through the voice of his lawyer, he wished to “reiterate that he has always respected the laws and regulations in force in his actions in any capacity whatsoever”, wrote Me William Noonan to us.
Archival photo
Real estate developer Stéphan Huot.
Stéphan Huot also did not want to comment, said his spokesperson.
Works at a standstill
Remember that the Huot Group put the majority of its construction sites on hold in mid-February, in addition to proceeding with layoffs.
No less than 295 legal hypothecs have since been registered on the Huot Group or its subsidiaries by nearly 80 creditors. The total amount of active loans on the group’s buildings amounts to more than $900 million.
The Huot Group claims that inflation and rising interest rates are the source of its difficulties.
A group of investors are working hard on a rescue plan for the company, together with banks and accountants.