The Caisse de depot et placement du Québec (CDPQ) on Wednesday acknowledged that its $200 million investment in controversial platform Celsius Network “is not yielding the expected results,” and said it wants to continue focusing on its portfolio of new ones technologies.
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“This portfolio has provided our depositors with excellent returns over the years. However, some of our investments, like that in Celsius, are not yielding the expected results,” confirmed Caisse spokesman Maxime Chagnon in a statement sent to the journal.
“We recognize that CDPQ’s investment in Celsius raises several questions. We take these files very seriously and will comment further in due course,” he said.
“Comprehensive Analysis”
Last Saturday, Le Journal told the story of an investor who managed to recover $20,000 from his Celsius account just before the debacle and had trouble understanding why the Caisse didn’t see the warning signs coming.
“Each transaction, even of a relatively small size, is subject to a rigorous process of thorough analysis by our teams. In all its investments, the CDPQ strives for continuous improvement in its business practices and will not fail to do so in this case either,” assured the Caisse in response to these questions.
On the other hand, it promises an opinion after the court case, defending itself that it wants to diversify its portfolio in order to achieve good returns.
“The process Celsius is involved in is complex and will take some time to unravel. As always, our first concern is to protect the interests of our depositors, Quebecers,” she assured.