The Caisse de Depot et Placement du Québec finds itself in trouble when the CEO of an Australian company in which it has invested heavily is prosecuted.
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The leader in question, David Lamming, is at the helm of Plenary, a major infrastructure conglomerate in which the Caisse has held a 20% stake since 2016. The Quebec institution has more than $1.3 billion in investments in approximately fifteen Plenary-affiliated companies.
Photo from the Plenary website
David Lamming, CEO of Australian company Plenary.
According to Australian newspaper The Daily Telegraph, Mr Lamming and his brother Richard spent the night in jail last month after being arrested at Sydney’s Star Casino.
Charged with assault
According to the Australian Financial Review, David Lamming was later released on bail but is banned from drinking alcohol. He pleaded not guilty to four charges: refusing to leave the casino, “offensive” behavior in public, resisting police violence and assaulting a police officer.
When the Journal asked her if she would pressure the plenary to suspend Mr Lamming from his job pending trial, the fund was cautious.
“As an investor, the Caisse applies the highest standards of governance to all boards on which it sits – including in this case – and we will continue to monitor the matter closely,” commented a spokesman for the institution laconically. Kate Monfette.
The Caisse has two representatives on the Plenary Board: Chloé Brayne and Gregory Lovell.
It should be noted that another foreign company in which the Caisse has made significant investments – Indian group Azure Power – recently announced changes in its management after irregularities in management were identified.
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