Canada Infrastructure Bank (CIB) director Andrée-Lise Méthot has resigned in the wake of an insider dealing scandal where the bank blew millions on companies she owns. The bank under Méthot’s leadership as fund director allocated $42 million taxpayers’ dollars from Sustainable Development Technology Canada (SDTC), which has been dubbed Prime Minister Justin Trudeau’s billion dollar green slush fund, to companies she had financial interests in. Méthot, appointed by Trudeau as Infrastructure Bank head in December 2022, is currently managing partner at investment firm Cycle Capital and a former board member of two other federal organizations. The director quietly resigned April 16 — it was not disclosed to the public until Tuesday when Conservative Party MP Michael Barrett addressed the issue in the House of Commons. Barrett asked Liberal Housing and Infrastructure Minister Sean Fraser, whose responsibility is to oversee CIB, during his testimony at the House of Commons Transport and Infrastructure Committee if he “endorse(s) her serving on the Infrastructure Bank.”“I actually understand that person has resigned, so there is no such service to endorse,” said Fraser.Barrett noted it is due to Méthot’s wanton spending the SDTC received its slush fund nickname, “including her financial interest in a group of companies who she voted to give $42 million taxpayer dollars to. “We have this, what is plain to see, or what would be perceived as corruption. We have people serving on boards appointed by the government. They are rewarded after it’s revealed there’s been some of these insider dealings. And then being appointed to the Infrastructure Bank, a larger pool of money, with which they could further their own private interests and advantage themselves," Barrett said.“This individual offered their resignation. Was that following an announcement of an investigation by yourself into their dealings while serving on the Infrastructure Bank?"“No, I’ve made no such announcement into that kind of investigation,” said Fraser, admitting he doesn’t “know this person,” but knew “there were some reasons to look into the work at SDTC.”However, the Liberal MP wanted to take “caution” despite these “reasons” “While inquiries are ongoing to make allegations of corruption in a general way I think sets a dangerous precedent and I would urge caution on all members in advance of any explicit findings because of the impact those statements can have on a person for the rest of their life," Fraser said.“It’s a matter of public record. MsMéthot ’s personal interests, and then the decisions she took, while serving on the SDTC board, and then went on to receive what is a prestigious —” He was then caught off by the community chair for an administrative question. .Méthot served on SDTC board from 2016 to 2021. As Barrett mentioned during committee, she is not the only SDTC board member under investigation by the Ethics Commissioner. The ethics investigation is expected to release findings on conflict of interest ethics breaches by August. Cycle Capital, of which Méthot is founder, employed Environment Minister Steven Guilbeault from 2010 to 2019, the Epoch Times reported. Méthot while testifying November 28 at the Commons Industry Committee denied the $42 million spending spree on companies she had a stake in, but admitted as SDTC director she approved funding for four companies in Cycle Capital’s portfolio at a rate of $10.7 million.She insisted it was before she was appointed to the CIB board Cycle Capital had a company in its portfolio that received money from SDTC.“I recused myself every time I declared a potential or actual conflict of interest. That was the common practice,” she told the committee at the time.
Canada Infrastructure Bank (CIB) director Andrée-Lise Méthot has resigned in the wake of an insider dealing scandal where the bank blew millions on companies she owns. The bank under Méthot’s leadership as fund director allocated $42 million taxpayers’ dollars from Sustainable Development Technology Canada (SDTC), which has been dubbed Prime Minister Justin Trudeau’s billion dollar green slush fund, to companies she had financial interests in. Méthot, appointed by Trudeau as Infrastructure Bank head in December 2022, is currently managing partner at investment firm Cycle Capital and a former board member of two other federal organizations. The director quietly resigned April 16 — it was not disclosed to the public until Tuesday when Conservative Party MP Michael Barrett addressed the issue in the House of Commons. Barrett asked Liberal Housing and Infrastructure Minister Sean Fraser, whose responsibility is to oversee CIB, during his testimony at the House of Commons Transport and Infrastructure Committee if he “endorse(s) her serving on the Infrastructure Bank.”“I actually understand that person has resigned, so there is no such service to endorse,” said Fraser.Barrett noted it is due to Méthot’s wanton spending the SDTC received its slush fund nickname, “including her financial interest in a group of companies who she voted to give $42 million taxpayer dollars to. “We have this, what is plain to see, or what would be perceived as corruption. We have people serving on boards appointed by the government. They are rewarded after it’s revealed there’s been some of these insider dealings. And then being appointed to the Infrastructure Bank, a larger pool of money, with which they could further their own private interests and advantage themselves," Barrett said.“This individual offered their resignation. Was that following an announcement of an investigation by yourself into their dealings while serving on the Infrastructure Bank?"“No, I’ve made no such announcement into that kind of investigation,” said Fraser, admitting he doesn’t “know this person,” but knew “there were some reasons to look into the work at SDTC.”However, the Liberal MP wanted to take “caution” despite these “reasons” “While inquiries are ongoing to make allegations of corruption in a general way I think sets a dangerous precedent and I would urge caution on all members in advance of any explicit findings because of the impact those statements can have on a person for the rest of their life," Fraser said.“It’s a matter of public record. MsMéthot ’s personal interests, and then the decisions she took, while serving on the SDTC board, and then went on to receive what is a prestigious —” He was then caught off by the community chair for an administrative question. .Méthot served on SDTC board from 2016 to 2021. As Barrett mentioned during committee, she is not the only SDTC board member under investigation by the Ethics Commissioner. The ethics investigation is expected to release findings on conflict of interest ethics breaches by August. Cycle Capital, of which Méthot is founder, employed Environment Minister Steven Guilbeault from 2010 to 2019, the Epoch Times reported. Méthot while testifying November 28 at the Commons Industry Committee denied the $42 million spending spree on companies she had a stake in, but admitted as SDTC director she approved funding for four companies in Cycle Capital’s portfolio at a rate of $10.7 million.She insisted it was before she was appointed to the CIB board Cycle Capital had a company in its portfolio that received money from SDTC.“I recused myself every time I declared a potential or actual conflict of interest. That was the common practice,” she told the committee at the time.
