2023-05-17 04:00:00
Businessman Robert Giroux, who led 75 millionaires from Quebec to invest more than $221 million in the Huot Group over the past few years, has been stripped of two of his companies, our Bureau of Investigation has learned.
• Read also: Financial difficulties of the Huot Group: 90 millionaires are fearful for their money
• Read also: The AMF examines the Huot Group case
Businessmen who had trusted him in this adventure would have invited him to resign following a meeting of several hours held on Monday, according to our information. Robert Giroux, who controlled the SH Real Estate Investment Fund and Q-12 Capital, would thus have agreed to withdraw from his duties.
“My decision has been carefully considered and is the right one in the current context. The last events have been trying, so it is time for me to give up my place to another general partner within the organization, ”said Robert Giroux in a press release on Tuesday.
“Being fully invested, I remain committed to the success of the financial restructuring,” he continued.
Remember that in the wake of the Huot Group’s financial setbacks, a group of lenders created a rescue fund of $50 million in order to avoid bankruptcy at the Huot Group, and to try to find their money and take over the real estate of the Quebec giant.
A small group made up mostly of lenders within those companies is now expected to take over the leadership of SH and Q-12 Capital Real Estate Investment Trust, according to a lender familiar with the matter. An official announcement should be made to this effect shortly.
The AMF on the file
Recall that the Financial Markets Authority (AMF) had begun “checks” in the file of the Huot Group, following receiving “several complaints”. According to our sources, the AMF would seek to know what would have been said or promised to the investors who entrusted their money to Robert Giroux, so as to ensure that everything was done according to the rules of the art.
Through the voice of his lawyer, Robert Giroux had affirmed “that he has always respected the laws and regulations in force in his actions in any capacity whatsoever”.
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