Crypto

Caisse Chief Risk Officer Announces Retirement After Cryptocurrency Fiasco

Months after the Celsius Network debacle, Caisse de depot et Placement du Québec chief risk officer Claude Bergeron announced his retirement.

• Read also: Cryptocurrency: the founder of Celsius Mashinsky was sued for fraud

• Read also: An eventful year for Pierre Fitzgibbon and Caisse

Mr. Bergeron, who has been with the institution since 1988, has led risk management since 2009.

“It has nothing to do with this or that file. This is retirement at the end of an exceptional 35-year career in the service of the Foundation,” Kate Monfette, spokeswoman for the foundation, said on Monday.

$200 million loss

Last year, Caisse lost about $200 million by investing in the American crypto bank Celsius Network, which found itself in a situation of insolvency in the wake of the fall of bitcoin and other crypto assets.

Celsius has already experienced governance issues during the Quebec institution’s fall 2021 investment, documents released in recent months have shown.

Despite several inquiries made by Le Journal, Claude Bergeron never provided details of the due diligence process carried out on Celsius. In addition, Caisse remains very cautious about possible improvements to its practice in light of the lessons learned from the Celsius case.

His unknown successor

It is not yet known who will replace Mr. Bergeron when he leaves the company at the end of this year. The transition will take place “gradually and systematically,” the institution assured.

On its website, Caisse indicates that Claude Bergeron helped launch a “massive program to strengthen” risk management in the wake of the commercial paper crisis that severely rocked the institution in 2007 and 2008.

A lawyer by training, Mr. Bergeron was previously responsible for legal affairs at Caisse. Early in his career, he also worked for the Ministry of Justice and for Revenu Québec.

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