MONTREAL – The CBC’s French-language network is reporting that Montreal-based Power Corp. had shares until last year in a Chinese company that did business with a firm at the heart of the Panama Papers.
Radio-Canada says Power Corp. deputy chairman Andre Desmarais sat on CITIC Pacific’s board of directors.
The Panama Papers, a massive data leak involving multibillion-dollar offshore accounts, show that CITIC Pacific did business regularly with Mossack Fonseca, a law firm that organized shell companies and investment trusts.
Power Corp. (TSX:POW) told Radio-Canada in an email that Desmarais sat on CITIC Pacific’s board between 1997 and 2014.
The conglomerate also says it was a minority shareholder in the Chinese firm between 1997 and April 2015 without ever holding more than seven per cent of its share capital.
Mossack Fonseca has always said it respected laws that were in place at the time.
Power Corp. says it too respected all laws it was subject to.