PKP won't sell Quebecor shares, even if he's told to

LA PRESSE

Media baron Pierre Karl Peladeau says he will not sell his Quebecor shares even if he is told to do so by the province's ethics commissioner.

The Parti Quebecois candidate said he will consult the commissioner if he is elected April 7 so they can discuss the risks of conflict of interest between his company's operations and those of the government.

In announcing his candidacy Sunday, Peladeau said he has resigned as vice-chairman of Quebecor and will place his investments in a blind trust.

Premier Pauline Marois said at a news conference with Peladeau today that he will have to abide by the ethics commissioner's demands.

But Peladeau is insisting he won't sell his Quebecor shares even if Jacques Saint-Laurent tells him to.

Quebecor's controlling shareholder says he wants to ensure that the company's head office remains in Quebec.

"I have no intention of selling my shares,' he told the news conference.

"The proxy who will receive the mandate to manage the trust will have clear and precise guidelines — and selling Quebecor is out of the question.''

Peladeau has rejected suggestions his entry into politics could represent a conflict of interest, given his powerful presence in the province's media landscape.

Quebecor, founded by Peladeau's father, has a number of holdings in Quebec, including tabloid newspaper Le Journal de Montreal, the French-language TVA television network and the Videotron cable company.

It also owns the Sun tabloids and the Sun News Network in English Canada.

Peladeau says Sun News and his other media holdings can "say whatever they want'' about the PQ and the push for an independent Quebec.

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  1. Cant Trust This Guy posted on 03/10/2014 01:50 PM
    So PKP will not sell his shares in Quebecor - even if ordered to do so by the ethics commissioner... this flies in the face of the ethics which states (roughly translated):
    "When a member of the National Assembly carries certain interests it holds in a
    trust or mandate blind , he is prohibited from engaging directly or
    indirectly, any influence with the trustee or agent in the administration of
    assets concerned , particularly in the choice of companies in which interests are
    inmates."

    He couldn't care less about the regulations. He plays his game his way, as he always has.

    The only good part of his being there is that hopefully we will see a "falling out" between him, Marois and Lisee. I think Lisee thought of himself as a successor... if PKP stays, he will always be a subordinate, and Marois may end up out the door.

    This could be a great match - worthy of more coverage than the World Wresting Federation Cage Matches.
  2. clint posted on 03/10/2014 02:21 PM
    "Quebecor's controlling shareholder says he wants to ensure that the company's head office remains in Quebec"
    Are you moving to Toronto too ?
  3. jonico posted on 03/10/2014 02:57 PM
    World, you don't tell God what to do.
  4. George73 posted on 03/10/2014 05:15 PM
    Not a terrible shock the PKP would refuse to play by the rules. But then he will be in good company with Marois and her ilk.
  5. Ray S posted on 03/10/2014 05:33 PM
    Of course Peladeau is running for the PQ. Where else can he be assured of becoming the leader and becoming THE big fish in a small, draining pond (if, IF, Quebec separates)?

    So what if he looses a couple of hundred million dollars in the ensuing meltdown? He'll still have hundreds of millions (unlike those who will have voted for him who will have nothing).

    Win-win for Peladeua.
  6. sam posted on 03/10/2014 06:30 PM
    It takes tremendous corporate courage for Peladeau to clearly state that even if the Ethics Commission decides that he must sell his shares, that he is above this and will not comply. I suspect that the Ethics commission will back down in the interest of , uh , well , you know and we know.
    1. Drew posted on 03/11/2014 12:45 AM
      @sam He is above the Law
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