Discreetly, there would be new shareholders with the Canadiens and the CH Group

Published November 26, 2022 at 10:17

Journalists François-David Rouleau and Nicolas Brasseur, from the Quebecor Investigation Bureau, made an interesting report in the last few hours, concerning a new group of shareholders at the Montreal Canadiens.

According to the information gathered in their research, the Saudi Arabian Public Investment Fund (PIF), lead by Prince Mohammed bin Salman, acquired a large share in the CH Group during the pandemic.

The fund reportedly even owns almost half of the group's events division.

Asked to comment on the subject, Laval University professor Ivan Tchotourian gave his opinion on this external investment:

"Very clearly, there is a Saudi interest in the company [evenko]," says Professor Ivan Tchotourian, professor at Laval University and co-director of the Center for Economic Law Studies.

With representatives on the board of directors, we are approaching control, because there is an identity," he adds. The interest is present and we see a chain of ownership even if they are indirect investments."

According to corporate ethics and governance expert Michel Seguin, "a company [like CH Group] would not have an interest in associating with partners who have contrary principles."

It is difficult at this point to understand the impact of these investments, but it would seem that Saudi Arabia wishes to rehabilitate its image, in addition to increasing its power. It should be remembered that the Saudi Kingdom is known for flouting human rights.

It is nevertheless alarming to note that foreign investors, coming from a controversial country, now hold a large share of the shares.

Those who are wondering, yes it's the same guy that gifted the Saudi team a Rolls Royce each for beating Argentina and Messi at the World Cup.

Here is the article in question:

Credit: Alexandre Desrosiers, Trade Rumors
November 26   |   260 answers
Discreetly, there would be new shareholders with the Canadiens and the CH Group

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