The Caisse de Depot is earmarked for his investment in shipping giant DP World, which Kiev accuses of aiding Russia in its war against Ukraine.
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Quebec City Wool Socks has nearly $5 billion in investments in various entities of DP World, a company controlled by the Government of Dubai in the United Arab Emirates.
Last month, the Ukrainian government added DP World to its list of “international war sponsors”.
In June, DP World signed an agreement with Russia’s state-owned atomic energy company Rosatom to develop the Northern Sea Route, which connects Europe to Asia via the Russian Arctic.
Penalty bypass?
Rosatom’s strategic cooperation with DPO World will facilitate the transportation of goods to Russia by circumventing sanctions [internationales contre Moscou]Supports the National Agency for the Prevention of Corruption, an entity of the Ukrainian government.
This alliance between DP World and Rosatom, “It’s an acceptable zero,” he commented Tuesday in Newspaper Speaker of the Quebec Assembly of the Ukrainian Canadian Congress Michael Schweik.
Michael Schweck
Photo by Didier Debuscher
“Sanctions are clearly working, so Russia is looking for all possible ways to get around them,” he said.
“Not in Quebec values”
“It is not in the values of Quebec to send money to Russia to allow it to buy weapons,” added Mr. Schweik, asking Caisse to reassess its interests in DP World.
In Ukraine, Rosatom has taken control of the Zaporizhia nuclear power plant, which Russian forces seized last year.
It should also be noted that DP World has owned a 51% stake in the Pivdenny container terminal in Ukraine since 2020. In addition, the company transports grain and other Ukrainian goods, including through Romania.
Pevdenny Container Terminal, Ukraine.
Image provided by DP World
Fonds FTQ too
The list of “international sponsors of war” was created a few months ago and currently includes 33 multinational companies that Ukraine accuses of indirectly supporting Russia. Caisse and Fonds de Solidarité FTQ are partners in another company on the list: French Bonduelle, with whom they own Nortera (vegetables of arctic gardens).
La Casey has been a valued partner of DP World since 2017. Today, she is a shareholder in five of the company’s facilities located in Canada, Australia, UAE, Dominican Republic and the United Kingdom.
The Quebec Corporation explained to the newspaper that the agreement between DP World and Rosatom is not directly related to the facilities in which it has invested.
“We have expressed it [à DP World] “Our concerns,” Case spokeswoman Kate Monfitt said.
It should be noted that last year DP World caused an outcry in the UK by abruptly ending employment of 800 workers at one of its subsidiaries, P&O Ferries.
Ukraine says some of the “international sponsors of the war”
- Unilever (Dove, Lipton, etc.)
- Bacardi
- Mondelez (Oreo, Holes, etc.)
- Yves Rocher
- Auchan (Decathlon)
- Procter & Gamble (Tide, Gillette, etc.)
- Bondel (Arctic Gardens)
- DP World (82 stations, including one in Vancouver)
