Saturday, October 25th9.7°C
23888

Pierre Karl Peladeau says he won't sell Quebecor shares

SAINT-BRUNO-DE-MONTARVILLE, - 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 (TSX:QBR.B) 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.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 



23015

FEATURED Property
2025508Lot 3 Scroggins Bay
10085792 bedrooms
$395,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


23091