The Caisse de depot et placement du Québec (CDPQ) acknowledged on Wednesday that its $200 million investment in the controversial Celsius Network platform "is not giving the expected results", saying it wants to continue to focus on its portfolio of new technologies.

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“This portfolio has provided excellent returns to our depositors over the years. However, some of our investments, such as the one in Celsius, are not yielding the expected results,” acknowledged Caisse spokesperson Maxime Chagnon in a statement sent to the Journal.

“We understand that the CDPQ's investment in Celsius raises several questions. We take this file very seriously and we will comment on it further at the appropriate time,” he explained.

«Analyse exhaustive»

Last Saturday, Le Journal told the story of an investor who managed to recover the $20,000 from his Celsius account just before the debacle and who had difficulty understanding why the Caisse had not seen the warning signs coming.

“Each transaction, even of relatively small size, is subject to an exhaustive analysis within a rigorous process by our teams. In all its investments, the CDPQ aims to continuously improve its business practices and will not fail to do so in this case,” assured the Caisse in response to these questions.

On the other hand, she promises to comment after the legal process and defends herself by saying that she wants to bet on the diversification of her portfolio to have good returns.

“The process that Celsius is engaged in is complex and will take some time to unravel. As always, our first concern is to protect the interests of our depositors, Quebecers,” she assured.