By Nicolas Van Praet
Financial Post
MONTREAL — Revenu-Québec is seeking prison sentences and fines totalling $750-million for Kitco Metals Inc. founder Bart Kitner and directors with several other gold trading firms following one of the biggest tax fraud investigations in provincial history.
Quebec’s revenue department on Monday said it filed a total of 1,920 charges against Kitco and 11 other companies as well as their directors and an accountant implicated in an alleged fraud scheme linked to gold processing. Some 120 charges were filed against Kitco and another 120 against Kitner involving total fines of $454.6-million.
“This is an investigation that’s lasted several years and the evidence is significant,” Revenue Quebec spokesman Stéphane Dion said. “Without a doubt, it’s one of the largest investigations we’ve ever done.”