03:38:51 EDT Mon 06 May 2024
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Colliers International Group Inc
Symbol CIGI
Shares Issued 42,459,584
Close 2023-06-29 C$ 129.38
Market Cap C$ 5,493,420,978
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Globe says Colliers sees OPSEU sue former executives

2023-06-30 08:34 ET - In the News

The Globe and Mail reports in its Friday, June 30, edition that the Ontario Public Service Employees Union has filed a $6-million lawsuit that accuses former executives of using union money to help buy a property in Ottawa that was then rented to the union at a premium. The Globe's Vanmala Subramaniam writes that OPSEU is attempting to recover losses from a plan allegedly devised by former vice-president Eddy Almeida, former financial administrator Maurice Gabay and an acquaintance, Sava Gambiroza. None of the allegations have been proven in court. Since 2006, OPSEU rented a space in Ottawa. Its lease with Skyline Commercial was set to expire in September, 2019. Before the lease expired, the lawsuit alleges, Colliers International Group contacted Mr. Gabay to see if the union would be interested in buying the entire building. Rather than take the request back to the union's executive board, Mr. Gabay spoke with Mr. Almeida and told Colliers that the union was in fact not interested but a group of "private investors" were. The lawsuit states the union was indeed interested. The lawsuit accuses Mr. Almeida, Mr. Gabay and Mr. Gambiroza of devising a scheme to use OPSEU money to fund the purchase of the property.

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