Kitco Named By Revenue Quebec In Massive Tax Fraud Investigation, Seeks Receivership

June 14th, 2011

I meant to post this a couple of days ago, but it was stuck in ‘draft’ status.

Via: Jesse’s Café Américain:

Here is a translation of the Revenue Quebec press release from The Financial Post.

The Post has also reported that Kitco has asked the court to appoint a receiver.

“Kitco Metals Inc. has never participated in any tax fraud, nor has it ever carried out any fictitious transactions. In all respects, Kitco vigorously contests all aspects of Revenu Québec’s investigation,” it said.

The company said it has asked Superior Court of Québec to appoint an interim receiver so that it may continue normal operations under the supervision of the accounting firm RSM Richter. The action was taken “to allow for the time required to vigorously contest Revenu Québec’s unfounded claims.”

It will be interesting to see if Kitco gets the receivership they have requested, and how this affects the settlements, if any, of their unallocated pools of gold and silver.

There may be more to this than appears on the surface based on the company’s request for the court to appoint a receivership so that it may “continue normal operations.”

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2 Responses to “Kitco Named By Revenue Quebec In Massive Tax Fraud Investigation, Seeks Receivership”

  1. RobertS says:
    June 14, 2011 at 8:30 am

    wtf? I thought Bill Murphy was a little harsh on them, though I’ve never had much use for Nadlers analysis. Glad I don’t have any money in their various accounts.

  2. MBerger47 says:
    June 14, 2011 at 3:51 pm

    I live in Montreal where Kitco is headquartered and I go there at least every 3 months to pick up gold/silver coins.

    There has been a lot of wild speculation about this charge against Kitco (no surprise), but it seems they got caught doing business with criminals which is no crime at all.

    Other parties were claiming millions in bogus tax refunds and Kitco was simply caught in the middle. In a heavy handed attempt to get Kitco to cooperate, the Quebec gov’t has named Kitco as a Defendant in the case.

    This isn’t any conspiracy to put out of business one of the biggest bullion dealers in the world. It’s just a way for the mafia gov’t to get their money back.

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