Karl Walsh has been removed from the Ontario Pension Board (OPB) board of directors and is under investigation by the RCMP.
The RCMP alleges he and two other Ontario Provincial Police Association (OPPA) officials set up a sophisticated network of schemes involving secretly owned companies and offshore investments to defraud union members.
While the allegations against Walsh remain unproven, the OPB says he was not involved in its operations. He was one of nine members of the board.
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“Mr. Walsh had no signing authority or ability to make commitments on OPB’s behalf, did not determine pension entitlements and was not a member of the investment committee or the audit committee of the board of directors,” says an OPB statement. “We would also like to reassure our members that OPB has never used the travel agency or the consulting firm being investigated.”
The OPPA has put forward a replacement nominee to the OPB’s board of directors to the provincial government.
OPB is the administrator of the Public Service Pension Plan, which is sponsored by the Government of Ontario. Its members are made up of certain employees of the provincial government and its agencies, boards and commissions.
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