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TORONTO: Indo-Canadian billionaire investor Prem Watsa is under investigation for insider trading by Quebec’s securities regulator.
Watsa is chairman and CEO of insurance and investment group Fairfax Financial which deals in property insurance.
The information about the investigation by the security regulator has been disclosed by Fairfax in its in filings for the latest financial results.
As per details, Watsa and Fairfax president Paul Rivett are under investigation for possible insider trading.
During Fairfax’s conference call on Friday, Watsa said, “We are confident that we did nothing wrong.’’
The Indo-Canadian billionaire didn’t give much details about the investigation, but he added, ““We are fully co-operating with the authorities, and we are required strict confidentiality during the investigation.” He added, “I can say there is no personal trading involved.’’
In its latest financial results declared on Thursday, Fairfax has posted net earnings of $363.7 million after facing a loss $157.8 million last year. Its revenue has grown from $2.41 billion from $1.36 billion last year.
