Quebec’s Finance Minister Michel Audet has issued a statement supporting the efforts of police and the Autorité des marchés financiers in shutting down Norbourg Asset Management Inc.

Audet said he condoned the regulator’s and police force’s move, “which brought the suspicious transactions conducted by Norbourg Gestion d’Actifs and different companies with ties to its president to an end”. He also noted that he’d nominated an administrator on a provisional basis who will see to the protection of the assets remaining in the Norbourg and Evolution funds.

He added that while it is still too soon to measure accurately the extent of the losses incurred by investors and determine the appropriate course of action, Audet asks investors to trust in the work of the AMF, the police and the appointed administrator, who will report any findings to his office. “This information will allow us to evaluate the possibility of recovering the misappropriated funds,” he said.

“Like everyone, I am incensed by this situation, which is extremely unfortunate for those who entrusted this company with their savings. However yesterday’s operation should limit the potential losses,” he noted.