CDPQ, the second-largest pension fund manager in Canada, has confirmed that former employees who were involved in allegedly bribing Indian government officials have been terminated.
The U.S. Attorney for the Eastern District of New York issued an indictment that also includes former employees of Azure Power, a company in CDPQ's portfolio, as well as Indian billionaire Gautam Adani.
A spokesperson for CDPQ stated that the terminated employees were let go in 2023 and highlighted the fund's cooperation with U.S. authorities in the ongoing investigation.
The individuals named in the indictment are Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra.
CDPQ has chosen not to provide further comments due to the legal matters that are still pending.