Brink’s is suing Air Canada for nearly $20 million over an alleged theft of gold bars and cash. The theft took place at Toronto’s Pearson airport, where the airline is alleged to have allowed an unidentified individual to abscond with the cargo.
Court documents reveal that on April 14th, Brink’s was hired by two Swiss banks, Raiffeisen and Valcambi, to transport over 400 kilograms of gold and about $1,945,843 in U.S. cash from Zurich to Toronto. At the time, the gold was valued at roughly 13.2 million Swiss francs, translating to nearly $20 million Canadian based on current exchange rates.
Upon arriving safely at Pearson airport on April 17, the shipments, labeled BANKNOTES and GOLDBARS, were unloaded and stored in an Air Canada facility. An unnamed individual allegedly managed to enter the storage facilities without any security interference. Armed with a fraudulent waybill that mimicked details of a separate cargo shipment, this individual was able to dupe Air Canada personnel into releasing the cargo.
Brink’s laments that Air Canada accepted the waybill without any authentication checks. Post this breach, the unidentified person promptly vanished. As of now, both the gold and the cash remain missing, with no arrests made.
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Brink’s claims that Air Canada was “negligent and careless” and even “reckless” in its handling of the cargo. They stress that despite paying premium rates for a secure service, there were evident lapses in security protocols.
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Brink’s is not only seeking reimbursement for the value of the stolen items but also an undisclosed sum in “special damages” and legal costs. They reached out to Air Canada in late April for redress but haven’t received any communication.
Air Canada, Vancouver Bullion and Currency Exchange (the intended cash recipient), and TD Bank (the designated gold recipient) have all refrained from commenting on the matter.
Information for this story was found via CBC News and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
One Response
that’s a big woopsies
thought Air Canada was the little kiddo in these matters I guess they still are