There’s a little-known scandal that cost Canadians $500 million in CPP fund money, involving the rise and fall of a European long-term care provider called Orpea (now known as EMEIS). CPP Investments was the largest shareholder, and had employees on the board of directors, including the audit committee, yet still failed to detect any of the embezzlement, fraud, and elder abuse that was taking place throughout the company’s facilities.After French investigative journalist Victor Castanet published a book on the scandal titled “Les Fossoyeurs” (The Gravediggers), the company collapsed and was eventually bailed out by the French government, causing CPP Investments to sell at a near-total loss. To this day, media coverage of this scandal is nearly non-existent in Canada, and CPP Investments has not addressed what went wrong.Joining me on the Millennial Moron Podcast to discuss this case, as well as other Canadian pension funds and their private equity style activities internationally, is Jason Ward, principal analyst and founder of CICTAR, the Centre for International Corporate Tax Accountability and Research.Sources:CPPIB’s Orpea Debaclehttps://cictar.org/all-research/care/cppibReports on Australian port investments by Canadian pension fundshttps://cictar.org/all-research/dp-world-taxes-australiahttps://www.theguardian.com/australia-news/2023/nov/01/dp-world-port-operator-australia-zero-taxCountry-by-country reportinghttps://www.nationalobserver.com/2025/09/19/opinion/corporate-canada-tax-transparency CICTARhttps://cictar.org/ Support MillennnialMoron:Patreon:https://www.patreon.com/MillennialMoron Buy Me a Coffeewww.buymeacoffee.com/millennialmoron