A very secretive and large foreign company registered out of the Cayman Islands, Finastra, is in control of and profiting from the Canada Student Loans Program, by being able to divert hundreds of millions of Canadian taxpayer’s dollars out of the Canadian economy.
Owner of Finastra (Vista Equity Partners) whose CEO is American billionaire Robert Smith, assumed control of the Canada Student Loans Program in 2017 by purchasing the prior service provider, DH Corporation, with little acknowledgment of the change by the Canadian Government of the negative impact this would have on Canadian students and taxpayers. With the lack of transparency surrounding the Student Loan contract, it begs the question; is the Canadian Government complicit?
In April 2017, the Canadian Competition Bureau noted the purchase of DH Corporation, the service provider of the Canada Student Loans Program, by two different Vista Equity Partners investment funds: Vista Fund IV and Vista Fund VI.
Source: https://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/02435.html#april
Then, Investment Canada noted that a different company, Tahoe Canada Bidco, Inc., based in Austin, TX, USA, purchased D+H in June 2017. So here we have 2 different companies who could have purchased D+H.
Source: http://www.ic.gc.ca/eic/site/ica-lic.nsf/eng/lk-31706.html#t1
Tahoe Canada Bidco Inc v DH Corporation
The Commission has approved, without conditions, the proposed intermediate merger whereby Tahoe Canada Bidco Inc (Bidco) intends to acquire DH Corporation (DH).
Bidco, a UK company, has been formed for the purposes of the proposed transaction. Bidco is controlled by Misys Limited, a UK private company, which is controlled by funds managed by Vista Equity Partners LLC. Bidco does not control any firms. Misys is, among others, a provider of software and related services to the financial services industry.
Tahoe Bidco is the company that appears as an investor for the Investment Canada Act’s review. Tahoe though was not the company that Vista submitted to the Competition Bureau; in this case Vista claimed the investor was two of its funds.
Adding further ambiguity to the question of ownership, Public Works and Government Services Canada stated in March 2018 that DH Limited Partnership is the service provider to the Canada student Loans Program and holds that contract.
Source: https://buyandsell.gc.ca/procurement-data/contract-history/G7514-120001-001-XQ-0
And yet, as this next document shows, DH Limited Partnership was not a real (active) company when this federal contract began in March 2018. In the current lawsuit against them, the attorney for the defendants (Chris Madill, with Stewart McKelvey Law Office in Halifax) supplied The CFW Group’s attorney (Peter Coulthard, with Sealy Cornish Coulthard in Halifax) with a document saying DH Limited Partnership, the private company that is the federal contract holder and service provider to the Canada Student Loans Program was dissolved months prior to the contract activation, in November 2017.
Furthermore, the primary executives who are directly involved with administering the Canada Student Loans Program all claim in their LinkedIn profiles that they are working for the company “Finastra”.
Finastra was created in Great Britain by US-based Vista Equity Partners and is not publicly traded.Here are a few executives who are involved and overseeing the Canada Student Loans Program administration who actually work for Finastra.
So, who exactly is it that is administering the Canada Student Loans Program through it’s National Student Loan Service Center (NSLSC)? The government says it is the publicly traded company “DH Limited Partnership”, but that company was dissolved in 2017. When one goes to the DH website to inquire about Canada student loans and their administration of it, the viewer is redirected to this private and not publicly traded company – Finastra.
Owner of the Canada Student Loan service provider (Finastra), Robert Smith, involved in Tax Crime
The government of Canada gives opportunity for Canadians away to corrupt businesses without any oversight whatsoever. The large and one of the most lucrative financial contracts involving billions of taxpayer dollars, the Canada Student Loans Program, is one that needs to be seen. The question now – “Is the government knowingly handing out to the corrupt world thus depleting the economy of opportunity and resources that could fix a lot of the problems we face in Canada today?” must be asked. The lack of transparency and “covering things up” in regard to who the actual Canada Student Loans Program is controlled by is a definite red flag.
In a startling new discovery, the man behind the entire show is Finastra’s owner, Robert Smith, and man that holds total control of the National Student Loan Service Center in Canada, is now on the hot seat for tax crimes.
“Smith, whose code name was “Steelhead,” according to prosecutors, has admitted to hiding profits in offshore accounts and filing false tax returns for 10 years. He is cooperating with investigators and faces no charges. But his complicity in the alleged tax crimes has stunned the many who had seen a role model in the charismatic 57-year-old entrepreneur, often ranked as the wealthiest Black person in the United States.
These two sides of Smith — the impressive generosity on one and the admitted tax evasion on the other — may be hard to reconcile. But they are inextricable, according to documents reviewed by The Washington Post, including charity filings with tax authorities and Justice Department court filings.”
Finastra in the National Student Loan Service Center: Registered Offshore in Cayman Islands!
Unbeknownst to the Canadian taxpayer, the government of Canada is funneling a heavy load of taxpayer money to Robert Smith of Finastra, a foreign company registered out the Cayman Islands. The Canadian taxpayer needs to know the truth about what the government is doing with public money and our economy.
Source: https://find-and-update.company-information.service.gov.uk/company/FC034398