’m a ‘whistleblower’ on tax allegations against Valeant

Eugene Melnyk, the billionaire owner of the Ottawa Senators and founder of drugmaker Biovail Corp, is waging war against the company that now controls his one-time business. Melnyk alleges that Valeant Pharmaceuticals International Inc is masquerading as a Canadian company to make use of this country's international fiscal treaties and dodge U.S. taxes. He predicts it will all eventually implode if American authorities claw back the taxes he believes Valeant may owe.

Source: http://business.financialpost.com/2014/08/23/billionaire-eugene-melnyk-im-a-whistleblower-on-tax-allegations-against-valeant/

 

From the Financial Post, 8 Sept, by Nicolas Van Praet, "Doubts Mount about Valeant Pharmaceuticals' Tax Structure"

http://www.nationalpost.com/Doubts+mount+about+Valeant+Pharmaceuticals+structures/10184523/Story.html

 

“We do everything by the book,” Valeant chief executive Mike Pearson said during a May 28 investor presentation. “In terms of our tax rate versus other companies, we are not a recently inverted company. We have been inverted for a number of years, and quite frankly, we just work harder.”

 

Oh and everything he says is to be believed. You gotta be kidding!!

 

"Oh, you cursed brat! Look what you've done! I'm melting! Melting! Oh- what a world! What a world of shifty international tax obligations and shady offshore IP transfers! Who would have thought a new Treasury action with a strong legal and policy basis could destroy my beautiful wickedness and my overly generous stock options, as well as my low-ball 3% U.S. tax rate and suspect transfer pricing! Oh, look out! Look out! I'm going...maybe even all the way back to Canada where I am supposedly making all my management decisions at my Potemkin international headquarters in Laval...What a world...Ohhh...ohhhhhh......"