Miama-based security firm Brink’s is suing Air Canada (TSX:AC.B) over the theft of about US$17 million in gold and cash from a Toronto cargo facility in April, court documents show.
In a complaint filed with Canada’s Federal Court on October 6, Brink’s alleged that Air Canada (TSX:AC.B) allowed unidentified individuals inside its cargo facility and released about 400 kilograms of gold and US$1.9 million in cash bills after being presented with a fraudulent waybill.
The lawsuit alleges that the airline failed to have reasonable and appropriate security measures to prevent the heist.
Brink’s claims Air Canada (TSX:AC.B) is liable for the value of the shipment and is seeking US$15.1 million for the gold and US$1.9 million for the bank notes, plus additional, unspecified costs.
Per the lawsuit, Brink’s was hired by Swiss bank Raiffeisen Schweiz Genossenschaft and precious metals refining company Valcambi SA to move the shipment from Zurich to Toronto. Air Canada was then hired by Brink’s to fly the goods between the two cities.
The gold bars and cash arrived at Toronto Pearson International Airport at about 5.50pm local time on April 17 and were picked up by an individual with fraudulent documents about 40 minutes later.
“No security protocols or features were in place to monitor, restrict or otherwise regulate the unidentified individual’s access to the facilities,” Brink’s alleges in the lawsuit.
An investigation into the heist by Peel Regional Police is ongoing. No arrests have been made.
Shares of Air Canada traded down 1.6% at about C$18.50 at noon on Thursday. The stock is down 3.3% in the year-to-date.
Brink's shares had added 1.2% at about US$70.50.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie