July 20, 2009
The Board of Directors of the Grand Prix de Valcourt has filed for bankruptcy because the organization has been the victim of an alleged fraud, according to a press release supplied by Super Competition Motorsport (SCM) President Marcel Fontaine. The SCM is a Québec-based snowmobile racing circuit that competes at the Grand Prix.
The fraud is estimated at “a few hundred thousand dollars” and is part of the current overall debt that includes a $230,000 loan from a financial institution and almost $270,000 owed to 70 suppliers.
The Board also announced the dissolution of Grand Prix de Valcourt Inc. and that it has suspended the event known as the Grand Prix Ski-Doo de Valcourt, at least for February 2010. The event was established in 1983.
With hopes to minimize its financial burden, the town of Valcourt, Québec, has received a $100,000 grant from Bombardier Recreational Products.
The Board has taken all necessary actions to assess the estimated fraud, including civil action against the alleged fraudulants and a criminal investigation by the Québec Provincial Police, the release said.
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