Glenn Chamandy, the executive who fought the board of apparel maker Gildan Activewear Inc. and won his old job back, has another opponent now: tax authorities in Canada.
Glenn Chamandy, chief executive officer of Gildan Activewear
At issue are so-called “straddle” trades, a strategy that used forward foreign exchange contracts to generate tax losses in one year, with offsetting gains the following year. In a 2022 decision in a separate case, the Federal Court of Appeal ruled in the government’s favor, stating that straddle transactions that are done solely to generate tax losses aren’t legitimate.
Chamandy did not respond to requests for comment from Bloomberg. One of his lawyers, Marie-France Dompierre, declined to comment when reached by phone.
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