1 year after the Pearson heist, no arrests and no sign yet of all that gold and cash
The Air Canada flight leav‐ ing Zurich, Switzerland, a year ago, had some pre‐ cious cargo aboard namely 400 kilograms of gold and nearly $2 million US in cash.
It was moved across the Atlantic Ocean on April 17, 2023, just three days after a security firm had arranged for its transport to Canada.
The gold and the money with a combined value of at least $20 million Cdn at the time - made it to Toronto's Pearson airport.
Where it went next is un‐ clear.
Because someone took that haul of riches some‐ where else, without getting caught.
Birth of a heist story
Peel Regional Police - the law enforcement agency that responds to issues at the airport - didn't reveal that the headline-making heist had taken place until several days after the fact.
WATCH | Police reveal theft of gold at Pearson air‐ port:
On April 20 of last year, Peel Regional Police Insp. Stephen Duivesteyn told re‐ porters the cargo had arrived at the airport days earlier, where it was unloaded and then stored at a holding facil‐ ity "as per normal proce‐ dure."
He said the high-value container was then removed "by illegal means" from the Pearson facility.
The inspector did not identify who had custody of the valuable shipment at the time of the theft, but it would emerge in media reports that Air Canada's cargo opera‐ tions were handling it when it went missing.
A lawsuit
In October, Air Canada was hit with a lawsuit over the theft, with Brink's - the security firm that was trans‐ porting the gold and ban‐ knotes for separate Swiss clients - seeking millions in damages.
In court documents, Brink's alleges that the unidentified person who un‐ dertook the physical theft gained access to Air Canada's cargo facilities less than 45 minutes after the gold and the cash had been deposited there.
The same person presen‐ ted a "fraudulent waybill" to get the shipment released, "following which the uniden‐ tified individual absconded with the cargo," Brink's says in its statement of claim.
Air Canada filed a state‐ ment of defence the follow‐ ing month, denying "each and every allegation" Brink's made regarding the theft.
Continuing investigation
Twelve months after the high-value theft at Pearson, Peel Regional Police say in‐ vestigators are "working around the clock in order to locate, arrest and charge those responsible for this crime."
In an emailed statement, Brink's said it "appreciates the ongoing efforts of law en‐ forcement in this matter," though the company reiter‐ ated its stance that "Air Cana‐ da is liable for the full value of Brink's cargo that they im‐ properly turned over to an‐ other party."
Through a spokesperson, Air Canada declined to com‐ ment on the case, citing the ongoing investigation by police.
"As well, we do not publi‐ cly discuss our security mea‐ sures because that may com‐ promise them," spokesper‐ son Peter Fitzpatrick said in an email.
Many unknowns
With limited details made public by investigators, many questions remain about the details of the crime - includ‐ ing who was responsible.
Bruce Pitt-Payne, a retired RCMP investigator, said the way the theft apparently oc‐ curred - inside an airport warehouse - speaks to a base of knowledge about the op‐ erations there, however it was obtained.
"Nobody [got] hurt. It could have been done anoth‐ er way," he said in an inter‐ view.
For Jim Downs, a former Toronto police detective, it's clear this is not the kind of theft likely to have been un‐ dertaken by small-time crimi‐ nals.
"This is organized crime at its highest level," said Downs, who now conducts investiga‐ tions for corporate clients and law firms.
As for the whereabouts of the stolen cash and gold, Downs is doubtful they will be recovered. Too much time has passed since the theft, and he said organized crime groups have the capacity to unload such valuables.
However, Pitt-Payne said it's possible that the investi‐ gation could benefit from changed circumstances as time moves on - including if those involved in the crime become at odds with one an‐ other.
"In the criminal world, people tick each other off and rip each other off and lie to one another, and eventu‐ ally you find that the time al‐ lows for people's allegiances to weaken," he said.
A careless comment to the wrong person outside the situation - whether now or in the future - could also help investigators out, PittPayne said.
Mounting costs?
CBC News asked Peel Re‐ gional Police about the ex‐ tent of resources granted to the investigation. The police service did not immediately return an answer to emailed questions.
Several members of the Peel Police Services Board did not want to discuss the costs or the resources de‐ voted to the investigation, or the case itself.
Police board chair Nando Iannicca - also head of the re‐ gional council - and Matt Ma‐ honey, the acting mayor of Mississauga, Ont., both said it was inappropriate to offer comment while the investiga‐ tion was active.
Yet Brampton Mayor Patrick Brown expressed "full confidence" that investiga‐ tors will prevail.
"Do not underestimate their investigative capacity," Brown said in a statement. "They will apprehend and ar‐ rest those responsible."
Pitt-Payne said the Peel investigators are facing a complex case, which has fur‐ ther been complicated by the legal action surrounding it.
"The police could be doing their best against great odds of having a quick solve."
A 'closed' case?
At least one of the com‐ panies affected by the theft seems to be moving on from the incident.
"For its part, Raiffeisen Switzerland considers the case to be closed," Jan Sönt‐ gerath, a media spokesper‐ son for the Swiss bank that contracted Brink's to send the cash to the Vancouver Bullion & Currency Exchange (VBCE), said via email.
"We are not commenting further on the case and are not disclosing any details."
VBCE declined comment, pointing to the ongoing in‐ vestigation.
Valcambi, the other Swiss company, sought to send gold to TD Bank. It did not re‐ spond to an emailed request for comment.
A TD spokesperson, meanwhile, said the bank had "nothing to add to the story."