1 year after the Pearson heist, no arrests and no sign yet of all that gold and cash

The Air Canada flight leaving Zurich, Switzerland, a year ago, had some precious 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 unclear.

Because someone took that haul of riches somewhere 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.

Police speak after $20M worth of gold, other items stolen in ‘very rare’ heist

Speaking at a news conference Thursday evening, Peel Regional Police said $20 million worth of gold and other high value items were stolen after being offloaded from a plane earlier this week at Toronto’s Pearson Airport.

On April 20 of last year, Peel Regional Police Insp. Stephen Duivesteyn told reporters the cargo had arrived at the airport days earlier, where it was unloaded and then stored at a holding facility “as per normal procedure.”

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 operations 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 transporting the gold and banknotes for separate Swiss clients — seeking millions in damages.

In court documents, Brink’s alleges that the unidentified person who undertook 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 presented a “fraudulent waybill” to get the shipment released, “following which the unidentified individual absconded with the cargo,” Brink’s says in its statement of claim.

Air Canada filed a statement of defence the following 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 investigators 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 enforcement in this matter,” though the company reiterated its stance that “Air Canada is liable for the full value of Brink’s cargo that they improperly turned over to another party.”

Through a spokesperson, Air Canada declined to comment on the case, citing the ongoing investigation by police.

“As well, we do not publicly discuss our security measures because that may compromise them,” spokesperson Peter Fitzpatrick said in an email.

Many unknowns

With limited details made public by investigators, many questions remain about the details of the crime — including who was responsible.

Bruce Pitt-Payne, a retired RCMP investigator, said the way the theft apparently occurred — inside an airport warehouse — speaks to a base of knowledge about the operations there, however it was obtained.

“Nobody [got] hurt. It could have been done another way,” he said in an interview.

For Jim Downs, a former Toronto police detective, it’s clear this is not the kind of theft likely to have been undertaken by small-time criminals.

“This is organized crime at its highest level,” said Downs, who now conducts investigations 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 investigation could benefit from changed circumstances as time moves on — including if those involved in the crime become at odds with one another.

“In the criminal world, people tick each other off and rip each other off and lie to one another, and eventually you find that the time allows 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, Pitt-Payne said.

Mounting costs?

CBC News asked Peel Regional Police about the extent 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 devoted to the investigation, or the case itself.

Police board chair Nando Iannicca — also head of the regional council — and Matt Mahoney, the acting mayor of Mississauga, Ont., both said it was inappropriate to offer comment while the investigation was active.

Yet Brampton Mayor Patrick Brown expressed “full confidence” that investigators will prevail.

“Do not underestimate their investigative capacity,” Brown said in a statement. “They will apprehend and arrest those responsible.”

Pitt-Payne said the Peel investigators are facing a complex case, which has further 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 companies affected by the theft seems to be moving on from the incident.

“For its part, Raiffeisen Switzerland considers the case to be closed,” Jan Söntgerath, a media spokesperson 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 investigation.

Valcambi, the other Swiss company, sought to send gold to TD Bank. It did not respond to an emailed request for comment.

A TD spokesperson, meanwhile, said the bank had “nothing to add to the story.”