A trial will clarify the background of one of the largest gold thefts in Canada, in which Swiss financial companies play an essential role.

April 17, 2023, will probably remain burned into the memory of the Ticino gold refinery Valcambi and the Swiss banking group Raiffeisen for a long time to come, with a fair amount of horror.

On that day at Pearson Airport near Toronto, Canada, a thief entered the warehouse of Air Canada, apparently presenting a forged bill of lading, and left the customs warehouse with gold and cash worth around $17 million.

A Historic «Gold Coup»

That's according to a lawsuit filed by US-based Brink's in a Canadian federal court against the nation's largest airline following the Toronto gold heist. It's one of the largest thefts in the country's history.

The Miami, Florida-based company, specializing in security services and cash-in-transit, accuses the airline of «negligence and carelessness.» In the robbery, the thieves took about 400 kilograms of gold and 53 kilograms of banknotes.

From Zurich to Toronto

So far, no arrests have been made in the «gold coup,» and investigations are ongoing. Toronto Pearson Airport is often used to transport gold mined in Canada, then shipped to customers worldwide. Brink's claims Air Canada failed to adequately secure and protect the shipment, which was marked as «valuable cargo.»

In mid-April, Raiffeisen Switzerland and precious metals processor Valcambi contracted the US security specialist to transport the goods from Zurich to Toronto. Citing the statement of claim, Canadian media from Montreal to Vancouver reported Raiffeisen had posted a banknote shipment worth about $1.95 million, while Valcambi was behind a gold shipment worth about 13.6 million Swiss francs.

Special Treatment for High-value Cargo

In the contracts between the two companies, Brink's was required to indemnify Raiffeisen and Valcambi for any damages. Brink's, in turn, contracted Air Canada to transport the cargo from Zurich to Toronto, using the so-called AC Secure program, which provides «special treatment for high-value cargo» at a higher cost than standard shipments.

The valuable shipment was carried to Canada on flight AC881, arriving at Pearson shortly before 4 p.m. Toronto time on April 17, and was deposited in an Air Canada warehouse at 5:50 p.m.

Barely Stored, Already Stolen

Shortly after landing in Pearson and unloading the cargo, an unknown person accessed the airline's storage facilities. Records state that the mystery thief showed up about 40 minutes later.

Brinks alleges there were no security protocols or devices in place to monitor, restrict, or otherwise regulate the unidentified individual access to the facilities.

Deafening Silence

The US company claims personnel accepted the forged document without verifying its authenticity. Brink's is seeking from Air Canada the equivalent of the missing gold and stolen banknotes, as well as damages of an unspecified amount and reimbursement of its legal fees.

Canadian financial institution Toronto-Dominion Bank, the intended recipient of the gold, declined to comment, according to Canadian media reports. The Vancouver Bullion & Currency Exchange, which was the recipient of the cash, also did not respond, while Air Canada had no comment, saying the case was now being heard in court.