Latest news with #StrategicHoldings
Yahoo
27-04-2025
- Business
- Yahoo
Developer hit with multiple charges after allegedly making death threats: 'Ignorance is no excuse'
A Prince Edward Island developer and his company allegedly destroyed wetlands without the proper permits, CBC reported. Even more concerning, court documents revealed that he threatened to kill employees of the department that oversees the province's Environmental Protection Act. As CBC reported, Nathan Kember and his company, Strategic Holdings, Inc., faced numerous charges in Summerside provincial court. The province asserted that they performed work in a buffer zone and in or around a wetland without obtaining the necessary permits. The 32-year-old developer was originally facing seven Environmental Protection Act violations and four criminal charges. On April 11, though, the company president and his lawyer entered two guilty pleas on environmental charges, and the Crown withdrew the two other charges against the company and the seven charges against Kember. According to CBC, the company was ordered to pay $20,000 in fines. The two guilty pleas were for "altering or disturbing the ground within 15 metres of a watercourse or wetland boundary and operating heavy machinery in that same area without the proper permits," according to CBC. Kember's lawyer stated that his intention is to provide sustainable housing to the community. Judge Krista MacKay noted: "Mr. Kember, if you're going to be in the development business … it's up to you to know what the rules are. In these facts before me ... ignorance is no excuse." The criminal charges against Kember that are related to the threats were adjourned until May. This story is disturbing because of the developer and company's alleged blatant disregard for the environment. Wetlands are incredibly important ecosystems that provide many benefits, such as regulating temperatures, providing natural buffers from floods and droughts, and supporting wildlife with habitat. Do you think America is in a housing crisis? Definitely Not sure No way Only in some cities Click your choice to see results and speak your mind. Wetlands' destruction can increase the likelihood of natural disasters, destroy biodiversity, and displace populations. Obtaining the necessary legal permits and following environmental laws are essential to preserving these delicate areas and preventing harmful human activities that threaten them. Social media users on the r/PEI feed were outraged about this case, and locals flooded the government's attorneys with correspondence. "We shouldn't be letting him slide on this," one Reddit user wrote in response to a post about the news. "It's frustrating to watch," another commented. "But the clock does eventually run out!" Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
CBC
11-04-2025
- Business
- CBC
Strategic Holdings to pay $20K in fines as environmental charges against owner dropped
Social Sharing A judge has ordered Summerside development company Strategic Holdings Inc. to pay $20,000 in fines after the company entered two guilty pleas on environment charges. Company president and sole shareholder Nathan Kember and his lawyer appeared in court Friday morning and entered the two guilty pleas. The Crown then withdrew two other environmental charges against the company, as well as the seven environmental charges that had been laid against Kember himself. The guilty pleas were for altering or disturbing the ground within 15 metres of a watercourse or wetland boundary, and operating heavy machinery in that same area without the proper permits. The court heard these violations happened on a 40-acre parcel of land at 674 Water St. East in Summerside, where Strategic Holdings is building an apartment complex and driving range. The property had been historically used for agriculture and has watercourses and wetlands on it, including portions that back onto Summerside Harbour, so it falls under regulations outlined in P.E.I.'s Environmental Protection Act. No permits to do work According to an agreed statement of facts read in court Friday, Kember was in touch with the Department of Environment, Energy and Climate Action, which oversees the act, in July of 2024 about his intentions to carry out ground work on his property. Summerside-area developer and his company facing environmental charges related to waterways 4 months ago Duration 1:23 Documents filed in P.E.I. court show that Strategic Holdings and its president Nathan Kember have been charged under the Environmental Protection Act for doing work around waterways without the proper permits. "During the development process of the land, heavy equipment was used to disturb and reshape the land. [The company] was at all material times responsible for the disturbance of any ground materials during the construction and reshaping of the land," the document reads. "Neither Mr. Kember nor [the company] had a valid license or permit to allow heavy equipment to enter within 15 metres of a wetland or watercourse boundary or to disturb any ground within 15 metres of a wetland or watercourse boundary on the land." If you're going to be in the development business … it's up to you to know what the rules are. In these facts before me ... ignorance is no excuse. The court heard that department staff went to the site in August and discovered that the heavy equipment had been used in that area, and told Kember it was a violation. In October, the minister signed a ministerial order ordering the remediation of the land. Days later, staff who went back to the site noted that there was heavy equipment on the site and the land had been further altered. The next day, staff returned along with a private tow truck operator and seized a dozer from the site. Kember is also facing criminal charges for events that occurred on that day. The court heard the dozer will now be returned to the company. Most remediation work has been done Both the Crown, Chad McQuaid, and Kember's lawyer, Jordan Brown, told Judge Krista MacKay they believed Strategic Holdings should be fined $10,000 for each violation. That's the minimum penalty outlined in the act. Kember did not speak in court on Friday. Brown spoke on his behalf, highlighting the work his client is doing to provide housing in the community, with a focus on energy-efficient and green developments. He added that Kember, 32, was born and raised in Summerside, where his family has "significant" connections, and that members of the community and his church were there to support him in court. "Mr Kember, if you're going to be in the development business … it's up to you to know what the rules are. In these facts before me ... ignorance is no excuse," MacKay told the company's president. The judge ultimately accepted the joint recommendation of a $20,000 fine. Summerside developer facing charges for uttering death threats, other crimes 14 days ago Duration 2:01 Court documents viewed by CBC News say Summerside developer Nathan Kember, 32, threatened to kill three people, at least two of whom work for the provincial government. Kember and his company Strategic Holdings are also facing 11 charges under the Environmental Protection Act, with the province saying they did work in a buffer zone or watercourse without the necessary permits. CBC's Nicola MacLeod reports. . MacKay went on to tell Kember that she believes the work he is doing to add housing stock to the community is positive, particularly during a housing shortage. But she also told him if he wants to build green, sustainable communities as he says, he needs to respect environmental laws, particularly when those tasked with enforcing the laws bring issues to his attention. At this point, Kember tried to interject, but the judge stopped him. "This is not a debate for you and I," she said. "This is my decision." The court heard that Kember has completed much of the work required by the terms of the ministerial order last fall, save for one piece — hiring a professional to map out the wetlands and their boundaries on the property. That can occur only between June and September. "Certainly Mr. Kember has committed that whatever needs to be done will be done," his lawyer told the court, adding that the order has outlined what repercussions he will face if the work isn't completed. Criminal charges back in court The criminal charges against Kember were not dealt with Friday, but were adjourned to next month. The court heard the intention is to divert the matter to alternative measures, a process outside of the judicial system that allows first-time offenders to reflect on their actions and make amends without incurring a criminal record. Offenders usually sign an agreement to participate in the program through probation services, and the case periodically returns before a judge for an update on its progress. If the offender completes the steps outlined in the agreement, the charges are stayed. If not, the matter comes back before the courts.
CBC
28-03-2025
- CBC
Case of Summerside developer charged with environmental, criminal offences adjourned again
Social Sharing The case against developer Nathan Kember and his company Strategic Holdings Inc. did not go ahead as planned on Friday in Summerside provincial court. Kember, 32, personally faces seven charges under the province's Environmental Protection Act and four criminal charges, including threatening to kill employees of the department that oversees that legislation. The company of which Kember is the president is also facing four environmental charges. Kember did not appear personally in court Friday. His lawyer appeared virtually and told the court his client welcomed a new baby this week, but also said they were not prepared to proceed on the matters. Jordan Brown told the court there were still processes and details to be sorted out between himself and the Crown, partially due to scheduling conflicts, but he hoped the case could move along in the coming days. Judge Krista MacKay told the room she was "not particularly happy" the environmental charges were not being dealt with Friday, as that was the expectation she had set at the last appearance. Summerside developer facing charges for uttering death threats, other crimes 1 month ago Duration 2:01 Court documents viewed by CBC News say Summerside developer Nathan Kember, 32, threatened to kill three people, at least two of whom work for the provincial government. Kember and his company Strategic Holdings are also facing 11 charges under the Environmental Protection Act, with the province saying they did work in a buffer zone or watercourse without the necessary permits. CBC's Nicola MacLeod reports. . Kember's environmental charges, allegedly for work done in or around a wetland without the proper permits, were first addressed at a court appearance in November. The charges have come before the court several times since, adjourned each time so that the defence could seek a resolution with the Crown — who echoed MacKay's comments Friday about the proceedings not going ahead. Crown Attorney Chad McQuaid also noted that his office has received a lot of correspondence around this file — perhaps more than any other file in his career. "At this point, I believe the ball is in Mr. Brown's court," he told the judge. Summerside-area developer and his company facing environmental charges related to waterways 3 months ago Duration 1:23 Documents filed in P.E.I. court show that Strategic Holdings and its president Nathan Kember have been charged under the Environmental Protection Act for doing work around waterways without the proper permits. MacKay adjourned the case to next month, noting that she would be taking pleas on the environmental charges that day. "There's going to be a plea… It's going to be guilty or not guilty," she said. "In two weeks time, I'm taking a plea one way or the other. This has gone on long enough." There was also talk on Friday that Kember's criminal charges might be diverted to alternative measures, a process outside of the judicial system. In order to be eligible for the program on P.E.I., the accused must accept responsibility for the crime and be willing to participate in the program through probation services. If the person completes the steps outlined in an agreement crafted under the program, the charges are stayed. If not, the matter comes back before the courts.
Yahoo
26-03-2025
- Business
- Yahoo
KKR Founders Help Drive Its Quest to Become a ‘Mini Berkshire'
(Bloomberg) -- KKR & Co.'s plan to break from the traditional buyout model and hold some bets on its own books for decades is being directed by a tight-knit group, including co-founders Henry Kravis and George Roberts. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says Trump Slashed International Aid. Geneva Is Feeling the Impact. Paris Votes to Make 500 More Streets Car-Free The alternative asset manager's Strategic Holdings unit, launched a little over a year ago, is a key part of KKR's plan to more than quadruple earnings per share over the next decade. The firm sees a chance to build a portfolio that kicks off more than $1 billion a year in dividends. What the firm is trying to create 'is in some ways a mini Berkshire Hathaway,' Co-Chief Executive Officer Joe Bae said at the Bloomberg Invest conference in New York earlier this month. While Warren Buffett's $1 trillion conglomerate has drawn many imitators, KKR's gambit is a break from its closest rivals, who've prioritized steady fees over direct bets. A small group of executives overseeing KKR's balance sheet decide which investments make the cut, according to a person with knowledge of the matter. It includes Kravis and Roberts, Bae and co-CEO Scott Nuttall, Chief Financial Officer Rob Lewin and balance sheet Chief Investment Officer Henry McVey, said the person, who asked not to be identified discussing confidential information. The unit currently holds stakes in 18 long-term investments that are expected to compound over time instead of being flipped for a quick profit. Bae said this month that the firm intends to add infrastructure and real assets to the mix. KKR says the upside for patient investors could be massive. The firm has pointed out that Berkshire is worth almost as much as all the publicly traded asset managers in the world combined. But it's a long-term bet that will require capital now. KKR cut its share buybacks to zero last year and paid out a lower portion of its earnings as dividends than any of its major competitors. It also makes the firm a different investment case than many of its rivals, which have pitched themselves to shareholders as asset-light. KKR has more than $100 billion of investments on its balance sheet, not including its insurance unit. Apollo had $6 billion outside its insurance division, and Carlyle had less than $11 billion across its whole firm. Brookfield Corp. spun out its fund unit in 2022 to separate the businesses of holding assets and earning management fees. Strategic Holdings is 'a unique, one-off approach to long-term ownership of high-quality assets to drive balance sheet compounding,' Mike Brown, a Wells Fargo & Co. analyst who follows KKR, said in an interview. The unit 'introduces a new earnings engine.' A representative for KKR declined to comment. Buyout DNA KKR stands out for leaning into buyouts at a time when others are pulling back. Private equity has been pressured in recent years by higher interest rates, which have led to fewer deals getting done and less capital being returned to investors. But at KKR, private equity tied with infrastructure to generate the best returns — 14% — of the firm's various asset classes last year. The strategy has been enabled, in part, by its massive balance sheet. Paying out fewer dividends and buying back fewer shares allowed it to hoard cash, reinvest gains and seed various businesses. Strategic Holdings traces its roots to 2017, when a small team working under Lewin used KKR's balance sheet to make strategic acquisitions and invest in core private equity deals with partners that could produce double-digit returns over the long term. The first bet was on USI Insurance Services, a consulting and brokerage firm, led by partner Chris Harrington. KKR subsequently launched its first Core Private Equity fund to gather outside capital from those who wanted to invest alongside it. The business is now overseen by an investment committee including private equity co-heads Pete Stavros and Nate Taylor and seeks out lower-risk, cash-flowing companies that don't necessarily make sense in a traditional closed-end private equity fund. Webster Chua, an Americas private equity partner, works closely with key Core Private equity clients while originating some deals. For now, Core Private Equity and Strategic Holdings are essentially synonymous. Its current lineup of 18 investments includes lens retailer 1-800 Contacts, cybersecurity company Barracuda Networks and Australian snack food manufacturer Arnott's Group. 'This is a segment for us that's really an unconstrained addressable market,' Lewin said at a financial services conference last month. The firm owns an average 20% stake in the 18 firms, representing $3.7 billion of revenue and $900 million of adjusted earnings, he said. KKR has told investors the creation of Strategic Holdings represents no meaningful additional costs because it's run entirely by existing staff. But there is at least one glaring difference between alternative asset managers and Buffett's 60-year-old conglomerate: fees and carried interest. Strategic Holdings pays management fees and a share of gains to professionals who work on the deals, according to the firm's filings. For now, Strategic Holdings represents a small share of KKR's operating earnings, although it predicts it will generate $1.1 billion by 2030. How the firm will fund that growth remains a major question for investors. When KKR issued nearly $2.6 billion in mandatory preferred convertible equity this month to fund additional investment in three long-term holdings, the market was caught off guard, according to Well's Fargo's Brown. The move will dilute existing shareholders and cut into a projected increase in earnings from the new investments. 'The market was definitely not ready or prepared for that,' Brown said. Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? Business Schools Are Back A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P.
Bloomberg
05-03-2025
- Business
- Bloomberg
KKR to Expand Long-Term Ownership to Infrastructure, Real Assets
KKR & Co. is planning to expand its long-term ownership unit to include investments in infrastructure and real assets. What the firm is trying to build at its Strategic Holdings arm 'is in some ways a mini Berkshire Hathaway,' Co-Chief Executive Officer Joe Bae said Wednesday at the Bloomberg Invest conference in New York. KKR created the unit to hold 18 long-term private equity bets that pay out regular dividends.
