Philippe Couillard legally deposited money in an off-shore account

Liberal Leader PhilippeCouillardput $600,000he earned in the1990sin an offshore bank account in the Channel Islands, reveals a report by Radio-Canada's investigative teamEnqute.

Couillardworked in Saudi Arabiabetween 1992 and 1996,setting up a neurosurgery clinic.

He stated publicly this week that he had money in an offshore account between 1992 and 2000.

"In Saudi, like all people who are there, I was a non-resident. So I put my assets at the time in a foreign bank and when I returned, I transferred the money back home,"Couillardsaid Tuesday.

Couillarddid not pay Canadian taxes on the money, which is perfectly legal as he had severed all ties with Canada at the time.

Couillard responds to Enqute report

The Liberal Party issued a statement late Wednesday evening, saying Couillard's account in the British Channel Isle of Jersey was public and that he paid all taxes due.

"While he was working abroad in the late 90s, Mr. Couillard's salary like that of most of his Canadian colleagues was deposited at a branch of the Canadian chartered bank Royal Bank of Canada in Jersey," the statement said, adding that since the year 2000 the account no longer belongs to him.

A spokesperson for the Liberal leader also toldEnquteWednesday thatCouillarddeclared therevenue from the interest on the money and paid taxes as required by law, and reiterated thatCouillardchose Jersey because that particular bankhad links to a Canadian bank.

Financial experts disagree

Atax expertconsulted byEnqutesaid she's skeptical.

"Mr.Couillardcould have deposited his money in any financial institution in the world," said tax expert BrigitteAlepin. "If he chose Jersey it's because of its appealand its appeal, especially at that time, was secrecy."

But not all financial experts agree.

UniversitLaval tax expertAndrLareausaidit was likely a wise choice onCouillard'spart.

"Nobody is forced to do or to make investment that will produce more taxes, so it was just a wise tax decision to invest money in Jersey," he said.

Jersey issituated between England and France and was,until recently,on a black list of banking jurisdictions.