Stphane Le Bouyonnec, CAQ president and candidate, steps down

The president of the Coalition Avenir Qubechas resigned from his postand will also not be seeking election in the riding of La Prairie, on Montreal's South Shore.

Stphane Le Bouyonnec made the sudden announcement at 5 p.m. Tuesdayon his Facebook page.

"I gave my time and my energy because I believe deeply in a richer and prouder Quebec," part of his statement reads.

"This objective is too important to risk tainting the campaign. That's the reason why I took this difficult decision."

• Ballot Brief: Keep up to date on the 2018 Quebec election campaign

Controversy around Le Bouyonnec began after an article in the Journal de Montralstated that he once headed up an online lending firm. The firm, Techbanx, operated outside Quebec and was known forloaning money at very high rates.

LeBouyonne then announced in June that he was leaving the board of the firm.

"I have the deep conviction that I have acted ethically during my career, both private and public," Le Bouyonnec'ssaid on Facebook.

"That being said, I will refrain from making additional comments regarding the issue. I will have the opportunity to do so at a more opportune time."

LeBouyonnecwas elected president of the CAQin 2014.

CAQ Leader Franois Legault told reporters Tuesday evening that he met with Le Bouyonnec Monday night.

He thanked him for his work over the years and accepted his resignation.

"He told me that he doesn't want to be a distraction for the campaign. He said it's very tough for his family. He has children reading bad things that are written since many days now against him. So I can understand," Legault said.

"He recognized that he made an error. He pulled out of the board, so what can I say? I was ready to keep him, but he decided to resign. I wanted to give him a second chance. I think that when you look at the whole picture of what he did for politics in Quebec, I owed him that."

With files from Radio-Canada