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The view from Dimitry Khmelnitsky’s spartan 31st floor office overlooks the brooding towers of Bay Street’s financial district — the very heart of corporate Canada. Despite his enviable perch, the energetic 38-year-old investment analyst is an outsider. Born in Moscow, Khmelnitsky came to Canada 16 years ago after living in Israel. For nearly a decade, he’s worked for Veritas Investment Research Corp., an independent Toronto-based equity research renowned for ignoring the herd when it comes to analyzing companies.

In fact, not being a member of Bay Street’s nomenklatura is why Khmelnitsky was able to spot, long before anyone else, the early signs of what has since exploded into Canada’s biggest corporate scandal – namely Valeant Pharmaceuticals International, Inc. “This is really my issue with Valeant,” Khmelnitsky explains. “[It's the] combination of deep regulatory risks they are running and… the way they run the business being somewhere in the dark, dark grey.”

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Not really a Canadian company

Ironically, Valeant is not really a Canadian company at all. True, its head office is located in Laval, Québec. But in reality, it’s an American corporation run out of Bridgewater, New Jersey.