A former BDC Capital principal is suing the Crown corporation for alleged wrongful termination, BetaKit has learned.
In a court filing, Priniotakis alleged that he was fired for failing to sign a confidentiality agreement related to an investigation he had prompted after he complained about a “hostile work environment.”
Emmanuel Priniotakis, a former principal investor on the Business Development Bank of Canada’s (BDC) Sustainability Venture Fund, filed suit against BDC’s venture arm at the end of April in Toronto, claiming wrongful dismissal and breach of contract. He’s seeking damages of more than $900,000, including 12 months’ compensation and moral damages such as causing reputational harm. None of the allegations have been proven in court.
BDC Capital is Canada’s largest and most prolific venture capital (VC) firm, with a broad portfolio of direct and indirect investment funds. When reached for comment, a BDC spokesperson wrote in an email that since the matter is before the courts, “we believe it’s best to let the legal process speak for itself.” Priniotakis and his lawyers have not commented further.
In a court filing, Priniotakis alleged that he was fired for failing to sign a confidentiality agreement related to an investigation he had prompted after he complained about a “hostile work environment.” The claim said Priniotakis faced “bullying” and “dismissive and demeaning conduct” after returning from medical leave in 2024. He said he raised concerns through internal channels about the treatment of junior employees, the use of “inappropriate or unprofessional language” in the workplace, and investment governance.
One instance involved BDC Capital’s investment in Canadian-founded quantum company D-Wave. After investing through its Industrial, Clean, and Energy (ICE) Technology Venture Fund (where Priniotakis was previously a principal), BDC sold its stake in D-Wave in December 2024—a move Priniotakis claims he and the deal team had advised against. According to The Globe and Mail, BDC received between $24 million USD and $35 million USD ($33.7 million CAD and $49 million CAD) for the sale.
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Priniotakis said he raised concerns about this choice in the months after, as D-Wave’s share price rose “significantly.” Its shares on the New York Stock Exchange closed at $2.76 USD on Dec. 2, but by the end of May 2025 had risen to $26.50, which is roughly its share price today.
He also claimed he was threatened by a partner with termination after expressing concerns about BDC giving “misleading” reasons for reversing an investment in Vancouver cleantech Portable Electric.
Priniotakis claimed he received positive performance feedback throughout his time at BDC until he raised concerns about partners. BDC then issued a performance review that allegedly introduced “new criticisms” and “recharacterized earlier positive assessments.”
The claim states that, in June 2025, Priniotakis was advised by his doctor to return on disability leave due to “workplace hostility and health regression.” BDC’s employee relations department allegedly refused to investigate his complaints unless he agreed to sign a confidentiality agreement, which he did not sign. In December, Priniotakis was fired with cause.
Priniotakis is asking for more than $900,000, including 12 months’ pay instead of reasonable notice of termination and moral damages. BDC Capital has not yet filed a defence.
Feature image courtesy BDC.