At a press conference on Friday morning, Laraque said that he's taking a leave while the judicial process takes its course.
"It's important to run the campaign when you're clear of any charges," Laraque said, aside Green Party leader Elizabeth May, according to CTV News.
"When you set a standard like this, you demand the same for all the parties that are running and I think that's fair. And that's why I think it's more important right now to clear my name, and after that when I go see people, people will know that I did the right thing at that time."
Laraque's judicial problems emanate from a business partnership with Marc Filion. According to Sun News, the duo entered into an agreement to distribute synthetic ice panels in 2009.
"The 36-year-old Montrealer is scheduled to be arraigned on Nov. 19," notes the Sun report.
"The indictment, obtained by QMI Agency, says fraud was committed at the expense of engineer Marc Filion and related companies between 2009 and 2011.
"Things [between the two] later turned sour and the two men have been fighting it out in civil court, though Laroque has maintained that he's the victim."
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In a Green Party statement, May said that she believes in Laraque's innocence.
"The Green Party holds itself to a high standard and believes that any candidate or MP of any party cannot serve the public interest if dealing with charges such as these," she said.
"Once Georges is exonerated, I hope he will once again represent us as a candidate. In the meantime, I accept his resignation as Deputy Leader and as a candidate with tremendous regret."
A date for the Bourassa byelection — a riding that became unrepresented when Liberal MP Denis Coderre resigned for a run at the Montreal mayoralty — has not yet been set.
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