“On late Saturday night I was a passenger in a boat that was involved in a tragic collision with another watercraft that had no navigation lights on and then fled the scene. I am fully cooperating with law enforcement in their investigation,” Kevin, 65, tells PEOPLE in a statement. “Out of respect for the victims families and to fully support the ongoing investigation I feel it is inappropriate to make further comments at this time. My heartfelt prayers and condolences to the victims, the families and those affected by this loss.”

A rep for Kevin adds, “We are devastated by the event that occurred on Saturday night on Lake Joseph. Mr. O’Leary is cooperating with law enforcement in their investigation into this tragedy. We respect the investigation process being conducted by the Police, and will not comment further. Our thoughts and prayers are with victims and their families. We ask that everyone respect Mr. O’Leary and his family’s privacy during this time.”

A spokesperson for the Ontario Provincial Police confirmed the news to PEOPLE on Wednesday.

“We can confirm that a collision occurred on Saturday evening at approximately 11:30 p.m. involving two boats on Lake Joseph,” said the spokesperson. “No charges have been made in this matter. The investigation is ongoing with our criminal investigations branch. It resulted in two fatalities. One died at the scene and the other died yesterday after succumbing on Tuesday night to her injuries, which were critical.”

According to the spokesperson, the first fatality is Gary Poltash, 64, from Florida. The second is Susanne Brito, 48, from Ontario.

The spokesperson also confirmed that three other people in total suffered injuries as well; all were treated and released from the hospital. Two were from the same boat as the two fatalities, and the third was from the other boat.

Kevin’s rep told TMZ that the businessman’s wife Linda, who was driving the boat at the time of the crash, was administered a DUI test that night and passed.

TMZ reports that the incident occurred when the O’Learys’ boat crashed into a larger vessel, going over its bow and striking a male passenger in the head and killing him instantly. The larger boat reportedly had eight people on board.

TMZ cites conflicting reports about the aftermath of the crash: The owner of the larger vessel reportedly accused the O’Learys of fleeing the scene, but Kevin’s rep told TMZ that it was the other boat that left.

Kevin and Linda have been married since 1990 and have two kids.