Thursday, July 30th14.3°C
26925

Ontario regulator wraps up proceedings against Conrad Black, decision in months

TORONTO - Two days of proceedings held by the Ontario Securities Commission on whether to hold hearings to impose regulatory sanctions against Conrad Black wrapped up on Friday.

A decision on the proceedings, which will determine if Black is banned from participating in Ontario's capital markets, will be released "in the coming months," OSC spokeswoman Aly Vitunski said in an email.

Allegations from the provincial regulator say that directors and officers of Hollinger Inc. and Hollinger International engaged in "a scheme'' to line their pockets with company proceeds through a system of non-competition payments.

The OSC wants to determine whether Black and two other executives should be banned from trading securities or becoming directors of public companies, to protect other investors in the province.

Black's lawyers say there is no need for such an order because Black has been barred from being a registrant or a director or officer of a reporting issuer in Ontario by an OSC order that's been in place for about eight years. It will continue to be in effect until Black makes a request to have it lifted, or the commission decides to remove the restrictions.

Lawyer Peter Howard, who represents Black, has asked for the case to be dismissed, saying that any further hearings are "unnecessary" and "constitute abuse of process.''

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14301.80+224.44
S&P CDNX584.76-2.20
DJIA17751.39+121.12
Nasdaq5111.73+22.53
S&P 5002108.57+15.32
CDN Dollar0.7704-0.0018
Gold1096.90+0.60
Oil49.20+0.04
Lumber253.00+1.40
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.40+0.03
Cantex0.05+0.00
Anavex Life Sciences0.7865+0.0065
Metalex Ventures0.05-0.01
Russel Metals19.21+0.86
Copper Mountain Mining0.85+0.03
Colorado Resources0.06+0.00
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.14-0.01
Decisive Dividend Corp2.50-0.08

 





FEATURED Property
21864221756 Birkdale Avenue
3 bedrooms 3 baths
$834,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_





26586


Member of BC Press Council


26465