WW Mines Executives Walter and Waheed Exonerated: OSC Hearing Dismisses Staff Case Against Them In Its Entirety
TORONTO, Aug. 26, 2014 /CNW/ - WW Mines Inc., formerly known as Nunavut Iron Ore Acquisition Inc., today announced that a Hearing Panel of the Ontario Securities Commission has rejected all allegations made against the Company's Chairman, Bruce Walter, and its Chief Executive Officer, Jowdat Waheed, by Staff of the OSC.
Staff's allegations concerned a take-over bid launched by Nunavut Iron Ore for Baffinland Iron Mines Corporation in September, 2010. Staff alleged that Mr. Waheed and Mr. Walter had engaged in insider trading and in conduct contrary to the public interest at the time that Nunavut Iron Ore acquired a toehold position in Baffinland in conjunction with its take-over bid.
The Hearing Panel dismissed Staff's case in its entirety. In its 123-page decision, the Panel found that there was no basis for Staff's allegations of insider trading, which were contradicted by Staff's own witnesses. The Panel also found that there was no basis for the OSC to exercise its public interest jurisdiction against Mr. Waheed or Mr. Walter. The Panel found, as well, that the take-over bid of Nunavut Iron Ore had resulted in a substantial premium being paid to the shareholders of Baffinland and that there was no evidence that investors or the capital markets had been harmed in any way.
"Mr. Walter and Mr. Waheed have been fully vindicated", said Kent Thomson who acted as counsel to Mr. Walter in the OSC proceedings. "As we made clear repeatedly during the course of the lengthy hearing of this matter, which lasted more than 40 days, the allegations made by Staff of the OSC were completely without merit. This carefully reasoned Decision should go a long way toward restoring the previously unblemished reputations of Mr. Walter and Mr. Waheed for honesty and integrity."
The full decision of the Hearing Panel will be available on the website of the OSC commencing at 10:00 am on August 27, 2014 at www.osc.gov.on.ca.
Paul Steep of McCarthy Tetrault LLP was legal counsel to Mr. Waheed while Kent Thomson of Davies Ward Phillips & Vineberg LLP represented Mr. Walter.
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