BCSC Executive Director's Bulletin: Securities regulator alleges five
individuals gave false or misleading statements in investigation interviews

VANCOUVER, Aug. 23 /CNW/ - The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that five individuals contravened B.C. securities laws when they gave false or misleading statements in investigation interviews with commission staff.

The notice says that, between Aug. 26, 2009 and March 5, 2010, commission staff interviewed Parvin Kaur Dhudwal, Amrik Singh Bahd, Kulbir Singh (Kelly) Uppal, Gurpreet Kaur Jhutty, and Paul Uppal regarding share purchases in Sungro Minerals Inc., a Nevada-incorporated company and B.C. reporting issuer formerly headquartered in Surrey, B.C.

During the relevant period, commission staff was conducting an investigation of alleged suspicious trading in Sungro shares, which are quoted on the U.S. OTC Bulletin Board.

The notice says that each respondent became a Sungro shareholder when he or she purportedly invested US $2,375 to acquire the company's securities in a September 2007 offering where 4,750,000 shares were issued to 40 B.C. residents.

During investigation interviews, BCSC staff asked the respondents whether they had received money to pay for their shares. The notice alleges that each respondent denied receiving money, which was false or misleading.

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on Sept. 7, 2010 at 10 a.m.

On July 29, 2009, the BCSC executive director issued a temporary order and notice of hearing against Sungro. A commission panel extended the temporary order on Sept. 25, 2009 until a hearing is held and a decision is rendered. The investigation into the allegations in the notice of hearing is ongoing.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website, www.bcsc.bc.ca.

SOURCE British Columbia Securities Commission

For further information: For further information: If you have questions, contact Ken Gracey, media relations, 604-899-6577


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