VANCOUVER, April 17 /CNW/ - The executive director of the British
Columbia Securities Commission has issued a notice of hearing alleging that
Michael Kyaw Myint Hua Hu contravened the insider trading provisions of the
Securities Act when he purchased shares of a TSX Venture Exchange-listed
The notice of hearing says that between Sept. 21, 2007 and Oct. 12, 2007,
Hu, a B.C. resident, was a director and chairman of Maple Leaf Reforestation
Inc., an Alberta-incorporated company listed on the TSX-V. The notice alleges
that during that period, Hu bought 887,800 shares of Maple Leaf at an average
price of $1 per share for a total of $861,445.80, while in a special
relationship with Maple Leaf, and with knowledge that the company had entered
into a memorandum of understanding to establish a bio diesel production
project in China.
The notice says that on Oct. 16, 2007 Maple Leaf issued a news release
announcing the China project. Its shares opened trading at $1.60 the day after
the announcement, from a close of $1.30 on Oct. 12, 2007.
The notice also alleges that Hu purchased the Maple Leaf shares through
another person's trading account and that he breached the Act when he
disclosed to the account holder that commission staff had summoned Hu to an
investigatory interview. The notice further alleges that Hu made false and
misleading statements during the interview.
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.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view notices of hearings on our website www.bcsc.bc.ca. If you have
questions, contact Andrew Poon, media relations, 604-899-6880.
For further information:
For further information: Andrew Poon, (604) 899-6880 or (Canada)