VANCOUVER, July 4 /CNW/ - The executive director of the British Columbia
Securities Commission has issued a notice of hearing alleging that two Quebec
residents illegally bought shares of a TSX Venture traded company before it
disclosed to the market news about a mineral claims acquisition.
The notice of hearing says that between March 4 and 12, 2007, Kegam Kevin
Torudag and Lai Lai Chan were involved in negotiations to sell 85 Quebec
mineral claims to Icon Industries Limited, a B.C.-based company listed on the
TSX Venture Exchange. The notice alleges that by March 12, Torudag and his
partner reached an oral agreement with Icon to assign their option to purchase
the mineral claims, which Chan owned, to Icon.
On March 13, Torudag and his partner assigned the mineral claims option
to Icon, and the company disclosed the information to the market that
afternoon. The notice alleges Torudag and Chan bought Icon shares based on
material information before the company issued the news release disclosing the
information to the market.
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 July 15, 2008 at 9 a.m.
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 Ken Gracey, Media Relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education
For further information:
For further information: Ken Gracey, (604) 899-6577 or (B.C. & Alberta)