RICHMOND HILL, ON, Jan. 10, 2013 /CNW/ - Global Growth Assets Inc.
("GGAI"), the Administrator and Investment Fund Manager of the Global
Educational Trust Plan (the "Plan") announced today that the Ontario
Securities Commission ("OSC") had commenced a proceeding to determine
whether it is in the public interest to make an order pursuant to
section 127 of the Securities Act, R.S.O. 1990 c. S.5, against GGAI,
Global Educational Trust Foundation, Global RESP Corporation ("GRESP"),
Issam el-Bouji and Margaret Singh (collectively, the "Respondents").
GGAI and GRESP have been working with Staff of the OSC ("Staff") to
strengthen their compliance systems and address certain concerns
identified in an earlier compliance review. GGAI and GRESP are
disappointed by Staff's decision to now commence an enforcement
proceeding and disagree with the allegations and conclusions expressed
in Staff's Statement of Allegations. The Respondents intend to
vigorously defend the proceeding and look forward to addressing these
issues in detail before the Commission.
About Global group of companies:
Global group comprises dynamic independent financial services firms
focused on providing Canadians with financial solutions that include
registered education savings plans, retirement savings plans, life and
disability insurance, mutual funds, stocks, bonds, and private equity
investments. The firms in the group are: Global Growth Assets Inc.
(Investment Fund Manager), Global Maxfin Capital Inc.(Investment
Dealer), Global Maxfin Investments Inc. (Mutual Fund Dealer), Global
RESP Corporation (Scholarship Plan Dealer), and Global Insurance
Solutions Inc. Global is committed to helping Canadian parents finance
their children's education through a reliable and proven RESP savings
program that caters to their individual needs.
SOURCE: Global Financial
For further information:
Sam Bouji, CEO