TORONTO, June 19 /CNW/ - Royal Group Technologies founder and former
Chairman Vic De Zen issued the following statement today in response to
charges being brought against him in Ontario:
I am completely stunned by these charges. For five years my name has been
dragged through the mud with unfounded, sensational allegations leveled
against me. During this time, I cooperated fully with Royal Group, its
forensic investigators and with law enforcement officers looking into my
affairs. These investigations have proven that all the most serious
allegations against me - including those relating to the St. Kitts
transactions - were completely without merit. The two remaining allegations
are equally without merit, and I intend to fight them vigorously in court.
As Royal Group publicly reported in May 2005, I made it clear to the
Company that following the conclusion of its investigation, if it thought any
transactions were inappropriate I would make arrangements that were in the
best interests of its shareholders. I honoured that commitment by settling
with Royal Group in the spring of 2005.
And now, after all of the wild allegations, frenzied media coverage and
unjustifiable damage to my reputation, charges have been laid in respect to
two transactions which are civil matters involving no criminal wrongdoing.
These transactions were known to law enforcement for more than three years,
and were settled with Royal Group in 2005 to the satisfaction of its
Given the circumstances, I am perplexed and dismayed that the authorities
have elected to lay charges, but I remain convinced that I will ultimately be
cleared of any wrongdoing.
I am very proud of my record at the helm of the Royal Group. I founded
the company as a newly arrived immigrant to Canada, spending over 38 years of
my life building it to more than $2 billion a year in sales, and securing my
reputation as a man of honesty and integrity. I am deeply frustrated and
saddened by the impact these excessive investigations have had on my family,
and friends, as well as former Royal Group employees, shareholders, customers
Vic De Zen
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For further information: Media contact: Katie Clark, (416) 200-3394