TORONTO, Sept. 20, 2013 /CNW/ - On September 17, 2013, the Court of Appeal for Ontario dismissed the motions brought by Geoffrey Cornish and Dean Tai seeking leave to appeal the decision of the Superior Court of Justice (Divisional Court) dated March 19, 2013.
The decision of the Superior Court of Justice (Divisional Court) upheld the Ontario Securities Commission (OSC)'s Reasons for Decision on the Merits dated September 28, 2011 and the Commission's order on Sanctions and Costs dated November 8, 2011 in the matter of Coventree Inc, Geoffrey Cornish and Dean Tai, on the ground that the Commission's conclusions reached in support of the orders were reasonable.
In its Reasons for Decision, the OSC panel found that Coventree Inc., Geoffrey Cornish and Dean Tai failed to meet continuous disclosure obligations and that their conduct, in contravening Ontario securities laws, was contrary to the public interest. Particularly, the OSC panel found that Coventree failed to promptly issue and file a news release disclosing a material change to its business that occurred as a result of a news release issued by Dominion Bond Rating Service Limited in January 2007, and that it failed to promptly issue and file a news release disclosing material changes that occurred to Coventree's business or operations by the close of business on August 1, 2007.
The panel also concluded that Cornish and Tai authorized, permitted or acquiesced in Coventree's non-compliance with Ontario securities laws and are deemed also to have not complied with Ontario securities laws.
For information about the decision of the Court of Appeal, contact the Court of Appeal for Ontario referencing Court File Numbers M42360 and M42358. For information about the decision of the Superior Court of Justice (Divisional Court) appeal, contact the Superior Court of Justice, referencing Court file number 33/12. Documents relating to the OSC proceeding in this matter, including the Reasons for Decision on the Merits and the Reasons for Decision on Sanctions and Costs, can be found at www.osc.gov.on.ca. Copies of the Endorsements of the Court of Appeal for Ontario and the Reasons of the Superior Court of Justice (Divisional Court) are available through the Courts.
SOURCE: Ontario Securities Commission
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