In two instances of misuse of powers by directors and unauthorized investments
in associated companies, proceedings under section 196 and 208 of the ordinance were also initiated.
Investor's money to his own personal use and made other unauthorized investments
The controls relate, for example, to preventing an entity from incurring unauthorized investments
, making unauthorized expenditures, incurring unauthorized liabilities, having inventory stolen or detecting such events in a timely manner.
announced today that it has received an additional US$2 million from Globe-X Management, leaving US$60 million of the initial US$122 million in unauthorized investments
to be redeemed.
Following this payment, US$62 million of the initial US$122 million in unauthorized investments
with Globe-X Management will remain outstanding.
confirmed today that it has received an amount of US$10 million from Globe-X Management that had matured on May 31, 2000, leaving an amount of US$66 million to be recovered of the previously disclosed $US122 million in unauthorized investments
The amended complaint will allege, among other things, that the Company had improperly claimed Canadian government subsidies in the form of tax credits, the Company's financial statements failed to disclose certain related party transactions and that certain of the Company's officers were involved in unauthorized investments