Bloomberg News

Regulator Accuses Ex-Baffinland Consultant of Insider Trading

January 09, 2012

Jan. 9 (Bloomberg) -- A former consultant to Baffinland Iron Mines Corp., Jowdat Waheed, engaged in insider trading when he began a hostile takeover bid for the company in 2010, the Ontario Securities Commission said.

Waheed “breached his confidentiality obligations and acted contrary to the public interest,” Canada’s largest securities watchdog said today in a statement of allegations on its website.

Waheed and Bruce Walter had knowledge of material Baffinland information that hadn’t been made public when they formed Nunavut Iron Ore Acquisition Inc. and began the takeover bid in September 2010, the OSC said.

A hearing has been scheduled for Feb. 15.

WW Mines Inc., the company formerly known as Nunavut Iron Ore, said in a statement it “strongly believes” the OSC allegations against Walters, WW Mines’ chairman, and Waheed, the chief executive officer, “are completely without merit.”

--Editors: Steven Frank, Charles Siler

-0- Jan/09/2012 23:37 GMT

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net -0- Jan/09/2012 22:48 GMT


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus