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
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