Released on June 1, 2004
Four Saskatchewan companies have been ordered to each pay an administrative penalty of $15,000 for failing to file financial statements as required by The Securities Act, 1988.In a hearing held May 18th and 19th, the Saskatchewan Financial Services Commission found that Manitou Springs Venture Capital Corporation, New Era Venture Capital Corporation, Manitou Springs Hotel, Inc., and Manitou Beach Mineral Pool Inc. had failed to comply with the provisions of the Act over a period of many years.
In its decision, the Commission said that it viewed "these contraventions as serious, both as to each individual contravention but also the length of time they had continued, all in light of considerable effort and patience by the staff of the Commission to obtain compliance".
The Commission also found that the continuous and flagrant non-compliance by these companies is highly prejudicial to the public interest. The companies were also ordered to share in paying the costs of the hearing in the amount of $11,720.09.
-30-
For More Information, Contact:
| Andrew Dinsmore Justice Regina Phone: (306) 787-8606 |