The Alberta Securities Commission (ASC) says it won’t prosecute in the case of a $34-million investor immigrant fund which left 230 Asian investors in a state of anger.
Claude Resources (TSE) used the immigrant investment fund, known as Western Canadian Shopping Centres, to finance construction of a 400-ton-per-day mill and other facilities at the Seabee gold property in Saskatchewan (T.N.M., May 11/92).
Recent drilling at the property indicates that ore reserves are much less than originally indicated and it seems certain that the investors from Hong Kong and Taiwan will lose their investment. The ASC did not release details of its 5-month investigation of the case.
Investment fund manager Joe Dutton, a former aide to former Alberta premier Peter Lougheed, and several others are being sued by the investors.
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