The British Columbia Securities Commission (BCSC) has dropped a 10-year ban against veteran geologist Mackenzie (Mac) Watson. The penalty was imposed in 1996 after the BCSC examined the conduct of Watson and other directors of Beauchamps Exploration & Beaufield Consolidated Resources during the period 1992-1993.
The hearing focused primarily on George Slightham, president of both junior companies. Described by the BCSC as the person “primarily responsible” for the day-to-day management of the companies, Slightham was fined $30,000 in 1995 and banned from the Vancouver Stock Exchange, now the CDNX, for 25 years.
The BCSC reviewed the penalties imposed on Watson in late January, some 15 months after the British Columbia Court of Appeal set aside the original decision.
Watson, president of Montreal-based Freewest Resources, will now be allowed to trade securities or sit on any board under the jurisdiction of the CDNX. However, he must first take a BCSC-approved course on the duties and responsibilities of company directors and officers. He must also pay a $5,000 fine as part of the original penalty.
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