Comaplex dispute takes new twist

Almost four years after a Swiss bank acquired 75% of Calgary-based Comaplex Resources (TSE) without adequate disclosure to the Ontario Securities Commission, the complicated case has taken a new twist.

Comaplex says it has signed a settlement agreement with Schaffhauser Kantonalbank, the banking outfit that bought the shares back in 1987 before trading was halted by the OSC.

But as the two sides are scheduled to appear in court Jan. 13 to determine who is liable for any infractions of Canadian securities laws, details won’t be revealed until they have obtained approval from the OSC.

While Comaplex President George Fink wasn’t available when The Northern Miner attempted to reach him for comment, Comaplex has indicated that the OSC wasn’t a party to the agreement.

“If a suitable arrangement is completed among the company, the bank and the OSC, steps will be taken to terminate further proceedings relative to the litigation that has been in progress in the Supreme Court of Ontario,” Comaplex said.

The case has always been complicated by allegations that the shares were acquired without the knowledge of Schaffhauser chief executive Kurt Amsler. He claims the shares were bought by an assistant manager who allegedly collaborated with German promoter and former Comaplex director Ulrich Chmiel. However, as Chmiel has abandoned litigation brought against the banks and his whereabouts are now unknown, it is now up to the bank and the company to determine who is at fault in this case, according to OSC solicitor Nancy Ross.

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