Enviromondial - Provisional administrator appointed

Securities Decisions and Freeze and cease trade orders

Montréal – At the request of the Autorité des marchés financiers (AMF), Judge Brian Riordan of the Québec Superior Court, district of Montréal, issued an order on September 15, 2008 for the appointment of Jean Robillard of the firm Raymond Chabot Grant Thornton as provisional administrator to administer the property of Enviromondial.

In its decision (pdf - 2 MB)This link will open in a new windowUpdated on April 25, 2018 (available in French only), the Court stated that it was of the opinion that the AMF's request had merit, in particular given the following allegations:

  • The sale to Enviromondial International Vanuatu Corp. of the patent on the technology used in the gasification process to convert domestic organic waste into steam and, eventually, electricity, decreased the value of Enviromondial Inc.;
  • Enviromondial Inc. betrayed shareholders' trust by selling the patent and other assets of Enviromondial Inc. for "one dollar Canadian and future considerations," although the company maintained that it intended to use the invested funds to market the technology.

Between March 2007 and March 2008, the AMF launched three penal proceedings against Stevens Demers. In these suits, the AMF filed 410 charges and sought more than $3 million in fines, as well as prison terms.

Stevens Demers and Enviromondial Inc. have been the subject of numerous decisions and orders from the courts.

This Superior Court decision is the first time a provisional administrator has been appointed since Bill 64 came into force on May 28, 2008. Previously, this type of decision was handed down by the Bureau de décision et de révision en valeurs mobilières (BDRVM) further to a request from the AMF and the recommendation of the Minister of Finance.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

— 30 —


Media only:
Sylvain Théberge: (514) 940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

Additional news