Norbourg Bankruptcy - AMF to continue to defend investors

Securities

Montréal – In spite of the action taken by Vincent Lacroix to place the Norbourg companies under bankruptcy protection, the Autorité des marchés financiers (AMF) will continue to defend the interests of investors. His action can only complicate, slow down and increase the costs of a transparent process that was undertaken in the best interests of investors. Contrary to what he has stated, Mr. Lacroix has never co-operated with the AMF, and the measures he has taken are far from being of benefit to investors.

LIQUIDATION OF FUNDS
Following discussions with the AMF, the trustee in the matter, RSM Richter Inc., acknowledged that the fund liquidation process as initiated by the AMF should continue. The administrative tribunal charged with enforcing the Securities Act has reserved judgment on the matter. A decision is expected shortly.

The AMF is closely monitoring steps taken by the trustee and has expressed its willingness to work with the trustee as necessary in the interests of investors, particularly for the purpose of recovering assets of the companies in the Norbourg group.

FURTHER INVESTIGATION
The AMF is pursuing its investigation with respect to penal proceedings. Moreover, it will continue to co-operate with police forces in their criminal investigation.

AMF President and CEO Jean St-Gelais noted: “We will continue to defend investors, regardless of the obstacles along the way. This is merely one stage in a process that has become more difficult as a result of the attitude of certain players in the matter. Nonetheless, we are committed to making every effort to maximize the funds recovered on behalf of investors who have been swindled.”

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

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Information:

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Philippe Roy (514) 940-2176
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