October 19, 2006 Securities

Montréal – At the request of the Autorité des marchés financiers (AMF), Superior Court Judge Rodolphe Bilodeau today issued an interlocutory injunction against Scott Disher ordering him to fulfill the contractual obligations he entered into with the Québec Securities Commission and his legal obligations under the Civil Code of Québec.

The AMF made the request further to an article that appeared in La Presse on October 13, 2006 entitled “Asselin enquêtait sur Norbourg” [Asselin Investigated Norbourg] and which, according to the AMF, contained false or misleading information provided by Mr. Disher. The latter shirked his contractual obligations with the Québec Securities Commission under professional services agreements despite a formal notice from the AMF delivered on October 2, 2006 regarding these obligations.

Given that Mr. Disher’s actions prevented the AMF from properly conducting certain activities, thereby undermining the pursuit of its mission of overseeing the capital markets and protecting the interests of the public, the Superior Court ordered Mr. Disher to fulfill the contractual obligations he entered into with the Québec Securities Commission and his legal obligations under the Civil Code of Québec.

Faced with Mr. Disher’s serious and false statements as published in La Presse, and despite the duty to exercise restraint that significantly limits its ability to comment on matters under investigation or before the courts, the AMF was prompted to issue a press release to set the record straight on October 13, 2006. The press release also mentioned that the AMF intended to launch all necessary legal proceedings.

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

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