April 29, 2004 Decisions and Freeze and cease trade orders Securities

Montréal – Justices Paul-Arthur Gendreau, André Forget and François Pelletier of the Québec Court of Appeal, District of Montréal, have dismissed the appeal of Luc Cardinal and Daniel Gaboury. Mr. Cardinal and Mr. Gaboury had appealed the judgment of the Superior Court ordering them to appear and testify, under pain of being found in contempt of court, as part of an investigation carried out by the Commission des valeurs mobilières du Québec (“the Commission”, now merged into the Autorité des marchés financiers) regarding the activities of the firm Maxximom.

Judge Pepita G. Capriolo had confirmed that a refusal to testify before the Commission’s investigators constituted a serious hindrance to the conduct of an investigation permitted by the Securities Act and interfered with the administration of justice.

Consequently, Mr. Cardinal and Mr. Gaboury will have to appear and testify, under pain of being found in contempt of court, or seek leave to appeal this judgement to the Supreme Court of Canada.

To read previous press releases issued in this case, please consult the Autorité des marchés financiers under the section Access to the sites of the organizations merged into the Autorité. Click on the link to the Commission and then on the link to the Commission’s archived press releases.

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

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