Triglobal - BDRVM dismisses application to lift freeze orders

Decisions and Freeze and cease trade orders Securities

Montréal – The publication of this news release constitutes the method of service authorized by the Bureau de décision et de révision en valeurs mobilières (BDRVM) in connection with the decision issued subsequent to the filing of an application for intervention and the partial lifting of freeze orders (pdf - 224 KB)This link will open in a new windowUpdated on June 3, 2009AMF c. Themistoklis Papadopoulos et als. (in French only) in respect of the following respondents: Themistoklis Papadopoulos and Mario Bright.

On May 27, 2009, the BDRVM dismissed an application for the partial lifting of freeze orders in respect of Triglobal filed by a group of stakeholders: Nechi Investments Inc., 2938201 Canada Inc., Hymson Holdings Inc., Etinvest Holdings Ltd., Franfreluche Investments Inc., Michael Zunenshine, Hazel Zunenshine, Howard Zunenshine and Linda Zunenshine.

In its analysis, the BDRVM noted that: [Translation] "it is highly advisable to allow the receiver to complete his work and to ensure that as many investors as possible, including the group of stakeholders, can benefit from an orderly winding-up and receive the funds they are entitled to based on the proportional share to be determined under the law and by the courts."

On December 21, 2007, the BDRVM, further to recommendations from the Autorité des marchés financiers (AMF), ordered Triglobal to cease any activity in respect of a transaction in a form of investment governed by the Securities Act and any activity as a securities adviser. Numerous other cease trade and freeze orders have been issued against Triglobal as well as related companies and individuals. An AMF investigation revealed that between 1997 and 2007, a number of Quebeckers had invested millions of dollars in Focus Management Inc. or Ivest Fund Ltd. through representatives, related persons and/or officers of Triglobal.

As well, since December 24, 2007, Jean Robillard of the firm Raymond Chabot Grant Thornton has acted as receiver in the matter of Triglobal.

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

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