Bungle and delay: The OSC doesn’t strike again
As I reported in Monday’s post, the Ontario Securities Commission’s effort at holding the Hollinger Four to account for their various financial transgressions was meant to be up and running Tuesday afternoon (and by “up and running” I mean, of course, a hearing to hammer out a schedule aimed at holding The Four accountable, etc., etc.). Yesterday morning, a press release arrived from the OSC announcing that the hearing has been further delayed until March 28:
TORONTO—The Commission issued an Order today on consent of all parties which provides that:
1. the hearing of this matter, currently scheduled for January 8, 2008, is adjourned; and
2. the hearing is scheduled for March 28, 2008, at 10:00 a.m., or such other date as may be agreed to by the parties and fixed by the Secretary to the Commission, for the purpose of addressing the scheduling of this proceeding.
A copy of the Order dated January 7, 2008, is available at www.osc.gov.on.ca.
OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY
The original order (which reads like a Monty Python sketch titled “The Delay”) reveals that such postponements started back on May 18, 2005. Subsequently, the hearing has been rescheduled, by my count, well, a lot. This last go-’round of delays—requested by his Lordship on December 19—now pushes the whole ball of wax out to March 28. All of which is fine, except that by then all of The Four will be in prison, which sort of compromises their fundamental right to face their accusers. But hey, this is Ontario and I’m quite sure somebody has thought all this through. A call to the OSC was returned promptly and I expect a substantive response any minute now.
Oh yeah, one other thing: in March of last year, the SEC settled with David Radler to the tune of $28,695,227 (U.S.). The OSC take to date? Zilch, nada, rien.
SEC Announces $28.7 Million Settlement of Fraud Charges Against F. David Radler, Former COO of Hollinger International, Inc.: Source [The U.S. Securities and Exchange Commission]