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by Mike Caswell

The B.C. Securities Commission has found that Volkmar Hable, a former director of Samaranta Mining Corp., was behind a fabricated takeover offer for the company in 2013. He arranged a purported deal in which a Singaporean company said it would acquire 51 per cent of Samaranta. At the same time, entities associated with Mr. Hable sold 4.6 million of the company's shares.

The BCSC's findings are contained in a decision the regulator released on Tuesday, June 27. They come after a hearing before a three-member panel that lasted just one day, March 13, 2017. Mr. Hable did not appear at the hearing to defend himself.

In determining the matter against Mr. Hable, the BCSC has found that he issued a news release on Feb. 19, 2013, in which a private entity offered to acquire up to 51 per cent of Samaranta for 12 cents per share. In the days after the offer, he unloaded 4.6 million shares at prices up to 5.5 cents. The sales generated total proceeds of $157,596.

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