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BCSC pursues Dhanani, Naso over disclosure failures

2020-04-06 17:15 ET - Street Wire

Also Street Wire (C-ARC) Arian Resources Corp

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by Mike Caswell

The B.C. Securities Commission has begun proceedings against promoters Zahir "Zip" Dhanani and Robert James Naso over disclosure failures at Arian Resources Corp., a former TSX Venture Exchange listing. The BCSC says that the company failed to disclose an investor relations fiasco that cost it $800,000 and concealed a $285,714 payment to a related party (Mr. Dhanani's mother), among other things. The company also failed to disclose problems with its interest in a copper-gold property in Albania, the BCSC claims.

The allegations are contained in a notice of hearing that the BCSC released on Monday, April 6. The notice targets Mr. Dhanani, a resident of West Vancouver, and Mr. Naso, who lives in the Vancouver Island community of Lantzville. The BCSC has also named Arian itself as a respondent.

The case stems from what the BCSC describes as numerous disclosure failures, dating back to 2014 and 2015. These include an $800,000 payment that the company made to a promoter (name not provided) for investor relations services. The BCSC says that the promoter never did any work and refused to return Arian's money.

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As a subscriber t0 Stockwatch, and an interested observer of the Capital Markets, and more especially the negligible if any consequences for the fraudulent-sounding behavior as outlined herein, I wish to state that deterrence will never occur here. My reasoning is the sine die arrangement by the BSCC and the entities involved here, is and has been a too standard operating procedure in the circumstances. This Country's international stature in matters financial, and financial behavior of Artists involved, is in need of substantive repair. Thank you. HJS.

Posted by Harry Jaglalsingh M.D. at 2020-04-07 17:44