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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.