18:16:09 EDT Tue 19 Oct 2021
Enter Symbol
or Name

Login ID:

BCSC finds against Dhanani over undisclosed payments

2021-10-08 20:04 ET - Street Wire

Also Street Wire (C-ARC) Arian Resources Corp

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The B.C. Securities Commission has found against Vancouver promoter Zahir "Zip" Dhanani, determining that he was behind disclosure failures at Arian Resources Corp., a former TSX Venture Exchange listing. The BCSC has found that he did not tell investors about $800,000 that the company lost in a bungled investor relations deal, classifying the money as a consulting fee. Arian also failed to properly disclose Mr. Dhanani's $514,752 pay or the related party nature of a $285,715 payment to his mother, the BCSC has found.

The findings are contained in a decision that the BCSC released on Friday, Oct. 8. The ruling applies to Mr. Dhanani, who served as chief executive officer of Arian. Also liable is Arian itself and one of the company's former directors, Robert James Naso.

The ruling stems from multiple disclosure failures in 2014 and 2015, including one in which Arian transferred $285,715 to Mr. Dhanani's mother. At the time of the payment, his mother was 76 years old and living with Mr. Dhanani. He had a power of attorney giving him the authority to make financial decisions on her behalf. The justification for the transfer was that she had travelled on Arian's behalf, but she did no such travel, the BCSC has determined.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2021 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Where's the architect Mawji in all this?

Posted by DAVIS at 2021-10-14 11:21