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BCSC finds against Dhanani over undisclosed payments

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

Also Street Wire (C-ARC) Arian Resources Corp

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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.

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Where's the architect Mawji in all this?

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