Bre-X Minerals Ltd - In the News
Globe says trial told Bre-X kept lid on reports
Bre-X Minerals Ltd BXM
Shares issued 219,103,330 1899-12-30 close $0
Monday Nov 27 2000 In the News
The Globe and Mail reports in its Saturday, Nov. 25, edition that Ontario Securities Commission lawyer, Jay Naster, told an Ontario court Friday that former Bre-X Minerals geologist, John Felderhof, squelched draft press releases that would have informed investors of a brewing battle for rights to the Bre-X gold find, months before that information came to light. The Globe's Richard Blackwell writes that the prosecutor alleges that at the time Mr. Felderhof was selling millions of dollars of Bre-X shares. Mr. Naster told the court that in early July, 1996, Bre-X prepared a press release that would have revealed that one of its Indonesian partners, Jusuf Merukh, had complained to the Indonesian mining department about the company. Mr. Naster said the first witness in the trial, former Bre-X executive vice-president, Rolando Francisco, will testify that Mr. Felderhof was angry that the release about Mr. Merukh's complaint had ever been prepared. Mr. Naster said, "Mr. Felderhof dismissed any suggestion of issuing a press release." In the meantime, Mr. Felderhof was selling "in excess of $1-million worth of Bre-X shares on each trading day," said Mr. Naster.
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