BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Aloysius Q. Finnegan who wrote (27998)	6/20/1998 12:22:00 PM
From: Walter	Read Replies (2) of 28369

Saturday, June 20, 1998 Bre-X case challenge denied By SANDRA RUBIN The Financial Post Ontario Court Judge Warren Winkler threw out a constitutional challenge to use of the Competition Act in the Bre-X Minerals Ltd. case on Friday, saying while the act may not apply, it's not a constitutional issue. Nesbitt Burns Inc. and SNC-Lavalin Inc. had argued using the federal act in a civil case was an unconstitutional application because the area is already governed by securities law. They also complained there was no direct anti-competitive behavior being alleged. Lawyers for investors are using the act's misleading advertising section against analysts and consultants who made public statements about Bre-X and its supposedly huge gold find. The ruling is significant because the Competition Act shifts the onus on to defendants to prove they were not negligent when they made a statement that turned out to be materially false. "We are really pleased with the decision. It enables us to go ahead with the claim under the Competition Act, which we feel is very important and gives the defendants very considerable concern," said Donald Jack, who is working on the class action suit." In his decision, Winkler said the Ontario Securities Act deals with misrepresentations made in prospectuses and takeover circulars, "while at issue in this action are representations alleged to have been made in connection with the secondary sale of shares." BREAKING NEWS MARKET WATCH BIZ TICKERS MUTUAL FUNDS MONEY RATES BIZ SEARCH Freeport knew Bre-X 'wrong' Midland-Merrill deal near Berkshire snags General Re Anger over fishing aid programs CANOE home \| We welcome your feedback. Copyright c 1998, Canoe Limited Partnership. All rights reserved. Please click here for full copyright terms and restrictions.

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