YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp Message Board

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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp

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To: Mr Metals who wrote (231)	8/11/1998 11:13:00 AM
From: Adrian du Plessis	Read Replies (1) of 314

Peterson resigns from YBM board By SANDRA RUBIN The Financial Post Tuesday, August 11, 1998 Former Ontario premier David Peterson has resigned from the board of YBM Magnex International Inc., the embattled firm said yesterday as it prepares for a critical hearing before Canadian securities regulators to determine whether its shares will trade again. It is "continuing to review its business operations and practices in Eastern Europe" to address concerns raised by an independent committee of YBM directors, as well as by Deloitte & Touche LLP, which quit in June without signing the 1997 audit. The directors' report was never made public. But in a summary, the committee said a forensic inquiry by Pinkerton Investigation Services had found no evidence of criminal activity. It was widely believed the investigation was over. YBM's statement said it has taken steps to ensure no funds are removed from the company until the latest review is complete. Chief operating officer Igor Fisherman has agreed to a voluntary suspension of all executive duties, although he remains a director. The forensic inquiry found he had committed "significant breaches" of common business practice. YBM has also reconstituted the independent committee "to oversee the company's response to issues raised by Canadian regulators and U.S. authorities." Peterson has consistently declined to comment since the magnet manufacturer's Philadelphia offices were raided by the FBI as part of an organized crime probe on May 13. Its shares (YBM/TSE) have not traded anywhere since then. The stock was worth almost $1 billion in March. A permanent cease-trade hearing is set for Aug. 19.

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