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Gold/Mining/Energy : International Hi-Tech (IHI) -- Ignore unavailable to you. Want to Upgrade?

To: Prefabhomes who wrote (406)	10/17/1999 11:21:00 PM
From: Clement	Respond to of 461

Remind you of another company prefab? I think CIBC financed that company as well in the beginning. Anyone know anything about the "whistle blowing"? and what makes Rachad a "controversial" promotor? Clement ==================== International Hi-Tech Industries Inc - Street Wire Int'l Hi-Tech launches conspiracy suit against ex-directors International Hi-Tech Industries Inc IHI Shares issued 52,148,371 Oct 8 close $0.98 Fri 8 Oct 99 Street Wire by Brent Mudry In the latest attack on suspected whistleblower Jean de Grasse, International Hi-Tech Industries has filed a breach of fiduciary duty and conspiracy suit against Mr. de Grasse, the former chief financial officer, and his brother Robert de Grasse, the company's former secretary. In a statement of claim filed Thursday in the Supreme Court of British Columbia, International Hi-Tech blames the pair for much of its troubles. The suit comes two and a half months a supreme court judge, in a decision that may muzzle future stock market whistleblowers, ordered the former CFO to reveal any and all information he provided to B.C. securities regulators on controversial stock promoter Roger Abou-Rached and Hi-Tech. Madam Justice Rita Levine ordered Mr. de Grasse to tell Gerald Cuttler, the lawyer for Mr. Abou-Rached and Hi-Tech to reveal any comments or documents he gave to investigators with the B.C. Securities Commission and the Vancouver Stock Exchange. Mr. de Grasse resigned as a founding director of Hi-Tech in November of 1993, 10 months before then-B.C. finance minister Elizabeth Cull asked the BCSC for information on Hi-Tech, responding to an exposure by Vancouver Sun reporter David Baines. In the latest suit, Vancouver lawyer Scott Griffin of McCarthy Tetrault claims that Mr. de Grasse, of Victoria, and his brother Robert, of the Seattle suburb of Issaquah, conspired to hurt Hi-Tech, Mr. Abou-Rached's stock promotion. The suit claims that in breach of their fiduciary and statutory duties to Hi-Tech, the pair launched a "continuing conspiracy to injure IHI ... and for their own personal benefit and profit undertook a series of strategic manoeuvres designed to cause loss and damage to IHI with the objective of depressing its share price." IHI claims the de Grasse brothers took steps to remove Mr. Abou-Rached as its president and chief executive. The suit also accuses the pair of "secreting away" documents, files, records and property from IHI's premises, and launching and maintaining a lawsuit against Michael Stevenson, a director of IHI. Mr. Griffin further claims the pair purported to exercise an option to convert CHT shares for IHI shares, including launching and maintaining a suit three years ago, Vancouver Action No. A963616. Mr. Griffin also claims that Jean and Robert de Grasse have refused to deliver to IHI the documents, files, records and property of IHI which they have in their possession or under their control. The suit seeks unspecified damages, an accounting of benefits and profits obtained by the defendants, including any shares of IHI obtained in the 1996 lawsuit, and a court order for the return of the sensitive IHI files. Statements of defence have not yet been filed. (Readers wishing more details of Judge Levine's July 19 whistleblower ruling can refer to an IHI Streetwire dated July 20.)