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Lawyers for YBM Magnex resign

Article Abstract:

YBM Magnex International Inc. of Newton, PA, found itself in a deeper hole after two Toronto, Ontario, law firms announced they would stop providing legal counsel to the company. Lawyers at Cassels, Brock & Blackwell, the company's corporate counsel, declined to comment about their resignation and so did Joseph Groia, a securities lawyer at Heenan Blaikie which represents YBM before the Ontario Securities Commission. YBM's stock has been suspended from trading on the Toronto Stock Exchange since the middle of May 1998, after US investigators raided the company's corporate headquarters in relation to a criminal probe. Charges have yet to be filed.

Comment:

Finds itself in a deeper hole after two law firms representing the company resigned

Legal issues & crime, Ontario

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YBM Magnex directors interviewed by RCMP

Article Abstract:

YBM Magnex International Inc.'s directors in Canada have been questioned by the police in connection with a recent FBI raid of the company's head office on suspicion that it engaged in criminal activity. The company, which manufactures industrial magnets at plants in Hungary and the US, was created by a group that has connections to Simeon Mogilevitch, who is allegedly a player in Russia's organized crime scene. One of the directors, Kenneth Davies, admitted being investigated but said only simple questions were asked by the police.

Comment:

Co's Canada directors asked by police in connection w/ recent FBI raid of co's head office on suspicion of criminal activity

Canada, Executive changes & profiles

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