More than $20-million of YBM cash missing, court documents allege
Article Abstract:
More than $20 million of YBM Magnex International Inc.'s cash went missing in summer-1998, according to court documents filed in Alberta Court of Queen's Bench in Canada. The amount stems from the discrepancy between a report issued by YBM director Owen Mitchell on July 8, 1998, that the company had $52 million in cash, and computations of YBM's cash as determined by company lawyers on September 8, 1998. Aside from the claim that YBM's cash assets have been considerably depleted since July 8, 1998, for no publicly-declared reason, there are other revelations made by the affidavit and in an interview with a former YBM director. These supposed irregularities include the fact that YBM was selling a kind of industrial powder, for less than the cost of the scrap magnets used to make the powder.
Comment:
More than $20 million of the company's cash went missing in summer-1998, according to court documents
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
OSC approved $53-million YBM offering despite knowing about RCMP investigation
Article Abstract:
YBM Magnex International Inc's C$53 million share offering was approved by the Ontario Securities Commission (OSC) despite the commission's knowledge of an RCMP investigation into allegations of money laundering against the company. An OSC spokesperson, however, said the commission did not have any hard evidence before it approved the share offering. YBM, a Pennsylvania-based manufacturer of industrial magnets, has been linked to Russian mafiosi Semion Mogilevitch.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Newcourt raises $400-million (U.S.). Bay Street's Newcourt infatuation continues. Bonuses at Newcourt almost double
- Abstracts: CN plans to reap $216-million a year from Illinois Central purchase. FirstService buys U.S. companies
- Abstracts: Cordex to pay Strong $200,000 on asset sale. YBM shareholder prepares for battle. Dissident Repap shareholders remove chairman
- Abstracts: Takeover of Oshawa Group may net its CEO millions. Second Cup plans to pour funds into share buyback. Lacey to oversee aisles at Oshawa Group
- Abstracts: Morty Shulman goes to battle again. Hyal stock tanks on lost marketing deal