Trilon withdraws royal oak loan

Article Abstract:

Trilon Financial Corp. has cut off its emergency loan to insolvent Royal Oak Mines Ltd. following reports that Royal Oak has made $1.2-million in unauthorized payments. The payments were C$587,964 for the executive insurance, $468,737 for employee benefits plan and $181,900 to a Trilon affiliate for equipment leases. Trilon, which is Royal Oak's biggest creditor, has agreed to lend the company C$8.4 million in emergency loan to keep Royal Oak operating for one month while management prepared a restructuring program.

Canada, Receipt of funds, Investment Companies, Open-End Investment Funds, Use of Funds, Royal Oak Mines Ltd.

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Go-ahead sought on Bre-X class-action suit

Article Abstract:

An Ontario court hearing Feb 1, 1999, will decide on the approval of a class-action lawsuit against Bre-X Minerals Ltd following the company's fraudulent claim of a gold property in Indonesia. Company investors seek to recover around $3 billion in the case against current and former Bre-X officials and several brokers and mining analysts. The defendants have denied the allegations and are seeking a dismissal of the lawsuit.

Legal issues & crime, Ontario, Bre-X Minerals Ltd.

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