YBM Magnex hit with cease-trade order

Article Abstract:

YBM Magnex International Ltd., a magnet maker based in Pennsylvania, USA, has received a cease-trading order from the Ontario Securities Commission. The issuance of the cease-trading order came effect following an investigation conducted by the US Federal Bureau of Investigation and because of some concerns brought by Deloitte & Touche, the auditors of YBM. Deloitte's concerns pertain to particular contracts that YBM inked in 1997, as well as entities and persons who had participation in the issue. Deloitte called for an in-depth forensic probe and has requested that YBM management should not participate in conducting the probe.

Comment:

Receives a cease-trading order from the Ontario Securities Commission of Canada due to concerns brought by this co's auditors

United States, International economic relations, YBM Magnex International Ltd.

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How YBM Magnex got to market

Article Abstract:

YBM Magnex International Inc. is a Pennsylvania-based manufacturer of industrial magnets listed on the Toronto Stock Exchange in Canada and allegedly owned by Semion Mogilevitch. The company was formed in 1994 by Mogilevitch's associates and Jacob Bogatin, a Russian academic specializing in magnet technology and also based in Pennsylvania. Mogilevitch is speculated to be a leader of a criminal syndicate which is being pursued by several US agencies including the FBI and this speculation resulted in the trading suspension of YBM Magnex in the Toronto Stock Exchange.

Comment:

PA-based maker of industrial magnets listed in the Toronto Stock Exchange in Canada & allegedly owned by Semion Mogilevitch

Organizational history, Pennsylvania

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YBM unveils Hungarian expansion

Article Abstract:

YBM Magnex International Inc., which is headquartered in Pennsylvania, US, has unveiled in August 1998 plans for a $23-million expansion of its operations in Budapest, Hungary, even though institutional investors wanted that the company should not implement major projects. According to the company, the planned expansion will double the size of the Budapest magnet factory and have 300 employees. As planned by YBM Magnex, the expansion project might be financed with the proceeds of an equity financing worth C$34 million that was effected in November 1997.

Comment:

Unveils in 8/98 plans for a $23-mil expansion of its operations in Budapest

Hungary, Expanded capacity, plant expansion

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