Pyrogenesis Canada: Canada's Regulatory Watchdog Initiated Administrative Proceedings Against CEO, Chairman
01 September 2023 - 12:35AM
Dow Jones News
By Sabela Ojea
Pyrogenesis Canada said Canada's Autorité des marchés financiers
has initiated administrative proceedings against Chief Executive
Peter Pascali and Chairman Alan Curleigh over a settlement
agreement with Phoenix Haute Technology.
The manufacturer of advanced plasma processes said Pascali and
Curleigh failed to comply with their fiduciary duties as directors
of the company in 2018, amid other allegations.
Phoenix Haute Technology is controlled by Pascali's late
father.
The AMF seeks administrative penalties of 4.2 million Canadian
dollars (US$3.1 million) against Pascali and C$550,000 against the
company, as well as a disgorgement order of C$9.57 million also
from Pascali.
The financial regulator also seeks orders prohibiting Pascali
and Curleigh to act as an officer or director of a reporting issuer
for five years.
The company, Pascali and Curleigh deny these allegations and
believe they are without merit, Pyrogenesis Canada said. "The
operations of the company continue as usual," it added.
"The company will welcome its day in court where we are
confident the truth will prevail and the motives behind those who
supported this outcome will be exposed," Pascali said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
August 31, 2023 18:20 ET (22:20 GMT)
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