Court appoints PricewaterhouseCoopers Inc. to manage affairs of Bridging Finance Inc.
For Immediate Release OSC Before the Court
TORONTO – The Ontario Superior Court of Justice (Commercial List) made an order on the evening of April 30 appointing PricewaterhouseCoopers Inc. (Pwc) as receiver and manager over the affairs of Bridging Finance Inc. (BFI) and investment vehicles managed and controlled by BFI. The OSC sought the appointment of a receiver and manager to ensure BFI’s affairs are managed in the best interests of unitholders while OSC staff conduct an investigation into the business activities of BFI and certain of its directors and officers.
In connection with this action, the Commission issued a temporary order that requires trading in securities of the named BFI funds to cease, and that suspends David Sharpe’s registration as Ultimate Designated Person of BFI.
Under section 129 of the Securities Act, the OSC may apply to the Court for an order appointing a receiver and manager where it is in the best interests of investors, or where it is appropriate for the due administration of Ontario securities law.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.
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