OSC Obtains Court Order Appointing PricewaterhouseCoopers Inc. as Receiver Over Affairs of Sextant

TORONTO - As a result of an application by the Ontario Securities Commission, the Superior Court of Justice (Commercial Court) issued an endorsement on July 17, 2009 approving an order appointing PricewaterhouseCoopers Inc. as receiver and manager over the assets and undertakings of Sextant Strategic Opportunities Hedge Fund L.P., Sextant Capital Management Inc. and Sextant Capital GP Inc. (Sextant).

In their submission to the Superior Court of Justice on April 30, 2009, Staff of the Commission submitted that they had significant concerns with respect to Sextant and that these problems include potential fraud, potential misappropriation of investor money, misrepresentations, self-dealing by the fund managers, and numerous and significant recordkeeping inaccuracies and apparent record manipulation.

In the July 17, 2009 endorsement, the Court concluded that a receiver is necessary as being in the best interests of the Sextant Canadian Fund security holders (its investors), appropriate for the due administration of Ontario securities law and to ensure that investors’ funds are managed and potentially distributed, in an orderly fashion.

Clients of Sextant who may have questions concerning the receivership should visit the PricewaterhouseCoopers website at www.pwc.com.

 

 

 

 

 

 

 

 

 

 

For Media Inquiries:	Wendy Dey Director, Communications & Public Affairs 416-593-8120 Laurie Gillett Manager, Public Affairs 416-595-8913 Carolyn Shaw-Rimmington Assistant Manager, Public Affairs 416-593-2361
For Investor Inquiries:	OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)