CEF/DIL: ASC Hearing Date Set

LCC’s ABC District and various people involved in the CEF/DIL debacle will be required to explain themselves to the government this coming May 2019 – nearly 9 months from today.

I haven’t seen an official announcement from the ASC yet so it looks like CTV had someone keeping a close eye on developments. CTV’s article had one interesting tidbit that has only been hinted at everywhere else:

A hearing will take place in May 2019 for a religious institution accused of lying to investors.

“Lying” is a pretty strong term and not one used lightly by the media for liability reasons.

Here’s the whole article as posted on CTV Calgary’s website:

Hearing set for next year for church accused of misleading investors

Letter creditors received

Letter creditors received alerting them to possible problems with the Lutheran Church of Canada’s investment program

CTV Calgary Staff 
Published Monday, August 13, 2018 7:51AM MDT 
Last Updated Monday, August 13, 2018 11:16AM MDT

 

A hearing will take place in May 2019 for a religious institution accused of lying to investors.

The Lutheran Church of Canada in Alberta and B.C. is under investigation.

The Lutheran Church of Canada held a long-running investment program in Alberta and B.C for more than a century but that program collapsed in 2015.

It’s alleged more than $130 million had been invested when the organizations were placed under federal bankruptcy.

Some investors lost their life savings.

The money had been placed in the fund to help build churches, schools, and retirement communities.   

It’s alleged the church knew about its financial problems and that this money was not properly accounted for.

The Securities Commission says the Lutheran Church of Canada “failed to pass along crucial information about how the money was spent and the risks involved.”  

It also says the church withheld details about persistent loan defaults and other cash-flow problems.

The Securities Commission is not looking for repayment of damages and will not seek monetary administrative penalties against people from those accused of misleading investors.

If the accused have done something wrong, the Commission says it wants to leave as much money as possible for the people affected.

The Commission is doing this in recognition of the millions of dollars lost and don’t want to deplete any remaining assets that might be available for ongoing court proceedings.

 

 

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