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Hearings adjourned with respect to temporary orders affecting Norshield and Olympus
Thursday, June 02, 2005
TORONTO, June 2 /CNW/ - The Commission has today issued orders adjourning to July 8, 2005 hearings that had been scheduled to take place on June 3, 2005 to consider the extension of temporary orders issued with respect to Olympus United Group Inc. ("Olympus") on May 13 and 20, 2005 and with respect to Norshield Asset Management (Canada) Inc. ("Norshield') on May 20, 2005. The adjournment was made with the consent of Olympus and Norshield.
Norshield is the manager and adviser of a variety of hedge funds and alternative investment products offered across Canada by Olympus. These products are sold as shares in the Olympus United Funds Corporation ("Olympus Funds"). At present, Olympus Funds has approximately 2,000 shareholders, the majority of whom are resident in Ontario.
On May 13, 2005, the Commission suspended the registration of Olympus because Olympus was operating without a registered trading and compliance officer. That remains to be the case. On May 20, 2005 a term and condition was imposed on Olympus' registration precluding redemptions from all client accounts. Olympus had suspended redemptions from some, but not all, of the funds offered by Olympus, on May 2, 2005.
On May 20, 2005, the Commission also suspended Norshield's registration and it was made a term and condition on Norshield's registration that a monitor be appointed to oversee Norshield's business and financial affairs in Ontario. This was done because Norshield and Olympus have been unable or unwilling to adequately explain the investment structure and flow and location of client funds during the joint review by Staff of the Commission, the securities regulator in Quebec and the Mutual Fund Dealers Association. On June 1, 2005, Norshield retained RSM Richter Inc. ("Richter") as monitor in accordance with the Commission's order of May 20, 2005.
The Commission's orders of today impose the continued retainer of Richter as a term and condition of Norshield's registration and extend until July 8, 2005 the suspension of Olympus' and Norshield's registration and the prohibition on redemptions by Olympus.
The orders made by the Commission today maintain the protections previously put in place for investors while providing the monitor with a reasonable period of time within which to develop an understanding of Norshield's financial and business affairs and to establish procedures to effectively oversee them.
/For further information: For Media Inquiries: Eric Pelletier, Manager, Media Relations, (416) 595-8913; For Investor Inquiries: OSC Contact Centre, (416) 593-8314, 1-877-785-1555 (Toll Free)/
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