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Home · Feature Sections · The Bre-X Saga
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Felderhof court date set for Sept. 1Felderhof was not present for this morning's brief hearing in a Toronto courtroom. He was represented by lawyer Joseph Groia on eight counts of breaching Ontario securities laws. Felderhof's next court date is Sept. 1 to set future dates for a trial. The former Bre-X geologist is believed to be at his estate in the Cayman Islands - where he has been living since the massive gold-mining scandal was exposed in 1997. Fed by reports of a giant gold deposit at the Bre-X Busang site in Indonesia, the company reached a stock value of more than $6 billion. Once it was determined the site was a hoax and gold samples had been tampered with, Bre-X shares plummeted to pennies and the company was pushed into bankruptcy. The Ontario Securities Commission accused Felderhof last month of insider trading and authorizing false news releases. Each of the eight counts carries a maximum $1-million fine or two years imprisonment. But because they are not criminal charges, they are not extraditable, meaning Felderhof can't be forced to return to Canada. But Groia has said Felderhof is looking forward to his day in court and having the chance to clear his name. A day after the securities charges were laid, the RCMP announced it had been unable to gather enough evidence to lay criminal charges in the Bre-X case. Several class-action lawsuits are being assembled by former Bre-X investors.
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