TORONTO (CP) -- Former Bre-X vice-chairman John Felderhof is to face trial March 13 on charges of violating Ontario securities laws in the boom and bust of the Indonesian gold-mining venture.
But it's questionable whether Felderhof -- believed to be domiciled at an oceanfront villa in the Cayman Islands -- will appear in Ontario Court of Justice. The alleged securities violations are not extraditable offences.
The trial date was set Wednesday after the Ontario Securities commission accused the former Bre-X geologist in May of insider trading and issuing false news releases.
Calgary-based Bre-X Minerals Ltd. attained a stock-market value of more than $6 billion before its Busang development was revealed as a hoax in 1997.
Each of the eight counts carries a maximum penalty of a $1-million fine or two years imprisonment. Because they are not Criminal Code charges, Felderhof cannot be forced to return to Canada to face them.
However, his lawyer, Joseph Groia, has said Felderhof is looking forward to his day in court to clear his name.
A day after the securities charges were laid, RCMP said they had been unable to gather enough evidence to lay criminal counts.
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