OSC extends temporary orders against Norshield and Olympus

Date: Wednesday, July 6, 2005
Author: Investmentexecutive.com

The Ontario Securities Commission today adjourned its hearing to consider whether the temporary order issued on May 20 suspending the registration of Norshield Asset Management (Canada) Ltd. should be extended, until October 6.

The OSC also continued the temporary order pending the hearing on October 6.

Given the Court’s appointment of RSM Richter Inc. as receiver over the assets, undertakings and properties of Norshield, Olympus United Group Inc. (Olympus) and other related entities, the OSC also made an order revoking the term of its June 2, order requiring the retainer of RSM Richter Inc. as monitor of Norshield.

In addition, the OSC issued an order today adjourning the hearing to consider whether the temporary orders issued on May 13 and May 20 suspending Olympus’ registration and precluding redemptions should be extended, until October 6,. The Commission continued the temporary orders pending the hearing on October 6.

As a result of the orders issued today, the OSC says the protections put in place by the temporary orders will remain in effect.