Key Findings:

• OSC’s Application: The OSC sought the appointment of a receiver over the Respondents under section 129 of the Securities Act. Grant Thornton LLP was appointed as interim monitor.

• Non-Disclosure & Evidence Disclosure:

  • Sections 16 and 17 of the Act impose confidentiality on section 11 investigation materials.
  • The OSC’s evidence included an affidavit referencing a section 11 order and interview transcripts but did not attach them.
  • The Respondents requested these documents, which the OSC provided under confidentiality restrictions.

• Court-Approved Disclosure Protocol:

  • The OSC will file an affidavit attaching the section 11 order and transcripts.
  • A redacted version will be public, while an unredacted version will go to the court.
  • Any referenced excerpts in court proceedings will lose confidentiality.

• Adjournment of Hearing:

  • The March 24, 2025, hearing was postponed to April 22, 2025 due to evidentiary and scheduling issues.
  • The interim monitor remains in place.

• Unresolved Issues: The court did not rule on potential sealing orders or the use of compelled evidence from third-party witnesses.

• Successful Party:

  • The court did not make a final ruling on the merits of the case.
• No monetary award, costs, or damages were granted or ordered in this decision.

Next Steps:

The Application will proceed on April 22, 2025.