Related news The ruling followed an application from the B.C. Securities Commission (BCSC) seeking an order to ensure that Thalbinder Singh Poonian and Shailu Poonian wouldn’t avoid monetary sanctions as a result of their bankruptcy.In 2015, the BCSC ordered the Poonians to pay more than $19 million in penalties and disgorgement after the commission found that the pair had engaged in market manipulation.Want more immediate, memorable insights? Listen to this Soundbites episode, featuring John Yanchus, tax and estate planning consultant with Canada Life.According to the court’s decision, the Poonians owe more than $25 million to creditors, including $4.3 million to the Canada Revenue Agency (CRA), in addition to the BCSC sanctions. Their bankruptcy trustee has recovered less than $3,200 from the Poonians’ assets.In 2020, the Poonians sought a discharge from bankruptcy absolving them of their debts, which was opposed by the BCSC and the CRA. That application was dismissed.The court that heard the BCSC application said the Poonians argued that the penalties imposed by the BCSC aren’t equivalent to sanctions imposed by a court, and shouldn’t survive bankruptcy proceedings.However, the court rejected the argument, saying it was “satisfied that the Poonians’ actions were morally unacceptable and harmful to society, such that they should not be rewarded with a release of those debts through the statutory discharge under the [bankruptcy law]. “ Mouth mechanic turned market manipulator Keywords Bankruptcy, EnforcementCompanies Canada Revenue Agency, British Columbia Securities Commission Share this article and your comments with peers on social media BFI investors plead for firm’s sale PwC alleges deleted emails, unusual transactions in Bridging Finance case James Langton Sanctions handed down by securities regulators don’t disappear with bankruptcy proceedings, a British Columbia court has ruled.The Supreme Court of B.C. issued a decision confirming that monetary penalties and disgorgement orders from regulatory proceedings are exempt from a bankruptcy discharge. 123RF Facebook LinkedIn Twitter
Next UpShe currently resides in Port Arthur with her two children.Romano formerly held the positions of member solutions manager for two years, member solutions assistant manager for a year, as well as the collector position for more than two years. Shaw announced recently announced Reginald Richmond Jr. has been named Lumberton branch manager.Reginald Richmond Jr. Toni Romano has been named assistant vice president of lending, according to FivePoint Credit Union President/CEO Erik M. Shaw.Toni RomanoRomano graduated from Nederland High School and has approximately 10 years of experience working in the financial industry. Richmond has more than 14 years of finance and banking experience, with 12 years’ experience at FivePoint.Richmond currently resides in Beaumont with his wife and son.
LNG World News Staff; Image: Cochin Shipyard LNG shipbuilding industry in India could yet see a positive outcome as state-owned Cochin Shipyard managed to bring Samsung Heavy Industries to share its expertise and technology at the CSL’s Kochi shipyard. This move puts CLS in position to finally bid on GAIL’s tender that will be revised and issued in April.A shipping ministry official told Live Mint that Cochin Shipyard and SHI already signed an agreement to collaborate on LNG carriers construction. Neither company commented on the statement.More reports reveal that L&T Shipbuilding, a Larsen & Toubro unit signed a similar agreement with Hyundai Heavy Industries.It is believed that these deals are a result of diplomatic lobbying starting from minister Pradhan to India’s foreign minister Sushma Swaraj, all in an effort to revive India’s shipbuilding industry.However, shipping industry executives believe that the revised tender to be issued by GAIL for hiring nine LNG carriers to transport chilled gas from the US could have a negative effect on India’s attempts to build these vessels locally.According to an executive, the new tender is to be split into two, one for hiring six vessels to be built abroad and three vessels to be built in India. This raises fears that the tender for three domestic built carriers will find no takers due to price and quality concerns. He advised for the tender to be issued under the same conditions, guaranteeing a push start for India’s shipyards in the LNG shipbuilding market.