Decision in brief: Dhanani, Inter-Jurisdictional Enforcement Proceeding, Sanctions, September 28, 2023

Citation and CanLII link

Dhanani (Re), 2023 ONCMT 31

Arbitres
James D. G. Douglas
Date des motifs:
Numéro de dossier:
2023-14
Type d'audience:
Sanctions and Costs
Candidats / Répondants :
Zahir “Zip” Sadrudin Dhanani and Robert James Naso

The British Columbia Securities Commission decided that Arian Resources Corp. and two of its officers and directors, Zahir Dhanani and Robert Naso, did not tell investors information about Arian’s only asset – a mining claim in Albania – and said things that were false, including about payments made to Dhanani. The British Columbia Securities Commission ordered that Dhanani and Naso be permanently restricted from participating in BC’s capital markets and that they pay an administrative penalty.

OSC staff asked that Dhanani and Naso be restricted from participating in Ontario’s capital markets based on the British Columbia decision.

The Tribunal decided to permanently restrict Dhanani and Naso from participating in Ontario’s capital markets. Their conduct, had it taken place in Ontario, would have breached Ontario securities law and justifies permanent restrictions. Dhanani and Naso said they understood their obligations as directors of the company, but they did not live up to those obligations.

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