tag:blogger.com,1999:blog-9311998.post111175419067164124..comments2024-03-27T07:47:11.168-07:00Comments on LA REVUE GAUCHE - Left Comment: Scandal in the Alberta Stock ExchangeEUGENE PLAWIUKhttp://www.blogger.com/profile/11736971647879996375noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-9311998.post-1114176349419798862005-04-22T06:25:00.000-07:002005-04-22T06:25:00.000-07:00ASC Employees Being Investigated for Following Fin...ASC Employees Being Investigated for Following Finance Minister’s Orders<BR/><BR/>Edmonton – Alberta Liberal Leader Kevin Taft is calling the decision by the commissioners of the Alberta Securities Commission to hire an agency to conduct a forensic computer audit nothing more than a whistleblower witch hunt.<BR/><BR/>“This is a witch hunt plain and simple,” said Taft.<BR/><BR/>Taft is concerned that the brave whistleblowers are going to be punished for following the instructions given by Finance Minister Shirley McClellan in the house on April 12th, when she instructed people with allegations or information to come forward.<BR/><BR/>“The Finance Minister specifically invited the public to submit evidence on enforcement issues and now these employees are being hunted down and risk possibly losing their jobs,” said Taft.<BR/><BR/>Taft wants Shirley McClellan to either call off the forensic computer audit or at least offer protection to the workers who came forward with information about the securities commission.<BR/><BR/>”With the steps being taken to silence and punish ASC employees who dare speak out against activities they deemed to be inappropriate, the need for an out-of-province full public inquiry into this matter is at an all time high,” said Taft.<BR/><BR/>Taft is requesting that the government use Ontario Ethics Commissioner Coulter Osbourne to look into the matter because of his experience investigating the Ontario Securities Commission and his independence from the Alberta government.<BR/><BR/>“One of the most damning allegations made is that the Securities Commission failed to investigate certain companies,” said Taft, “yet the Auditor General has admitted he will only be looking at the process of cases that were investigated.”<BR/><BR/>-30-EUGENE PLAWIUKhttps://www.blogger.com/profile/11736971647879996375noreply@blogger.comtag:blogger.com,1999:blog-9311998.post-1114090350128297072005-04-21T06:32:00.000-07:002005-04-21T06:32:00.000-07:00AG Investigation Insufficient; Full Public Inquiry...AG Investigation Insufficient; Full Public Inquiry Now -- Taft<BR/><BR/>Edmonton – Alberta Liberal Leader Kevin Taft is calling Finance Minister Shirley McClellan’s decision to ask the Auditor General to look into the Alberta Securities Commission weak and insufficient.<BR/><BR/>”What we need is a full independent inquiry into this matter,” said Taft. “That is the only way confidence can be restored in the Alberta market.”<BR/><BR/>Taft is concerned that the Auditor General investigation will only look into the processes of enforcement and not get to the real heart of the matter.<BR/><BR/>”Albertans want to know who was responsible for any wrong doing and why or if some companies were not being regulated by the commission,” said Taft. “The Auditor General can only look into the process and won’t be naming names.”<BR/><BR/>Taft cites recent reports done by the Auditor General, such as the investigations into the BSE program and the Kelly Charlebois contracts, as examples of why the Auditor General should not be conducting this investigation.<BR/><BR/>”The Auditor General can only tell us if proper processes were followed,” said Taft. “He cannot tell us who was involved and to what extent.”<BR/><BR/>Taft wants more answers out of the ASC investigation then he received from the Auditor General’s report into the Kelly Charlebois contract scandal. ”What I received from the Auditor General at that time was a report detailing that the proper contract process awarding Kelly Charlebois $400,000 was not followed. The report never stated where that money went, if any work was ever done to earn it, or what role the Minister played in approving the contracts.”<BR/><BR/>Taft believes only a full independent inquiry will get the answers Albertans, and those wanting to invest in the Alberta market, are looking for.<BR/><BR/>”An independent inquiry will be able to tell us why certain companies were not being investigated and who was involved in giving the orders not to investigate them,” said Taft.<BR/><BR/>-30-EUGENE PLAWIUKhttps://www.blogger.com/profile/11736971647879996375noreply@blogger.comtag:blogger.com,1999:blog-9311998.post-1114085269123642732005-04-21T05:07:00.000-07:002005-04-21T05:07:00.000-07:00REGULATIONAlta. watchdog probing ASC enforcementTu...REGULATION<BR/>Alta. watchdog probing ASC enforcement<BR/>Turmoil intensifies with no successor in place as chairman nears end of his term<BR/><BR/>By DAVE EBNER<BR/>Globe and Mail<BR/>Thursday, April 21, 2005 <BR/><BR/>CALGARY -- The turmoil at the Alberta Securities Commission is getting more intense, with yet another investigation looking at the regulator's enforcement practices and no successor in place as the head of Canada's No. 2 securities regulator nears the end of his term.<BR/><BR/>The Alberta Auditor-General began an audit of the ASC's enforcement processes in February, a spokesman said. A public report had been planned for October but the new goal is July, a change made after Alberta Finance Minister Shirley McClellan requested a quicker answer.<BR/><BR/>This audit follows a two-month investigation earlier this year, which was started by Ms. McClellan in January after anonymous allegations of lax enforcement. The provincially appointed commissioners that oversee the ASC found no wrongdoing.<BR/><BR/>ASC chairman Stephen Sibold's five-year term ends May 7, and no successor has been appointed. An acting chairperson will be appointed shortly, an ASC spokeswoman said. According to a spokeswoman for the Finance Minister, the panel that is supposed to hire a new chairperson hasn't conducted a second round of interviews.<BR/><BR/>The leadership vacancy will not hinder the Auditor-General's investigation, a spokesman said.<BR/><BR/>"To the extent we need to contact Mr. Sibold, we will arrange to do so," Merwan Saher said.<BR/><BR/>Unlike the ASC investigation of earlier this year, which looked at how specific regulatory cases were handled, the Auditor-General is looking only at the enforcement process.<BR/><BR/>"We won't be second-guessing cases that are already done," Mr. Saher said, adding that the point of the audit is to see where processes could be strengthened.<BR/><BR/>Adding to the intrigue at the commission, a forensic computer investigation is being conducted internally at the ASC.<BR/><BR/>It is combing through e-mails and other such files to determine which employees were at the root of the anonymous allegations of lax enforcement.<BR/><BR/>Tracy Balash, spokeswoman for the Finance Minister, said the government only became aware of the forensic computer investigation yesterday.<BR/><BR/>"We don't have any details," Ms. Balash said, adding that the deputy finance minister is looking to get more information on it. "It is certainly not something the [Finance] Minister has asked for."<BR/><BR/>Meanwhile, human resources consultants that have been hired by the ASC's commissioners are now at the Calgary office to work through issues with the staff of about 120. Alongside the allegations of lax enforcement, there were anonymous suggestions of unprofessional workplace behaviour.<BR/><BR/>"We're hoping the [consulting] group will help the commission move on in a positive way," said Ms. Balash, adding that "reputations have been hurt" by media coverage of the accusations.<BR/><BR/>The report that exonerated Mr. Sibold and executive director David Linder was in part based on about 100 pages of rebuttals from the two executives, responding in detail to the anonymous allegations.<BR/><BR/>While the report showed no wrongdoing, the Finance Minister still wants to hear from the Auditor-General about the enforcement process, Ms. Balash said.<BR/><BR/>Liberal Opposition Leader Kevin Taft called the use of the Auditor-General "weak and insufficient." Mr. Taft yesterday again demanded a public inquiry, even though there has been a full investigation already.<BR/><BR/>While the ASC is much smaller than its counterpart in Ontario, the Alberta regulator is considered as Canada's No. 2 securities cop because it oversees the country's oil and gas business.EUGENE PLAWIUKhttps://www.blogger.com/profile/11736971647879996375noreply@blogger.comtag:blogger.com,1999:blog-9311998.post-1114084011779298892005-04-21T04:46:00.000-07:002005-04-21T04:46:00.000-07:00Auditor asked to look at securities commissionLast...Auditor asked to look at securities commission<BR/>Last Updated Apr 20 2005 03:35 PM MDT<BR/>CBC News<BR/>EDMONTON – Finance Minister Shirley McClellan has asked the province's auditor general to look into allegations of misconduct at the Alberta Securities Commission.<BR/><BR/>A letter was sent to Fred Dunn, requesting a report as soon as possible.<BR/><BR/>"The auditor general would be doing an audit and I just simply, as I did in the past with BSE, asked him if he would do that timely and expeditiously to try and dispel the continuing concerns that seem to be there, even though there has been a complete review, " McClellan said.<BR/><BR/>She said the ASC, which is responsible for governing publicly traded companies registered in the province, including major oil and gas companies and WestJet, is important to the province's business community and shouldn't have a cloud over it.<BR/><BR/>McClellan had asked Albertans with examples of problems with the ASC to bring them forward.<BR/><BR/>In March, citing unnamed sources, the National Post reported that there had been complaints from commission staff involving interference with enforcement cases and favouritism.<BR/><BR/>McClellan said in early April that a report into the alleged wrongdoing showed enforcement policies are being applied consistently and fairly.<BR/><BR/>Both Stephen Sibold, chairman of the ASC, and David Linder, its executive director denied the allegations raised in the Post article.EUGENE PLAWIUKhttps://www.blogger.com/profile/11736971647879996375noreply@blogger.comtag:blogger.com,1999:blog-9311998.post-1113163837090039812005-04-10T13:10:00.000-07:002005-04-10T13:10:00.000-07:00PROVES MY POINT THAT THE CANADIAN STOCK EXCHANGES ...PROVES MY POINT THAT THE CANADIAN STOCK EXCHANGES NEED A SINGLE REGULATOR.<BR/><BR/>SECURITIES<BR/>Resistance lessens over single regulator<BR/>ASC's Sibold cites 'current media frenzy'<BR/>By PATRICK BRETHOUR<BR/>Globe and Mail<BR/>Saturday, April 9, 2005 Page B5<BR/><BR/>CALGARY -- The allegations of lax enforcement and questionable management practices swirling around the Alberta Securities Commission have weakened resistance to replacing provincial regulators with a single federal overseer, says the embattled chairman of the ASC.<BR/><BR/>In his first interview since the allegations surfaced, ASC chairman Stephen Sibold said the "current media frenzy" has undermined those who argue -- as he has throughout his term -- that provincial bodies can effectively patrol Canada's securities markets. "It's not helpful to their cause, to those who want to support provincial regulation, to have the second most influential securities commission tarnished and trashed in the press with groundless allegations," he told The Globe and Mail yesterday.<BR/><BR/>Mr. Sibold said his chief aim when assuming the chairman's job five years ago was to make the ASC's influence felt on the national stage, a push that has now been set back by the allegations that he and executive director David Linder interfered in enforcement cases and suggestions of overall poor management.<BR/><BR/>However, the allegations of lax enforcement were rebutted in a March report from the ASC's nine part-time commission members. The same report also promised immediate action on unspecified human resources issues, according to Alberta Finance Minister Shirley McClellan. In January, she asked for an investigation, with Calgary lawyer Perry Mack producing a report after conducting 30 interviews, including with ASC employees. The March report was a response to that of Mr. Mack.<BR/><BR/>Mr. Sibold has launched two suits against the newspaper that originally published the allegations, and a third against a sister publication. He said in an e-mail to commission staff last month that he wanted to prosecute "the depraved individuals" who had made the "malicious and vicious" accusations.<BR/><BR/>Asked if he or Mr. Linder had any role in preparing the report that exonerated them, Mr. Sibold said: "Absolutely not." Meanwhile, the part-time commission members are moving to hire management consultants as they look to change "human resources strategies."<BR/><BR/>In a brief statement released yesterday, the nine part-time commission members said they are in the process of hiring consultants, but did not lay out what changes are contemplated. Alan Hunter, counsel for the members, said no further comment was being made.<BR/><BR/>Mr. Sibold said he also could not comment on any possible changes.<BR/><BR/>The statement also voiced "full confidence in the integrity and competence" of ASC chairman Stephen Sibold, Mr. Linder, as well as the ASC's general counsel. That position has been held by Denise Hendrickson since it was created in May, 2003.<BR/><BR/>Mr. Sibold said he appreciated the vote of confidence.<BR/><BR/>His set term of five years will expire in less than a month. Mr. Sibold said yesterday that he was informed by letter (from then-revenue minister Greg Melchin) last fall that his term would not be renewed. He would not say if the letter came as a surprise, but he did say that it was the first time the topic had arisen. "To be honest, I had not had a discussion with the minister."<BR/><BR/>Mr. Sibold's predecessor, Bill Hess, served for six years, but an ASC spokeswoman noted the terms of his appointment were different.EUGENE PLAWIUKhttps://www.blogger.com/profile/11736971647879996375noreply@blogger.comtag:blogger.com,1999:blog-9311998.post-1112699187247615952005-04-05T04:06:00.000-07:002005-04-05T04:06:00.000-07:00Minister gives thumbs up to ASC brass By DAVE EBNE...Minister gives thumbs up to ASC brass<BR/> <BR/>By DAVE EBNER<BR/><BR/>Globe and Mail<BR/>Tuesday, April 5, 2005 <BR/><BR/>CALGARY -- The Alberta Securities Commission has been enforcing the province's securities laws properly, Finance Minister Shirley McClellan said yesterday, responding to allegations of misconduct at the regulator.<BR/><BR/>Ms. McClellan in January asked commissioners of the provincial regulator to look into allegations of lax enforcement and human resources issues against ASC chairman Stephen Sibold and executive director David Linder.<BR/><BR/>"The report indicates that the enforcement policies of the Alberta Securities Commission have been applied and continue to be applied consistently and fairly, and with an even hand," Ms. McClellan said in question period yesterday at the provincial legislature in Edmonton.<BR/><BR/>But she didn't address human resources complaints, which were made by ASC employees alongside the enforcement questions.<BR/><BR/>"She may have more to say," said Tracy Balash, the minister's spokeswoman. "The minister does need some more time to go over the report."<BR/><BR/>Mr. Sibold "welcomed" the minister's statement on the enforcement question, adding that all the anonymous allegations "have no basis in fact.<BR/><BR/>"I would hope that having dismissed the allegations respecting enforcement, the minister will also dismiss other allegations made by the same individuals," Mr. Sibold said in a statement.<BR/><BR/>The allegations emerged in two March 23 articles in the National Post. Mr. Sibold has served the paper with a notice of his intent to sue for defamation.EUGENE PLAWIUKhttps://www.blogger.com/profile/11736971647879996375noreply@blogger.comtag:blogger.com,1999:blog-9311998.post-1112435420785722282005-04-02T01:50:00.000-08:002005-04-02T01:50:00.000-08:00BUSINESS TICKER SERVICES: FINANCIALAlberta cabinet...BUSINESS TICKER SERVICES: FINANCIAL<BR/>Alberta cabinet to discuss ASC allegations on Monday<BR/><BR/>By KATHERINE HARDING and DAVE EBNER<BR/>GLOBE and MAIL<BR/>Saturday, April 2, 2005 Page B7<BR/><BR/>The Alberta government will likely respond to allegations against the leadership of the provincial securities commission this coming week. Commissioners at the Alberta Securities Commission submitted reports on Thursday to the Finance Minister regarding allegations of misconduct against the regulator's chairman, Stephen Sibold, and its executive director, David Linder. Alberta Premier Ralph Klein said the reports will likely be discussed at cabinet on Monday. A response, Mr. Klein said, could come within "days." Finance Minister Shirley McClellan asked for an investigation in January and her spokeswoman confirmed that the reports had been received by assistant deputy minister Robert Bhatia. "We have nothing more to say until we have an opportunity to see what the results of the investigation were," the spokeswoman said.EUGENE PLAWIUKhttps://www.blogger.com/profile/11736971647879996375noreply@blogger.com