IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
- AND -
IN THE MATTER OF
SULJA BROS. BUILDING SUPPLIES, LTD., PETAR VUCICEVICH, KORE INTERNATIONAL MANAGEMENT INC., ANDREW DE VRIES, STEVEN SULJA, PRANAB SHAH, TRACEY BANUMAS, and SAM SULJA
WHEREAS on December 22, 2006, the Ontario Securities Commission (the “Commission”) ordered pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) that immediately for a period of 15 days from the date thereof: (a) all trading in securities of Sulja Bros. Building Supplies, Ltd. (“Sulja Nevada”) cease; and (b) any exemptions in Ontario securities law do not apply to the respondents Sulja Nevada, Sulja Bros. Building Supplies Ltd. (“Sulja Ontario”), Kore International Management Inc. (“Kore International”), Peter Vucicevich (“Vucicevich”) and Andrew De Vries (“De Vries”) (the “Temporary Order”);
AND WHEREAS on December 27, 2006, the Commission issued a Notice of Hearing and Statement of Allegations in this matter;
AND WHEREAS on January 8, 2007, the Temporary Order was extended to March 23, 2007;
AND WHEREAS on March 23, 2007, the Temporary Order was extended to July 5, 2007;
AND WHEREAS on July 5, 2007, the Temporary Order was extended to September 7, 2007;
AND WHEREAS on September 7, 2007, the Temporary Order was extended to October 31, 2007;
AND WHEREAS on October 31, 2007, the Temporary Order was extended to January 22, 2008;
AND WHEREAS on January 22, 2008, the Temporary Order was extended to March 28, 2008;
AND WHEREAS on March 28, 2008, the Temporary Order was extended to May 23, 2008;
AND WHEREAS on May 23, 2008, the Temporary Order was extended to June 23, 2008.
AND WHEREAS on June 16, 2008, the Commission issued a Notice of Hearing and Staff of the Commission (“Staff”) filed an Amended Statement of Allegations which added additional respondents to this matter: Steven Sulja, Pranab Shah (“Shah”), Tracey Banumas (“Banumas”) and Sam Sulja;
AND WHEREAS Staff have withdrawn the allegations against Sulja Ontario.
AND WHEREAS counsel for Vucicevich, Kore International, Shah and Banumas has requested an adjournment to obtain disclosure with respect to Staff’s case;
AND WHEREAS counsel for Staff has advised that disclosure is ready and can be provided forthwith;
AND WHEREAS the Panel is adjourning this matter to allow Staff to provide disclosure and for Staff and the respondents to be in a position to set a hearing date at the next appearance;
AND WHEREAS on June 23, 2008, Vucicevich and Kore International consented to the continuation of the Temporary Order;
AND WHEREAS Sulja Nevada, DeVries, Steven Sulja and Sam Sulja did not appear though served with notice of this Hearing;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;
IT IS ORDERED THAT the Temporary Order against Sulja Nevada, Kore International, Vucicevich and DeVries is extended to September 12, 2008, and the hearing of this matter is adjourned to September 11, 2008 at 9:00 a.m.
DATED at Toronto this 25th day of June, 2008.
“James E. A. Turner”
“Margot C. Howard”
James E. A. Turner
Margot C. Howard