R.S.O. 1990, c. S.5, AS AMENDED (the "Act")
IN THE MATTER OF
JACK BURNETT, LORNE GRAHAM, DONALD HILTON, TERRY McKAY, MORTIMER BISTRISKY,MICHAEL P. McCLOSKEY, and SHREWSBURY S.A. LUXEMBURG
WHEREAS on June 7, 2000 the Ontario Securities Commission (the "Commission")made a temporary order pursuant to subsection 127(5) of the Act, that none of theRespondents shall trade in any securities of Swiss Link Financial Corporation ("SwissLink"), subject to the terms set out in the order, for a period of 15 days from the date of theorder;
AND WHEREAS on June 7, 2000 the Commission issued a Notice of Hearingpursuant to subsection 127(9) of the Act;
AND WHEREAS it appears to the Commission that:
1. SwissLink is incorporated under the laws of Canada and is a reporting issuer in theProvince of Ontario.
2. Each of Lorne Graham, Donald Hilton, Terry McKay, Mortimer Bistrisky, andMichael P. McCloskey is, or was during the financial year of SwissLink endedDecember 31, 1999, a director, officer or significant shareholder (beneficialownership of 10% or more of the voting rights of SwissLink) or individual that has,or may have, access to material undisclosed information of SwissLink.
3. Each of Jack Burnett and Shrewsbury S.A. Luxemburg were not properly servedwith the Notice of Hearing and Statement of Allegations, despite staff's efforts. TheTemporary Order made June 7, 2000 in respect of these Respondents shallcontinue sine die returnable on five days notice, pending proper service.
4. SwissLink failed to file annual financial statements for its financial year endedDecember 31, 1999 (the "1999 Financial Statements") on or before May 19, 2000,contrary to subsection 78(1) of the Act.
5. As of the date of this order, SwissLink has not filed its 1999 Financial Statements.
AND WHEREAS the Commission is of the opinion that it is in the public interest tomake this Order;
IT IS ORDERED pursuant to paragraph 2 of subsection 127(1) of the Act that alltrading by the Respondents in the securities of SwissLink shall cease until:
(a) two full business days following the receipt by the Commission of all filingsSwissLink is required to make pursuant to Ontario securities law; or
(b) further order of the Commission.
June 22nd, 2000."J. A. Geller"
"Morley P. Carscallen"
"R. Stephen Paddon"