Everyone is no doubt aware of the legal suit by Vic Alboini against Galway Metals, Senor Hinchcliffe et al for defamation of character arising from some claims about his misdeeds in the past. While he was sanctioned, Galway Metals staff got the facts wrong and obviously no one in senior management bothered to have the claims verified. Anyway, it is now going before a judge, Alboini is looking for $2 million in damages. It just bothers me that management could be that sloppy. No doubt there are overlaps in responsibility by personnel in Metals and Gold. Anyway, the retraction was posted in the June 26, 2015 press release. The relevant paragraphs are pasted below
TORONTO, ONTARIO--(Marketwired - June 26, 2015
In addition, Galway announces that it has been advised by counsel for Jaguar Financial Corporation that Jaguar Financial Corporation is withdrawing the two nominees that it had requested in May, 2015, be included for consideration by shareholders to be elected to the Board of Directors of Galway.
One of Jaguar's nominees, Vic Alboini, has formally notified Galway of errors in statements made about him in its Amended and Revised Management Information Circular ("MIC") dated May 12, 2015 and Press Release of May 14, 2015, which statements Mr. Alboini claims are defamatory of him. In particular, Galway incorrectly stated that Mr. Alboini had been subject to investigation by the Ontario Securities Commission ("OSC"), when in fact he had only been subject to investigation by the Investment Industry Regulatory Organization of Canada ("IIROC"), a self-regulatory organization recognised by the OSC and subject to its supervision and oversight. The MIC and Press Release erroneously referred to a finding made by IIROC with respect to a failure to correct repeat compliance deficiencies without noting that this finding and the sanctions of IIROC were overturned by the OSC on appeal by Mr. Alboini.
The OSC held a new sanction hearing based on the findings made by IIROC without undertaking its own investigation. Based on the IIROC findings, the OSC imposed certain administrative penalties on Mr. Alboini.
Mr. Alboini also complained that part of the MIC and the Press Release did not state that Mr. Alboini and Northern Securities Inc. had appealed the OSC decisions to the Ontario Divisional Court. In a decision released on June 5, 2015, the appeal to the Divisional Court from the decisions of the OSC was dismissed. Galway is advised that Mr. Alboini and Northern Securities Inc. are seeking leave to appeal the decision of the Divisional Court to the Ontario Court of Appeal.
Galway apologizes to Mr. Alboini for its errors and for any damage to his reputation that may have resulted from the misimpression that there were two investigations and sanctions resulting from multiple proceedings. Galway Metals has issued a Notice to Shareholders with an apology to Mr. Alboini and a correction to the description of the proceedings before IIROC, the OSC and the Divisional Court.