Scottie99 wrote: Below was just released by the company about a month after Mackenzie resignation.
Luthinia, you still think I got sh!t for brains? Can anyone identify which of the claims below relates to the Federal and Provincial charges for the SK oil spill, which claims relates to the iceberg incident in NF and which claims relate to fraud?
Looks like there is more than the environmental (which we know) and fraud (which we don't know yet) because they have included breach of contract, tax, bribery and employment matters in the report.
Makes you wonder which Govt agency or Regulator does litigation, administrative proceedings and regulatory actions and looks like they have included the disclosure in fine prints in their latest AIF without spelling out the details so it does not attract attention. At least, minority shareholders can't claim now that they were not informed after March 1, 2018 because you did not find the time to read the AIF!
Told you it would come out and looks like it is coming out in drip, drip, drip!
Litigation, Administrative Proceedings and Regulatory Actions (Page 182 of 2017 AIF)
The Company may be subject to litigation, claims, administrative proceedings and regulatory actions, which may be material. Such claims could relate to environmental damage, failure to comply with applicable laws and regulations, breach of contract, tax, bribery and employment matters, which could result in an unfavourable decision, including fines, sanctions, monetary damages, temporary suspensions of operations or the inability to engage in certain operations or transactions. The outcome of such claims can be difficult to assess or quantify and may have a material adverse effect on the Company’s reputation, financial condition and results of operations. The defence to such claims may be costly and could divert management’s attention away from day-to-day operations.