BCSC dismisses fraud allegations against Silvercorp short-seller
TORONTO (miningweekly.com) – A British Columbia Securities Commission (BCSC) panel has dismissed fraud allegations against Jon Richard Carnes, the man who ran the ‘Alfred Little’ financial blog.
The panel also dismissed staff's application for an order in the public interest.
In a notice of hearing issued December 19, 2013, BCSC staff alleged that Carnes perpetrated a fraud when he anonymously published a negative report about Silvercorp Metals, which drove down its share price, and Carnes profited from a short position he held in Silvercorp shares.
TSX- and NYSE-listed Silvercorp is a mining company and reporting issuer with its head office in Vancouver.
Staff also alleged that Carnes' conduct was contrary to the public interest, and stated that it was in the public interest for the commission to issue an order.
The notice alleged that Carnes posted a report that contained several false statements, and omitted to state certain information, in relation to a mining expert's report about Silvercorp. A central part of Carnes' report and the expert's report was the differences between Silvercorp's Chinese filings and its North American regulatory filings for the company's SGX mine, in China.
The Chinese filings had lower production, quality, and resource estimates than those stated in the North American regulatory findings.
In its decision, the panel dismissed the fraud allegations, stating that none of the statements or omissions "constitute a prohibited act for the purpose of fraud."
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...
VISIT SHOWROOM
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
