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March 9, 2005
For immediate release
KPMG Appointed Receiver of Portus and Bancnote
Office of the Attorney General
KPMG has taken control of the assets and records of Portus and its associated companies. KPMG is also empowered to conduct investigations as appropriate and respond to questions and claims of Portus’ clients. KPMG will report back to the Ontario Superior Court within 15 days of the appointment.
“The appointment of KPMG as Receiver is an important step in protecting the interests of Portus’ clients, both here on the Island and across the country,” said Mark Gallant, Registrar of Securities, Prince Edward Island. “KPMG has set up an information website at www.kpmg.ca/portus and has opened a toll-free client service call centre at 1-866-260-5439. PEI Securities staff are also available to field inquiries.”
On February 2 and 11, 2005, the PEI Securities Office placed terms and conditions on Portus in the public interest, based on conduct by Portus which appears to contravene section 28 of the Securities Act and sections 37, 38 and 38.2 of the Securities Act Regulations.
The terms and conditions prevent Portus from taking on new client assets and funds, opening new client accounts and paying out, redeeming or otherwise returning investment funds to clients (except with respect to preauthorized periodic withdrawals on behalf of clients). The terms and conditions also prevent Portus from trading in securities and prohibit Boaz Manor, Managing Director of Portus, from trading in securities held on behalf of Portus’ clients.
The public can contact the PEI Securities office at 368-4542.