From the Wires
Global Educational Trust Plan and Global Growth Assets Inc. Respond to OSC Notice of Hearing
By: PR Newswire
Jan. 10, 2013 09:00 PM
RICHMOND HILL, ON, Jan. 10, 2013 /CNW/ - Global Growth Assets Inc. ("GGAI"), the Administrator and Investment Fund Manager of the Global Educational Trust Plan (the "Plan") announced today that the Ontario Securities Commission ("OSC") had commenced a proceeding to determine whether it is in the public interest to make an order pursuant to section 127 of the Securities Act, R.S.O. 1990 c. S.5, against GGAI, Global Educational Trust Foundation, Global RESP Corporation ("GRESP"), Issam el-Bouji and Margaret Singh (collectively, the "Respondents").
GGAI and GRESP have been working with Staff of the OSC ("Staff") to strengthen their compliance systems and address certain concerns identified in an earlier compliance review. GGAI and GRESP are disappointed by Staff's decision to now commence an enforcement proceeding and disagree with the allegations and conclusions expressed in Staff's Statement of Allegations. The Respondents intend to vigorously defend the proceeding and look forward to addressing these issues in detail before the Commission.
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SOURCE Global Financial
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