NuCoal Energy Corp’s President and CEO, Alan Cruickshank is facing a hearing before the Saskatchewan Financial Services Commission (SFSC) following a several-month investigation by that organization into his personal trades.
NuCoal completed a series of test holes in the area in the fall of 2009.
In a public presentation in November, Cruickshank explained NuCoal’s plan to build a $6.5 billion polygeneration plant, possibly in the area, producing 150,000 barrels per day of gasoline and other fuels, plus up to 700 megawatts of electricity.
According to the Saskatoon StarPhoenix, a SFSC hearing has been set for September where Cruickshank will answer to allegations of making pre-arranged trades and manipulated the value of shares when making personal trades for himself and his spouse, Odarka, in
January 2009.
In a written statement sent Wednesday to The StarPhoenix, Cruickshank said he doesn’t take issue with most of the facts outlined on the notice.
However, he feels the SFSC characterized the facts of the trades to give readers of the document an incorrect impression that something untoward took place.
A SFSC panel will consider at the hearing whether or not to place sanctions or penalties against the Saskatoon
resident.
As outlined in the notice of hearing, such actions could include an order preventing Cruickshank acquiring certain securities and exchange contracts, the resignation of his position as a director or officer of an issuer, registrant or investment fund manager, and a ruling that would prevent his employment by a person in any of those positions.
Cruickshank has not been charged with any offences under the Securities Act, and he maintains his innocence in the case.
“I believe I have done nothing wrong, and will continue to act for the benefit of those companies with which I am involved and will continue my efforts to promote both those companies and Saskatchewan in general,” he wrote.
NuCoal’s Rod Ogilivie was in the area this month to collect a coal sample.
Ogilivie reported, at that time, that NuCoal was in the process of going public, and that they hoped to return in the fall of 2010 for more drilling.
Time will tell if the allegations against Cruickshank will affect the affairs of NuCoal and their plans in the area.
Triangle News was unable to contact Cruickshank or NuCoal representatives for comment.
