The Ontario Securities Commission has approved settlement agreements with two executives from Biovail Corp. for their role in alleged improper accounting practices and disclosure failings by the firm.

On Tuesday, the commission approved settlements with two of the four executives it brought allegations against last spring — John Miszuk, the firm’s controller, and Kenneth Howling, its head of investor relations.

Under the terms of his agreement, Howling was reprimanded, prohibited from becoming or acting as a director or officer for two years, agreed to cooperate with the commission in this case, and will pay $20,000 toward the costs of the investigation.

Miszuk also entered into a settlement agreement that involved a reprimand, a three year ban from serving as a director, $30,000 in costs, a pledge of cooperation, and a commitment to complete the Financial Literacy Program of the Institute of Corporate Directors before becoming or acting as a financial officer of a reporting issuer.

Earlier this month the commission settled with the firm, agreeing to a $5 million penalty, $1.5 million in costs, and a reprimand, among other conditions. A hearing in the case is scheduled for February 2-20, March 2-13, and March 30-April 9.

IE