The Quebec Securities Commission is revoking the registration of Valeurs mobilières Internat D & B Inc., Claude Duhamel and Daniel Boivin for a period of 10 years each, after finding that they distributed shares without a prospectus.

The QSC’s decision approves the agreement reached between the Director of Enforcement and Internat, Duhamel and Boivin. Duhamel was the president and senior executive in charge of Internat and Boivin was the chairman of its board.

In this case, the QSC had alleged that the respondents had: effected the distribution of shares without a prospectus and established terms and conditions of loans and interest which did not correspond to the statements in the offering memorandum of Société en commandite D.P.I. Natural Gas Fund, Société en commandite Fond de Gaz Naturel D.P.I. (IV) and Société en commandite Fond de Gaz Naturel D.P.I. (V).

The QSC also had alleged that the respondents effected the distribution of shares of Eko-Kan Ltée without a prospectus, and committed irregularities with regard to the closing held for Resources Énergétiques Fairlady Inc.

In parallel proceedings, Internat, Duhamel and Boivin contested the jurisdiction of the QSC before the Superior Court. On July 2, the Superior Court dismissed their motion on the ground that it was premature. On September 29, the Court of Appeal dismissed their motion for leave to appeal the decision of the Superior Court.