New owner expected at Gordon Capital

Article Abstract:

Gordon Capital Corp.'s owner Richard Li may sell his 51% stake in the company. According to sources, the potential buyer of the stake is HSBC Securities, the investment banking unit of Hong Kong and Shanghai Banking Corp. Ltd., which has a long-standing relationship with Li's father, Li Ka-shing. Onex Corp. of Toronto has also been said to have made talks with the Gordon executives. According to the company officials, Li's hands-off attitude towards the company contributed to its decline. The company has been experiencing management problems and inability to land lucrative investment banking deals because of Li's preoccupation with his other ventures.

Comment:

Owner Richard Li may sell his 51% stake in the company

Asset sales & divestitures, Gordon Capital Corp., Article

---

RT loses $1-billion in assets

Article Abstract:

Rt Capital Management Inc. has lost $1-billion in assets since the pension fund manager settled a stock trading scandal. Michael Wilson, former finance minister and CEO, RT Capital, said that 16 of the money managers and 700 clients pulled their accounts because of concerns about the fund's behavior. Over the same periods, Mr. Wilson said his firm picked up 10 new clients with total of $250-million in assets. The University of Western Ontario and the City of Toronto have frozen their existing business with RT Capital until the pension committees meet to review the matter.

---

Seized tapes show brokers flouting stock laws

Article Abstract:

The Toronto Stock Exchange and the Ontario. Securities Commission are investigating Montreal, Que.-based Royal Bank of Canada's RT Capital Management Inc. The case, which involves allegations of stock price manipulation, includes an account of taped conversations of brokers discussing their illegal activities.

Commercial Banks, Commercial Banking, Legal issues & crime, Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, Security brokers and dealers, Banking industry, Investigations, Exchanges, Securities industry, Royal Bank of Canada, RY, Toronto Stock Exchange, Ontario. Securities Commission, RT Capital Management Inc.

Similar abstracts:

• Abstracts: Time Warner tries to land phone deal. Time Warner stock takes a tumble
• Abstracts: Felderhof team finds more Bre-X material. Felderhof cites Charter against OSC charge
• Abstracts: Control shakeup seen possible at Air Canada. 64 per cent back bailout as Air Canada cuts back. Carrier warns of earnings tailspin

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.