Notices of Hearing & Temporary Orders
Arian Resources Corp., Zahir “Zip” Sadrudin Dhanani, and Robert James Naso [Notice of Hearing]
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BCSECCOM #:
2020 BCSECCOM 89
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Document Type:
Notice of Hearing
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Published Date:
2020-04-06
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Effective Date:
2020-04-03
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Details:
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2020 BCSECCOM 89
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Notice of Hearing
Arian Resources Corp., Zahir “Zip” Sadrudin Dhanani,
and Robert James Naso
(collectively, the Respondents)
Section 161 of the Securities Act, RSBC 1996, c. 418
1. The British Columbia Securities Commission (Commission) will hold a hearing (Hearing) at which the Executive Director will tender evidence, make submissions, and apply for orders against the Respondents under sections 161, 162 and 174 of the Securities Act, RSBC 1996, c. 418 (the Act), based on the following facts:
SUMMARY
- Arian Resources Corp. (Arian) was a mineral exploration company with its shares traded on the TSX Venture Exchange.
- Zahir “Zip” Dhanani (Dhanani) and Robert Naso (Naso) managed Arian. Between April 2014 and April 2017 (the Relevant Period), under Dhanani and Naso’s direction and control, Arian failed to comply with its continuous disclosure obligations under the Act by:
a) failing to disclose, and concealing the true nature of, a material $800,000 loss,
b) failing to disclose, and concealing the true nature of, actions by a vendor to take back Arian’s only asset,
c) failing to disclose, and concealing the true nature of, actions by Arian and government authorities that materially affected Arian’s only material asset,
d) failing to disclose, and concealing the true nature of, a material $285,000 payment to a related party, and
e) understating the salary and stock compensation of executive officers by hundreds of thousands of dollars.