Appeal Alberta Securities Commission Decision 2014 Abasc 376

CALGARY, Alberta - Oct. 2, 2014 - PRLog -- PRESS RELEASE

SEPTEMBER 29th 2014

SUBJECT: APPEAL ALBERTA SECURITIES COMMISSION DECISION
2014 ABASC 376 ASC RULING ON PLATINUM EQUITIES AND SHARIFF CHANDRAN

While understanding the seriousness of the decision, there were a combination of factors that culminated in the outcome relating to Platinum Equities, its companies and Mr. Chandran. We encourage everyone to read (http://www.prlog.org/pub/) the decision in its entirety.

As the rulings of the Alberta Securities Commission note, Mr. Chandran cooperated fully and transparently in the investigation. Appreciating the seriousness of the matters Mr. Chandran did not disagree with bans and fines. However in light of other rulings that the Alberta Securities Commission has placed on other individuals and companies, the level of fines and the totality of the bans are too extreme. The fines are significant and these fines do not compensate the investors nor do the fines assist towards any recovery of assets for the investors

It was hoped that Mr Chandran would have some exceptions or ” carve outs” that would permit him to continue to advance steps he is taking to ensure the recoupment of investor monies, in legal proceedings that are still ongoing today. The absoluteness of the bans will impede Mr Chandran’s ability to continue to assist the group of investors to recoup any of the funds. .

Based on the willingness of Mr Chandran to rectify and be actively transparent with the proceedings by the Alberta Securities Commission, Mr Chandran has continued to work with a group of investors in their best interest of their recovery and restitution while under the jurisdiction of the Alberta Securities Commission. Based on a combination of events dating back to the financial crisis of 2008 and with third party lawsuits, assets are still being held to date through the actions that are out of his control.

The intent of Mr Chandran is to appeal the sanctions as stated, because the absoluteness of the bans will prevent Mr Chandran from working towards and recouping any of the restitution monies owed to his investors and will inhibit him from his intentions as stated in the hearings. The group of investors continues to support a “carve out” plan in order to achieve the common goals of the recovery and restitution of funds as documented in the hearings.

Mr Chandran believes that he must be able to operate and direct his companies in order to regain control and recover assets that will be returned to the investors of Platinum Equities. Mr. Chandran is persistent in working towards a favourable outcome for the group of investors and has their support in obtaining a decision through the courts in the proceedings he has advanced to offset the losses of the investor.