A Toronto legal aid group is calling on the American securities regulator to investigate a Canadian mining company for failing to disclose a secret lawsuit aimed at preventing a referendum on its silver mine.Even though the 2011 suit was rejected by the Constitutional Court of Guatemala — permitting a vote that overwhelmingly rejected the mine — local human rights groups say the mine’s parent company, Vancouver-based Tahoe Resources, failed in its legal obligation to disclose the lawsuit to investors.“Publicly traded companies have an obligation under securities legislation to disclose truthfully on matters that may affect their operations. Here we have a case where they are hiding significant opposition,” said Shin Imai, a York University law professor who prepared the report on behalf of two Guatemalan rights groups. continues here
The Daily IKN email digest, get all daily posts sent to you next day (& no ads)
Ferrari Kev's Tahoe Resources has a history of non-disclosure of material information when the company decides in autonomous fashion that it doesn't want its shareholders and the public in general to know something.
1) Tahoe STILL hasn't disclosed the death of one of its employees at the Escobal mine in November 2015, having decided not to mention a single word about its woeful health and safety record in its 2015 year-end reports and annuals.
2) Tahoe didn't bother to tell the world about its first pour in December at the Shahuindo mine (photo here).
3) And now we have another example (ty reader RH for the heads up this morning), as seen in this report that starts this way:
I also found myself chuckling at the bit that says, "...Imai... chose to file the complaint at the U.S. Securities and Exchange Commission because he said it has more rigorous standards". Hellfire, ain't that the truth. If SEC rules were applied to Canada, 25% of its mining companies on the world's most corrupt stock market would be forced to close next week. Instead, they get to revel in the milquetoast OSC "enforcement" (two prison term convictions in the last 15 years). Tahoe is a prime example, run by self-important "old-school" miners with a mentality stuck back in the 1980s who think they're somehow above the law. Pride comes before a fall, Kev.