Proceedings

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IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF OVERSEA CHINESE FUND LIMITED
PARTNERSHIP, WEIZHEN TANG AND ASSOCIATES INC.,
WEIZHEN TANG CORP. AND WEIZHEN TANG


EXTENSION OF TEMPORARY ORDER
Subsections 127(7) and (8)



    WHEREAS on the 17th day of March, 2009, pursuant to subsections 127(1) and (5) of the Securities Act R.S.O. 1990, c. S.5, as amended (the “Act”), the Ontario Securities Commission (the "Commission") made the following temporary orders (the “Temporary Order”) against Oversea Chinese Fund Limited Partnership (“Oversea”), Weizhen Tang and Associates Inc. (“Associates”), Weizhen Tang Corp. (“Corp.”) and Weizhen Tang, (collectively the “Respondents”):

  1. that all trading in securities of Oversea, Associates and Corp. shall cease;
  2. that all trading by the Respondents shall cease; and
  3. that the exemptions contained in Ontario securities law do not apply to the Respondents.

    AND WHEREAS on March 17, 2009, pursuant to subsection 127(6) of the Act the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission;

    AND WHEREAS on March 18, 2009 the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on April 1, 2009 at 2:00 p.m.;

    AND WHEREAS the Notice of Hearing sets out that the Hearing is to consider, inter alia, whether, in the opinion of the Commission, it is in the public interest, pursuant to subsections 127(7) and (8) of the Act to extend the Temporary Order until such further time as considered necessary by the Commission;

    AND WHEREAS prior to the April 1, 2009 Hearing date, Staff of the Commission (“Staff”) served the Respondents with copies of the Temporary Order, Notice of Hearing, and Staff’s supporting materials;

    AND WHEREAS on April 1, 2009, counsel for the Respondents advised the Commission that the Respondents did not oppose the extension of the Temporary Order;

    AND WHEREAS on April 1, 2009, the Commission considered the evidence and submissions before it and the Commission was of the opinion that it was in the public interest to extend the Temporary Order until September 10, 2009;

    AND WHEREAS on April 1, 2009, the Commission ordered that the Temporary Order be extended, pursuant to section 127(8) of the Act, to September 10, 2009 and the Hearing be adjourned to September 9, 2009;

    AND WHEREAS on September 8, 2009 the Commission ordered, on consent, that the Temporary Order be extended until September 26, 2009 and the Hearing be adjourned until September 25, 2009 at 10:00 a.m. as counsel for the Respondents requested that the Hearing be adjourned as he required more time to file materials for the Hearing;

    AND WHEREAS on September 24, 2009 the Commission ordered, on consent, that the Temporary Order be extended until October 23, 2009 and the Hearing be adjourned until October 22, 2009 at 10:00 a.m.;

    AND WHEREAS on October 22, 2009, the Commission ordered, on consent, that the Temporary Order be extended until November 16, 2009 and the Hearing be adjourned until November 13, 2009 at 10:00 a.m.;

    AND WHEREAS on November 13, 2009, the Respondents brought a motion before the Commission to have the Temporary Order varied to allow Weizhen Tang to trade (the “Tang Motion”) and Staff opposed this motion;

    AND WHEREAS on November 13, 2009, Staff sought an extension of the Temporary Order until after the conclusion of the charges before the Ontario Court of Justice against Oversea, Associates and Weizhen Tang;

    AND WHEREAS on November 13, 2009, the Commission considered the materials filed by the parties, the evidence given by Weizhen Tang, and the submissions of counsel for Staff and counsel for the Respondents;

    AND WHEREAS on November 13, 2009, the Commission was of the opinion: that, pursuant to section 127(8) of the Act, satisfactory information had not been provided to the Commission by any of the Respondents; it was in the public interest to order that the Tang Motion is denied; the Temporary Order is extended until June 30, 2010; and the Hearing be adjourned to June 29, 2010 at 10:00 a.m.;

    AND WHEREAS on June 29, 2010, Staff sought an extension of the Temporary Order until after the conclusion of the charges before the Ontario Court of Justice against Oversea, Associates and Weizhen Tang;

    AND WHEREAS on June 29, 2010, the Respondents and Staff filed materials, including the Affidavit of Jeff Thomson, sworn on June 23, 2010;

    AND WHEREAS on June 29, 2010, the Commission considered the materials filed by the parties, the submissions of counsel for Staff and counsel for the Respondents, and the submissions of Tang;

    AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;

    AND WHEREAS pursuant to section 127(8) of the Act, satisfactory information has not been provided to the Commission by any of the Respondents at this time;

    IT IS HEREBY ORDERED that the Temporary Order is extended until March 31, 2011; and

    IT IS FURTHER ORDERED that the Hearing in this matter is adjourned to March 30, 2011 at 10:00 a.m.

DATED at Toronto this 29th day of June 2010.




 
“Mary G. Condon"
Mary G. Condon