IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED
IN THE MATTER OF
(MICHAEL) YUN TANG, MILTON T. PEARSON,
KEVIN S.X. CAI, QIN HUA JOSEPH GU, ROBERT KAY,
MAXINE SCHIOTT,KENNETH WIENER, CONSTANCE Y.F. MAK
AND VICTOR TONG
STATEMENT OF ALLEGATIONS OF STAFF
OF THE ONTARIO SECURITIES COMMISSION
Staff of the Ontario Securities Commission ("Staff") make the following allegations:
1. Worldtek (Canada) Ltd. ("Worldtek") is incorporated under the laws of Canada.Worldtek is a reporting issuer in Ontario. Shares of Worldtek trade on CDNX andon the Toronto Stock Exchange.
2. Each of (Michael) Yun Tang, Milton T. Pearson, Kevin S.X. Cai, Qin Hua JosephGu, Robert Kay, Maxine Schiott, Kenneth Wiener, Constance Y.F. Mak and VictorTong (individually, a "Respondent" and collectively, the "Respondents") is, or wasduring the financial year of Worldtek ended December 31, 1999 a director, officer,significant shareholder (beneficial ownership of 10% or more of the voting rights ofWorldtek) or individual that has, or may have, access to material undisclosedinformation.
3. Worldtek failed to file annual financial statements for its financial year endedDecember 31, 1999 (the "Financial Statements") on or before May 19, 2000,contrary to subsection 78(1) of the Securities Act (Ontario).
4. By virtue of his/her/its relationship, each Respondent has, or may have access to,information regarding the affairs of Worldtek that has not been generally disclosed.
5. It would be prejudicial to the public interest to allow the Respondents to trade in thesecurities of Worldtek until such time as all disclosure required by Ontario securitieslaw has been made by Worldtek.
6. It is therefore in the public interest for the Commission to order that all trading,whether direct or indirect, in the securities of Worldtek by the Respondents ceaseuntil such time as Worldtek has made all filings it is required to make under Ontariosecurities law.