Proceedings

PDF Version
PDF Version




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

and

IN THE MATTER OF BIOVAIL CORPORATION, EUGENE N. MELNYK, BRIAN H.
CROMBIE, JOHN R. MISZUK and KENNETH G. HOWLING


ORDER
(Sections 127 and 127.1)



      WHEREAS on March 24, 2008 the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing and related Statement of Allegations (the “Notice of Hearing”) against Biovail Corporation, Eugene N. Melnyk , Brian H. Crombie, John R. Miszuk (“Miszuk”) and Kenneth G. Howling;

      AND WHEREAS Miszuk has entered into a settlement agreement with Staff of the Commission dated January 26, 2009 (the “Settlement Agreement”) in relation to the matters set out in the Notice of Hearing;

      UPON reviewing the Notice of Hearing and Settlement Agreement, and upon hearing submissions from counsel for Miszuk and for Staff of the Commission;

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

IT IS HEREBY ORDERED that:

1. The Settlement Agreement is approved.

2. Miszuk is reprimanded.

3. Miszuk is prohibited from becoming or acting as a director or officer of a reporting issuer for a period of three years from the date of this Order.

4. Miszuk shall successfully complete the Financial Literacy Program of the Institute of Corporate Directors before becoming or acting as a financial officer of a reporting issuer.

5. Miszuk shall cooperate with the Commission and Staff in this matter and shall appear and give truthful and accurate testimony at the hearing in this matter if requested by Staff ; and

6. Miszuk shall pay $30,000.00 in respect of a portion of the costs of the investigation and hearing in relation to this matter.

      Dated at Toronto this 27th day of January, 2009.


“Suresh Thakrar”
“Margot C. Howard”