Proceedings

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

AND

IN THE MATTER OF
JACK BURNETT, LORNE GRAHAM, DONALD HILTON,
TERRY McKAY, MORTIMER BISTRISKY, MICHAEL P. McCLOSKEY,
and SHREWSBURY S.A. LUXEMBURG

STATEMENT OF ALLEGATIONS OF STAFF
OF THE ONTARIO SECURITIES COMMISSION

 

Staff of the Ontario Securities Commission ("Staff") make the following allegations:

1. SwissLink Financial Corporation ("SwissLink") is incorporated under the laws ofCanada. SwissLink is a reporting issuer in Ontario.

2. Each of Jack Burnett, Lorne Graham, Donald Hilton, Terry McKay, MortimerBistrisky, Michael P. McCloskey, and Shrewsbury S.A. Luxemburg (individually, a"Respondent" and collectively, the "Respondents") is, or was during the financialyear of Swisslink ended December 31, 1999 a director, officer, significantshareholder (beneficial ownership of 10% or more of the voting rights of SwissLink)or individual that has, or may have, access to material undisclosed information.

3. SwissLink 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 SwissLink that has not been generally disclosed.

5. It would be prejudicial to the public interest to allow the Respondents to trade in thesecurities of SwissLink until such time as all disclosure required by Ontariosecurities law has been made by SwissLink.

6. It is therefore in the public interest for the Commission to order that all trading,whether direct or indirect, in the securities of SwissLink by the Respondents ceaseuntil such time as SwissLink has made all filings it is required to make under Ontariosecurities law.