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News Release: Weizhen Tang bringing motion at OSC

Author:ÌÆì¿Õé Date:2009-11-03 15:40:25 Readers:631 reads

Summary

News Release
November 3, 2009
For immediate release

Weizhen Tang bringing motion at OSC
Over 40 investors ask for lifting of cease-trade order

Toronto – On November 13, 2009, Weizhen Tang will be at the Ontario Securities Commission on his motion to present the signed consents of over 40 investors who want Mr. Tang to be permitted to trade for them.

Mr. Tang’s trial in the Ontario Court of Justice, arising from millions of dollars in losses which Mr. Tang maintains are due to normal trading and business, will take place in 2010.

“These charges are serious, and this has been a difficult time,” said Mr. Tang, “but I have been encouraged by the fact that since the cease-trade order went into effect in March, 2009, many investors have asked me what I could do to resume trading on their behalf.”

Mr. Tang’s lawyer, Loftus Cuddy, says he has not found a precedent for this circumstance, and he has given up recommending that Mr. Tang remain silent. “I cannot restrain his wish to give effect to the confidence which so many of his investors still have in him,” said Mr. Cuddy.

At the hearing, Mr. Tang will be cross-examined on his affidavit filed in support of the motion.

“We will submit that, if 40 investors waive the OSC’s protection, then perhaps the public interest does not require the continued restriction of Mr. Tang’s ability to trade where these particular investors are concerned,” said Mr. Cuddy.

“I am humbled by the support from my investors, and I respect the OSC for giving me the chance to present my motion,” said Mr. Tang.

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Media contact:
Loftus Cuddy, 416.358.1812, ljcuddy@bell.net
Write to Know Communications, 416.219.3054, ellen@writetoknow.ca

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