The company’s two founders – Garth Drabinsky (chief executive) and Myron Gottlieb (president) – and two other executives were charged with falsifying the financial statements at Livent and misrepresenting its financial health, according to a report in the FT.
They have also been charged in the US with conspiracy and securities fraud. The two other executives named are Gordon Eckstein, former vice-president of finance and Robert Topol, the former chief operating officer.
The charges relate to accounting irregularities from 1989 to 1998, and represent Canada’s first high-profile response to serious financial crime, in the wake of accounting disasters across the border in America.
Livent, a live theatre company with venues in Toronto, Vancouver, New York and Chicago collapsed in 1998.
Both men have repeatedly denied any wrong-doing.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements