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By Paul Delean
PostMedia News, Ottawa
via the Vancouver Sun
Thursday, July 7, 2011
http://www.vancouversun.com/Kitco+moves+into+creditor+protection/5068303...
Faced with tax claims of more than $300 million from
Revenu Quebec, embattled Montreal-based gold trader
Kitco Metals Inc. now is officially in creditor
protection until July 27.
Superior Court Judge Mark Schrager
this week granted the application by the company and its monitor, RSM
Richter.
It's now spared from any legal proceeding until it
submits an offer to creditors, the largest of which is Revenu
Quebec, which has outstanding assessments against it of $227 million and $85
million.
Kitco,
which is contesting the tax assessments, can continue to carry on business as
before under the court ruling.
The company was one of more than 100 targeted in a Revenu Quebec investigation that last month resulted in
searches and seizures at 70 locations in and around Montreal.
The tax department said a false-billing scheme in
Quebec's gold market had snowballed into a fraud of more than $100 million.
Kitco
has denied doing anything illegal.
CHRIS POWELL,
Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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