Baffinland insider trading hearing set for 2013

An Ontario Securities Commission (OSC) hearing into allegations of insider trading by two Baffinland Iron Mines executives has been set for 2013.

Jowdat Waheed and Bruce Walter are accused of using confidential information in an attempted hostile takeover of the company in 2010.

Representatives for the two men appeared before the an OSC panel in Toronto Wednesday morning. The panel scheduled a full hearing for January 2013.

According to the commission, Waheed worked as a consultant for Baffinland in early 2010 and then later broke a confidentiality agreement.

He, along with his friend Walter, formed a new company and attempted the takeover. They eventually acquired a 30 per cent stake in Baffinland.

The two men have said the allegations are without merit.

If the allegations are proven, the two men could be fined or removed from their positions as directors of Baffinland.

Baffinland has plans to develop an iron mine at its Mary River site 160 km south of Pond Inlet, Nunavut.