RICHMOND HILL, ON, Jan. 10, 2013 /CNW/ - Global Growth Assets Inc. ("GGAI"), the Administrator and Investment Fund Manager of the Global Educational Trust Plan (the "Plan") announced today that the Ontario Securities Commission ("OSC") had commenced a proceeding to determine whether it is in the public interest to make an order pursuant to section 127 of the Securities Act, R.S.O. 1990 c. S.5, against GGAI, Global Educational Trust Foundation, Global RESP Corporation ("GRESP"), Issam el-Bouji and Margaret Singh (collectively, the "Respondents").
GGAI and GRESP have been working with Staff of the OSC ("Staff") to strengthen their compliance systems and address certain concerns identified in an earlier compliance review. GGAI and GRESP are disappointed by Staff's decision to now commence an enforcement proceeding and disagree with the allegations and conclusions expressed in Staff's Statement of Allegations. The Respondents intend to vigorously defend the proceeding and look forward to addressing these issues in detail before the Commission.
About Global group of companies: Global group comprises dynamic independent financial services firms focused on providing Canadians with financial solutions that include registered education savings plans, retirement savings plans, life and disability insurance, mutual funds, stocks, bonds, and private equity investments. The firms in the group are: Global Growth Assets Inc. (Investment Fund Manager), Global Maxfin Capital Inc.(Investment Dealer), Global Maxfin Investments Inc. (Mutual Fund Dealer), Global RESP Corporation (Scholarship Plan Dealer), and Global Insurance Solutions Inc. Global is committed to helping Canadian parents finance their children's education through a reliable and proven RESP savings program that caters to their individual needs.
SOURCE Global Financial