Jowdat Waheed is a senior Canadian mining executive[1][2] and Chartered Financial Analyst.[3][4][5] Waheed worked as Chief Executive Officer of mining company Sherritt. He resigned, for personal reasons, in 2009.[1]
Jowdat Waheed | |
|---|---|
| Nationality | Canadian |
| Occupation | mining executive |
| Known for | allegations of insider trading |
According to Business Week Waheed has two Bachelor of Science degrees from the University of Pennsylvania, the first, in Economics, from 1985, the second in System Science and Engineering, from 1986.[3]
In early 2010 he worked as a consultant for the Baffinland Iron Mine, a firm with plans to build a huge open-pit mine in northern Baffin Island, expecting to exploit almost $100 billion Canadian dollars of iron ore.[1] Later in 2010 Waheed helped lead a hostile takeover attempt of all of Baffinland's stock. By December 2010 Waheed and his partners had secured a 30 percent stake in Baffinland.
In January 2012 The Globe and Mail reported that some senior executives were suspected of profiting from "insider trading" of Baffinland stock.[1] According to the Mining Weekly Jowdat Waheed and Bruce Walter tried to exploit information Waheed learned when he worked for Baffinland in early 2010 to try to mount a hostile takeover later in 2010.[2] In February 2012 CBC News reported that a hearing before the Ontario Securities Commission had been scheduled for January 2013.[6] In August 2014 the OSC cleared Waheed and Walter.[7]
The take-over led by Waheed competed with a bid led by European-based mining giant ArcelorMittal.[8] ArcelorMittal's attempt was described as a friendly takeover bid—while the one led by Waheed was described as hostile.[7] When the Ontario Securities Commission declined to make a quick ruling over the allegations that Waheed had violated the rules against insider training ArcelorMittal declined to extend the deadline for its takeover bid.[9]
ArcelorMittal and Waheed's Iron Ore Holdings became partners on January 14, 2011.[10] Reuters reported the four month bidding war had tripled the stock price.
On August 23, 2016, Canadian Underwriters wrote that an appeal by Baffinland shareholders allowed them to sue Waheed, for misrepresentation.[11]
References
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Paul Waldie, Tim Kiladze (2012-01-09). "Baffinland consultant accused of insider trading". The Globe and Mail. Archived from the original on 2012-01-17. Retrieved 2012-03-04.
In documents released Monday, the Ontario Securities Commission accused Mr. Waheed and Mr. Walter of illegal insider trading, alleging they profited from inside information through the prolonged takeover battle which ended in them acquiring a 30-per-cent interest in Baffinland. Mr. Waheed also faces allegations of insider tipping – sharing corporate information that had not been publicly disclosed.
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Matthew Hill (2012-01-10). "OSC alleges two Baffinland buyers flaunted securities laws". Mining Weekly. Archived from the original on 2012-01-31. Retrieved 2012-03-04.
The Ontario Securities Commission (OSC) has accused former Baffinland Iron Mines consultant Jowdat Waheed and business partner Bruce Walter of using insider information to mount a hostile bid for the company in 2010.
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"Executive Profile: Jowdat Waheed". Business Week. Archived from the original on 2016-04-10. Retrieved 2012-06-04.
Mr. Waheed received a B.Sc. (Hons) in Economics at the Wharton School, University of Pennsylvania, in 1985 and B.Sc. (Hons) in Systems Science and Engineering, School of Engineering and Applied Science, University of Pennsylvania, in 1986. He is a Chartered Financial Analyst.
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Barbara Shecter (2013-01-14). "Waheed to challenge OSC allegations he used confidential information to 'unfair advantage' in hostile Baffinland bid". Windsor Star.
Jennifer Lynch, senior counsel at the OSC, said the regulator will present evidence that Mr. Waheed kept confidential and undisclosed information concerning Baffinland on his home computer after he stopped working for the junior mining firm in April of 2010.
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Jeff Gray (2013-02-20). "Mining CEO accused of insider trading denies being at key meeting". The Globe and Mail. Archived from the original on 2013-02-23. Retrieved 2013-04-24.
Jowdat Waheed, the former chief executive officer of mining giant Sherritt International Corp., took to the witness box on Wednesday to testify in his defence against allegations that he engaged in illegal insider trading in his 2010 hostile takeover bid for junior mining company Baffinland Iron Mines Corp.
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"Baffinland insider trading hearing set for 2013: Jowdat Waheed and Bruce Walter are directors at mine company". CBC News. 2012-02-16. Archived from the original on 2012-02-17. Retrieved 2012-06-04.
Representatives for the two men appeared before an OSC panel in Toronto Wednesday morning. The panel scheduled a full hearing for January 2013.
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Drew Hasselback (2014-08-26). "OSC clears Waheed and Walter of insider trading in Baffinland case". Financial Post. Retrieved 2015-08-20.
Commission staff had alleged Mr. Waheed and Mr. Walter used inside information to build up that stake, a claim the men always denied. According to WW Mines statement, the written decision of the hearing panel dismisses the OSC case in its entirety.
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Peter Koven (2010-12-29). "Battle for Baffinland continues". National Post. Archived from the original on 2012-06-04. Retrieved 2012-06-04.
Nunavut Iron Ore Acquisition Inc., the private company led by former Baffinland consultant Jowdat Waheed, raised its partial bid to $1.40 a share in cash, up from the previous level of $1.35. The company also said it would take up a maximum of 60% of Baffinland shares, more than its prior offer of 50.1%, and added a new proposal to potentially issue warrants to Baffinland shareholders.
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"ArcelorMittal Says It Won't Extend Canadian Takeover Offer". Weekly Voice. Archived from the original on 2014-04-01. Retrieved 2012-06-04.
ArcelorMittal said on Wednesday it is not interested in extending its Dec 29 deadline for friendly takeover of Canadian iron ore company Baffinland Iron Mines after the steel giant came to know that Canadian regulators won't be able to decide a legal challenge to the deal by a hostile bidder.
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Julie Gordon (2011-01-14). "Baffinland conundrum: moving ore by road or rail". Reuters. Archived from the original on 2016-03-06. Retrieved 2012-06-04.
On Friday, two rival bidders for Baffinland - ArcelorMittal and Nunavut Iron Ore - joined forces to offer C$1.50 a share, or C$590 million ($595 million) for the explorer. Baffinland shares, trading at C$1.53 on Friday, had nearly tripled during their four-month takeover battle.
- ^ "Court of Appeal for Ontario clears way for misrepresentation lawsuit against directors and officers arising from take-over bid circulars". Canadian Underwriters. 2016-08-23. Archived from the original on 2016-08-24. Retrieved 2016-08-27.