The Autorité des marchés financiers reports that it has recommended a provisional administrator be appointed for the Mount Real companies.

The AMF says that it has requested that the Bureau de décision et de révision en valeurs mobilières recommend to Quebec’s finance minister that a provisional administrator should be appointed for several companies related to, or held in whole or in part, by Mount Real. The companies are: Real Vest Investments Ltd., Gestion MRACS Ltée and Real Assurance Acceptance Corp.

In addition, the AMF has requested that the BDRVM partially lift the freeze order it issued on Nov. 9, 2005 as soon as the finance minister appoints a provisional administrator for each of the firms. “This would enable the provisional administrator to take possession of, dispose of, use and manage the funds, securities or other property belonging to or in the possession of each of Real Vest, MRACS and RAAC,” it says.

“These companies issued promissory notes to investors counter to the law and the basic rules of securities investments established to protect the public,” the AMF alleges. Nothing has been proven however.