The Autorité des marchés financiers announced that the Quebec’s finance minister has ordered the liquidation of the assets of ZENITH Stable Value Growth Fund.

The decision came at the request of both the AMF and the Bureau de décision et de révision en valeurs mobilières. For this purpose, the minister has appointed André Giroux of André Giroux Conseils inc. as liquidator in the matter.

On Sept. 12, 2005 also the request of the AMF, the BDRVM issued a freeze order, prohibiting the Zenith Fund from carrying out “any activity in respect of a transaction in securities,” and suspended the rights granted by registration to Les conseillers en valeurs Planiges.

Back then, the AMF alleged that money has been misappropriated from the firms and that account statements containing misrepresentations had been issued. However, no formal allegations have been brought and nothing has been proven.