Canadian Police charge Vic De Zen with fraud
…says he’s stunned by charges and would ultimately be cleared!!

~~Adz:Left~~BASSETERRE, St. Kitts – OWNER of the St. Kitts Marriott Resort and also former Chairman and founder of the Royal Group Technologies Vic De Zen said for five years his name was dragged through the mud with unfounded, sensational allegations leveled against him and he intends to fight the matter vigorously in court.

De Zen was responding to fraud charges brought against him in Ontario by the Royal Canadian Mounted Police.
According to a Reuters June 19, 2008 article headlined “Canadian police charge Royal Group Tech executives”, written by Lynne Olver and edited by Janet Guttsman, “Canadian police said on Thursday that they have charged six former executives of building products manufacturer Royal Group Technologies Ltd with fraud in two separate transactions, one of which happened a decade ago.”

The article also stated that the Royal Canadian Mounted Police alleged that four former Royal Group executives, including company founder and former Chief Executive Vic De Zen, defrauded the company of C$27.4m in a 1997-1998 land deal.

It further said that Police also alleged that De Zen and four other executives received a share-purchase warrant for selling a Royal Group subsidiary and later exercised the warrant for their own benefit, defrauding the company of C$2m.

However, in response, published by the CNW Group, De Zen said he was stunned by the charges and noted that his name was dragged through the mud for some five years.

“For five years my name has been dragged through the mud with unfounded, sensational allegations levelled against me. During this time, I cooperated fully with Royal Group, its forensic investigators and with law enforcement officers looking into my affairs.”

He pointed out that investigations had proven all of the most serious allegations against him, “including those relating to the St. Kitts transactions”, were completely without merit.
In relation to the two recent allegations, De Zen said they are also equally without merit and he intends to fight them vigorously in court.

“As Royal Group publicly reported in May 2005, I made it clear to the Company that following the conclusion of its investigation, if it thought any transactions were inappropriate I would make arrangements that were in the best interests of its shareholders. I honoured that commitment by settling with Royal Group in the spring of 2005.

And now, after all of the wild allegations, frenzied media coverage and unjustifiable damage to my reputation, charges have been laid in respect to two transactions which are civil matters involving no criminal wrongdoing. These transactions were known to law enforcement for more than three years, and were settled with Royal Group in 2005 to the satisfaction of its shareholders,” the article quoted De Zen.

De Zen said he is perplexed and dismayed that the authorities had elected to lay charges against him, given the circumstances, but he remains convinced that he would ultimately be cleared of any wrongdoing.

The business executive said he is proud of his record as head of the Royal Group Technologies; a company he founded as an immigrant to Canada, where he spent 38 years building it to more than $2b a year in sales and securing his reputation as a man of honesty and integrity.

“I am deeply frustrated and saddened by the impact these excessive investigations have had on my family, and friends, as well as former Royal Group employees, shareholders, customers and suppliers,” he said.