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Alberta securities watchdog accuses Poseidon Concepts of obstruction of justice
CALGARY – The Alberta Securities Commission is accusing financially troubled Poseidon Concepts Corp. of obstruction of justice.
The watchdog alleges Calgary-based Poseidon altered the minutes of board of director and audit committee hearings before they were handed to ASC staff.
The commission will meet in Calgary on Tuesday to set a hearing date.
Poseidon was once seen as an oilpatch darling, known for storage tanks designed to contain fluids used in the oil and gas industry.
But the company has faced a litany of bad news, announcing in February that nearly three-quarters of the $148.1 million recorded as revenue in the first nine months of 2012 shouldn’t have been.
Poseidon has been the subject of class-action lawsuits and in April it was granted court protection from creditors.
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