CRYSTAL WEALTH MANAGEMENT SYSTEM LIMITED (the "Company"), CLAYTON SMITH, CLJ EVEREST LTD., 1150752 ONTARIO LIMITED, CRYSTAL WEALTH MEDIA STRATEGY, CRYSTAL WEALTH MORTGAGE STRATEGY, CRYSTAL ENLIGHTENED RESOURCE & PRECIOUS METALS FUND, CRYSTAL WEALTH MEDICAL STRATEGY, CRYSTAL WEALTH ENLIGHTENED FACTORING STRATEGY, ACM GROWTH FUND, ACM INCOME FUND, CRYSTAL WEALTH HIGH YIELD MORTGAGE STRATEGY, CRYSTAL ENLIGHTENED BULLION FUND, ABSOLUTE SUSTAINABLE DIVIDEND FUND, ABSOLUTE SUSTAINABLE PROPERTY FUND, CRYSTAL WEALTH ENLIGHTENED HEDGE FUND, CRYSTAL WEALTH INFRASTRUCTURE STRATEGY, CRYSTAL WEALTH CONSCIOUS CAPITAL STRATEGY, CRYSTAL WEALTH RETIREMENT ONE FUND, (collectively, the "Crystal Wealth Group") and CHRYSALIS YOGA INC.
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Important information for Investors:
Pursuant to an Order of the Ontario Superior Court of Justice (Commercial List) issued on April 26, 2017 (the “Appointment Order”), upon application by the Ontario Securities Commission pursuant to s. 129 of the of the Securities Act, R.S.O. 1990, c S.5, Grant Thornton Limited became the receiver and manager of all of the assets, undertakings and properties of the Company.
Pursuant to the Appointment Order, Grant Thornton Limited also became the receiver of all of the assets, undertakings, and properties of 15 proprietary open-ended mutual fund trusts created and managed by the Company, and of the assets, undertakings, and properties of certain additional persons and entities.
UPDATE - BDO CLAIM
Further to the Receiver’s Notice to Investors dated October 6, 2017, the Receiver has received a number of inquiries from investors requesting a copy of the amended claim (the “BDO Claim”) filed by BDO Canada LLP (“BDO”). The Receiver has accordingly posted the BDO Claim, titled “BDO Claim – Amended and Submitted August 23, 2017”, below. The enclosures to the BDO Claim, as posted, include the Statement of Claim in the legal proceeding commenced against BDO by a third party for which BDO is claiming indemnity from Crystal Wealth Management System Limited and the Crystal Wealth Funds through the filing of a proof of claim in the receivership proceedings.
The Receiver wishes to reiterate that the BDO Claim remains under evaluation by the Receiver, during which time the Receiver continues to work expeditiously to evaluate options which may enable it to make interim distributions to investors, notwithstanding the BDO Claim. The Receiver remains fully mindful of the urgency expressed by investors who require an interim distribution of funds, where available.
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