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Business Watch
Richard Dettman
Ex-Nortel execs cleared
TORONTO -- The former top brass at Nortel Networks said they finally got "vindication" Monday after being found not guilty of fraud nearly a decade after being accused of manipulating financial records at the fallen Canadian technology giant.
Ontario Superior Court Justice Frank Marrocco acquitted ex-CEO Frank Dunn, ex-CFO Douglas Beatty and ex-controller Michael Gollogly because he was "not satisfied" the evidence showed the men had "deliberately misrepresented" the finances at the now-defunct telecom company in 2002 and 2003.
Following the not-guilty verdicts, the former executives jumped to their feet to hug family members and their lawyers.
Marrocco's 145-page ruling concludes one of the largest and most complex trials in Canadian corporate history.
Since beginning last January, court has heard from numerous witnesses and saw more than 600 exhibits entered as evidence, including financial statements, internal emails and memos.
Dunn, Beatty and Gollogly each had faced two counts of fraud -- one count of defrauding the public and one count of defrauding Nortel Networks Corp.
The Crown had alleged the men participated in a book-cooking scheme designed to trigger $12.8 million in bonuses and stocks for themselves while they were at the helm of Nortel.
Realtors' head optimistic
THE new president of the Winnipeg Realtors Association is expecting another big year for Winnipeg's resale-homes market.
"I think we'll have a year that is not unlike our previous two years," Richard Dettman said Monday. "And we've had a great couple of years."
The WRA announced last week sales through the local Multiple Listing Service (MLS) topped the 13,000-unit threshold for the second straight year in 2012, although they were down slightly from 2011 -- 13,007 versus 13,065.
Despite the dip in unit sales, the WRA still set a record for dollar volume of sales in a single year, at $3.2 billion.
Although some industry observers are forecasting a moderation in sales activity in some Canadian markets this year, Dettman said "the one thing about the Winnipeg market is that it's a pretty consistent market."
He said employment levels remain high and interest rates remain low, and that should continue to help fuel the demand for resale homes.
Dettman is co-owner and manager of Cornerstone Real Estate Inc.
-- The Canadian Press, staff
Republished from the Winnipeg Free Press print edition January 15, 2013 B6
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