Business
Lawyer believes there's still money for Bre-X investors

Bre-X Minerals Ltd.

Credits: File Photo.

KEVIN MARTIN | QMI AGENCY

CALGARY - The lawyer for some of the investors scammed in the Bre-X Minerals fraud believes there is still money out there for his clients.

Calgary civil litigator Clint Docken said Tuesday more should be done to determine where nearly $100 million paid to the company's principals has gone.

Docken told a Calgary court he wants to be able to question Jeannette Walsh, the widow of company founder David Walsh, as well as the ex-wife of chief geologist John Felderhof.

Docken said Walsh received $25 million in investors' cash and the Felderhofs $70 million.

Lawyer Angus McKinnon, who acts for bankruptcy trustee Deloitte & Touche said there's no money left.

Deloitte & Touche wants Court of Queen's Bench Justice Sal LoVecchio to dismiss all remaining outstanding claims in the 15-year-old litigation.

LoVecchio adjourned that application to next May, at Docken's request.

Outside court, Docken said investors should be allowed access to affidavits sworn by Jeannette Walsh and Ingrid Felderhof.

“They haven't been made available to Bre-X investors," Docken said.

"We've got these secret affidavits that haven't even been filed in any court proceeding," he said.

Bre-X, once the darling of the Toronto Stock Exchange and courted by major mining companies, collapsed after the discovery of a gold-salting fraud at its Busang mine in Indonesia wiped out about $3 billion in investors' money in 1997.

In 2007, John Felderhof was cleared of insider trading allegations after cashing in his company stocks in 1996.

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