Cinar Recovers $50.9M More In Unapproved Investments
Cinar Corp. has signed a deal with Bahamas-based Globe-X Management to recover US$50.9 million that was invested in offshore accounts without board approval. The investments were originally to be paid by November of this year, however the new agreement has Globe-X paying out weekly installments between now and August 17, 2001. As part of the new arrangement, Cinar has dropped all legal charges made against Globe-X.