Cinar Founders Fired
Cinar Corp. has formally fired company founders Micheline Charest and Ronald Weinberg. The couple was terminated on Thursday after a special committee of the board met to discuss the future of the troubled toon firm. Charest and Weinberg stepped down from their posts as chairman and president, respectively, as well as their co-CEO posts in March once it was discovered that US$122 million was invested in offshore accounts without board approval. They subsequently assumed the roles of company directors. As part of the misappropriation of funds, senior VP and CFO Hasanain Panju was fired.