Cinar Announces Canadian Tax Settlements
Cinar Corp. announced that it has finally come to settlements with Canadian federal and provincial tax officials over the repayment of improperly obtained tax credits. Scandal hit the Montreal-based company in the fall of 1999 when fraud allegations were made in the House of Commons claiming that Cinar was placing false Canadian names on scripts written by U.S. writers to gain tax credits. Subsequently, the firm's co-founders Micheline Charest and Ronald Weinberg and CFO Hasanan Panju were fired.