By Sabela Ojea

Pyrogenesis Canada said Canada's Autorité des marchés financiers has initiated administrative proceedings against Chief Executive Peter Pascali and Chairman Alan Curleigh over a settlement agreement with Phoenix Haute Technology.

The manufacturer of advanced plasma processes said Pascali and Curleigh failed to comply with their fiduciary duties as directors of the company in 2018, amid other allegations.

Phoenix Haute Technology is controlled by Pascali's late father.

The AMF seeks administrative penalties of 4.2 million Canadian dollars (US$3.1 million) against Pascali and C$550,000 against the company, as well as a disgorgement order of C$9.57 million also from Pascali.

The financial regulator also seeks orders prohibiting Pascali and Curleigh to act as an officer or director of a reporting issuer for five years.

The company, Pascali and Curleigh deny these allegations and believe they are without merit, Pyrogenesis Canada said. "The operations of the company continue as usual," it added.

"The company will welcome its day in court where we are confident the truth will prevail and the motives behind those who supported this outcome will be exposed," Pascali said.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

August 31, 2023 18:20 ET (22:20 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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