ALBERTA

Alberta Securities Watchdog Accuses Poseidon Concepts Of Obstruction Of Justice

09/23/2013 04:03 EDT | Updated 11/23/2013 05:12 EST
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Man Checking Oil Storage Tank
CALGARY - The Alberta Securities Commission is accusing financially troubled Poseidon Concepts Corp. of obstruction of justice.

The watchdog alleges Calgary-based Poseidon altered the minutes of board of director and audit committee hearings before they were handed to ASC staff.

The commission will meet in Calgary on Tuesday to set a hearing date.

Poseidon was once seen as an oilpatch darling, known for storage tanks designed to contain fluids used in the oil and gas industry.

But the company has faced a litany of bad news, announcing in February that nearly three-quarters of the $148.1 million recorded as revenue in the first nine months of 2012 shouldn't have been.

Poseidon has been the subject of class-action lawsuits and in April it was granted court protection from creditors.

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