The CEO of Alimentation Couche-Tard was fined $10,000 by the Autorité des marchés financiers (AMF) for breaching a provision of the Securities Law.
Posted at 7:00 a.m.
The penalty imposed on Brian Hannasch was made public in the most recent issue of the Newsletter of the AMF published Thursday.
As an insider of a company listed on the stock exchange, Brian Hannasch is required to declare his influence on securities or a modification of this influence. The law allows five days for an insider to file their declarations.
By breaching this obligation, an insider is required to pay a fine of $100 per failure to report for each day during which he is in default, up to a maximum of $5,000.
On May 25, Brian Hannasch made two declarations on the Electronic Disclosure System for Insiders for transactions involving the acquisition of Class A multiple voting shares of Couche-Tard which had taken place on June 25, 2004 and January 26th.
On May 31, the Autorité des marchés financiers produced a notice of monetary administrative penalty for a total of $10,000, or two penalties of a maximum value of $5,000 for each transaction declared late.
Fine paid
The notice informed Brian Hannasch that the AMF intended to impose a monetary administrative penalty on him, but that it first gave him the opportunity to submit his observations.
Brian Hannasch paid the fine on June 30 without submitting any observations to the AMF.
However, it was not until September 13 that the AMF made its decision to impose the sanction on the big boss of Couche-Tard “official”.
Like the AMF, The Press unsuccessfully attempted to obtain comment or an explanation from Brian Hannasch.
Alimentation Couche-Tard is one of the largest companies in the country with a market capitalization of $56 billion and annual sales of more than $62 billion. The company operates a network of more than 14,000 stores in 24 countries.
Brian Hannasch succeeded Alain Bouchard as head of Couche-Tard eight years ago and has worked in the chain of convenience stores in Laval since 2001.