Foe atarters, type RCF and Baffinland into google and read all about that "investment" TOO MUCH to post everything.

This one is strange.

According to the regulator, Waheed acquired material inside information both during his time as a consultant to the company in the first half of 2010, as well as after, which he allegedly used to make a bid for the then TSX-listed firm with Walter in September that year.

“Waheed, Walter acted contrary to the public interest by using material facts and confidential information belonging to Baffinland to purchase a toehold and launch a hostile take-over bid which put Baffinland in play,” the OSC said.

“While a consultant, Waheed did not always act in the best interests of Baffinland,” the commission added.

“[He] at times acted on behalf of Baffinland’s majority shareholder, Resource Capital Fund (RCF) and/or in his own self interest.”

Jowdat was CEO of Nunavut Iron Acquisition Company, which bid $0.80 a share for Baffinland, while Walter was chairperson. The hostile bidder was backed by a Texas fund.

ArcelorMittal then made a friendly bid for the company, and a protracted takeover battle ensued between the world’s biggest steelmaker and Nunavut Iron. Ultimately, the two decided to team up and make a joint bid for Baffinland.

The OSC alleged in an 18-page document that Waheed approached Walter about a possible deal in July 2010.

“Over drinks in the backyard, Waheed told Walter information respecting Baffinland that led Walter to become interested in doing a possible transaction involving Baffinland despite the fact that he had previously been aware of the Mary River Project but it had not interested him,” the commission said.