PwC to Manage Affairs of Bridging Finance Amid Investigation

Ilya Banares
·1 min read

(Bloomberg) -- An Ontario court has appointed PricewaterhouseCoopers to manage the affairs of Bridging Finance Inc., one of Canada’s largest private lenders, pending a regulatory investigation.

The Ontario Superior Court of Justice made the ruling late Friday evening after the Ontario Securities Commission “sought the appointment of a receiver and manager to ensure BFI’s affairs are managed in the best interests of unit holders while OSC staff conduct an investigation into the business activities of BFI and certain of its directors and officers,” according to a statement.

The provincial agency, which regulates Ontario’s capital markets, issued a temporary order halting trading of Bridging Finance funds. The commission also suspended Chief Executive Officer David Sharpe’s registration as “Ultimate Designated Person” of the company.

The Toronto-based company, which has C$1.8 billion ($1.5 billion) in assets under management, lends to small and mid-sized companies involved in everything from milling flour to delivering groceries.

Sharpe didn’t immediately reply to request for comment.

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