Decision in brief: Steer, Enforcement Proceeding, Public Settlement Hearing, May 19, 2023
In this enforcement proceeding, OSC staff says that Steer Technologies Inc., Syanthan Navaratnam, Junaid Razvi and Suman Pushparajah violated Ontario securities law. Steer is a technology company listed on the TSX Venture Exchange and OTCQX. Navaratnam and Razvi were directors and officers of Steer, and Pushparajah was an officer of Steer. OSC staff says they published misleading and contradictory news releases about Steer’s COVID-19 digital contact tracing platform and did not correct a news release after it became inaccurate.
The respondents and OSC staff reached an agreement to settle this proceeding. The Tribunal approved the settlement. Under the settlement, Steer will pay an administrative penalty of $300,000 and costs of $40,000. Steer will also have to have an independent review done of its internal processes, and Steer will have to pay for that review. Navratnam will pay an administrative penalty of $75,000 and is not allowed to be a director or officer of a public company, other than of Steer or related companies, for three years. Razvi will pay an administrative penalty of $40,000 and is not allowed to be a director or officer of a public company, other than Steer or related companies, for two years. Pushparajah made a voluntary payment of $50,000 and is not allowed to be a director or officer of a public company, other than Steer or related companies, for two years. Each of Navaratnam, Razvi and Pushparajah will also pay costs of $15,000 and agreed to complete a course on disclosure issues.