Ottawa-based waste management company Environmental Management Solutions Inc. (EMS) has fired company founder and Vice Chairman Business Development Frank D’Addario after an audit committee in September found what the company claims are "indications of misappropriation of corporate funds, improperly disclosed related party transactions and inappropriate arrangements with related parties."
The auditors filed an interim report on January 11. The allegations have rocked the company, which is chaired by former Ontario Premier Mike Harris and boasts a high-profile board of directors. CEO Tony Busseri, who took over as CEO in October, says the company has notified the Ontario Securities Commission. A final report will be prepared for the board for before March 15.
D’Addario, who was once the head of the federal National Contaminated Sites Remediation Program, continues as a director of EMS and is said to control more than 9.5 million shares representing 26.2 per cent of the issued and outstanding common shares of the company.