Dundee Securities takes on high-profile mining banker in cutthroat court battle

By Rachelle Younglai
The Globe and Mail

dundee160It looked like a perfect match — a star mining banker joins a hungry Bay Street shop looking to raise its game in the resource sector. It ended in a nasty split, with accusations of stolen clients, incompetence and defamation.

The saga finds mid-tier dealer Dundee Securities in a tangled court battle with veteran Bay Street mining banker Bob Sangha, who joined the firm in 2010. Dundee alleges Mr. Sangha and one of his associates later secretly set up a competing firm and solicited Dundee clients, including Osisko Mining, which was embroiled in a high-profile takeover battle this year, according to a lawsuit filed in the Ontario Superior Court of Justice.

Mr. Sangha denies the allegations and accuses Dundee representatives, including one executive, of making false and defamatory statements against Mr. Sangha and his investment bank Maxit Capital Inc., according to the countersuit.

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