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OSC clears MI Developments Add to ...

The Ontario Securities Commission cleared MI Developments Inc. on Monday of accusations of violating securities laws by a group of minority shareholders including New York-based investment firm Greenlight Capital Inc.

Greenlight, with the support of Farallon Capital Management and several other firms that owned MI Developments shares, complained about transactions between various companies controlled by Frank Stronach, including MI Developments and its subsidiary Magna Entertainment Corp.

The OSC held two days of hearings last week into whether MI Developments violated a rule that's supposed to protect minority shareholders.

The provincial regulator did not immediately release reasons for its decision.

MI is a real estate company engaged primarily in the acquisition, development, construction, leasing, management, and ownership of a predominantly industrial rental portfolio leased primarily to Magna International Inc. and its subsidiaries in North America and Europe.

The company, which holds a majority equity interest in Magna Entertainment, also acquires land that it intends to develop for mixed-use and residential projects.

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