Eugene Melnyk did not break law

10/1/2010 - NHL Ottawa Senators

TORONTO -- Ottawa Senators owner Eugene Melnyk has been cleared of allegations that he broke Ontario securities law while CEO of drugmaker Biovail Corp.

An Ontario Securities Commission tribunal ruled that OSC staff hadn't proven Melnyk broke the law, but his conduct was "contrary to the public interest." It's a non-criminal infraction under the province's securities laws.

The case against Melnyk revolved around statements that Biovail and its executives made -- and didn't make -- in 2003 after a traffic accident near Chicago delayed delivery of a load of Boivail pills.

The company recently merged with a California-based company and is called Valeant Pharmaceuticals International. Melnyk no longer has significant holding in the company.