Alberta securities watchdog withdraws allegations against Poseidon Concepts

CALGARY – The Alberta Securities Commission has withdrawn obstruction of justice allegations against troubled Calgary-based firm Poseidon Concepts Corp.

In September, the regulator had alleged that Poseidon Concepts tried to hide changes in minutes taken during its board of director and audit committee meetings.

The documents, which were handed over to the watchdog, were taken between Nov. 1, 2011 and Feb. 28, 2013.

The ASC did not provide reasons for the decision to withdraw its allegations, which was issued late Thursday.

Poseidon was once seen as an oilpatch darling, known for storage tanks designed to contain fluids used in the oil and gas industry. But in February, the company announced that nearly three-quarters of the $148.1 million recorded as revenue in the first nine months of 2012 shouldn’t have been.

The company is also facing several lawsuits, and has been granted court protection from creditors in the United States and Canada.