Royal's De Zen found not guilty

A long fraud trial in Oshawa, Ontario, is over, with Vic De Zen, the former chairman and CEO of Royal Group Technologies Ltd., found not guilty. Janet McFarland, a reporter for Toronto's The Globe and Mail, reported that Justice Richard Blouin acquitted De Zen and five other former Royal executives at the end of closing arguments on Dec. 10. "An emotional Vic De Zen cheered and hugged his family and lawyers," McFarland wrote. "I'm delighted - I was waiting seven years," De Zen told her. De Zen had told Plastics News correspondent Michael Lauzon earlier this year that the trial was "a waste of time." De Zen and three other executives had been charged with fraud for their role in buying a land parcel and then reselling it to Royal Group for a C$6.5 million profit. De Zen and others also face fraud charges stemming from the issuance of warrants in the sale of a subsidiary. The Globe and Mail reported today that prosecutors had no comment on the verdict, "saying they wanted to wait to see the judge's reasons for his decision."