On Thursday, Hasanain Panju, the former CFO of Cinar Corp., was released from jail on C$50,000 ($51,000) bail, following his arrest on Wednesday on charges that he helped illegally funnel company funds to offshore accounts, reports Variety. Additionally, Lino Matteo, the former president of financial firm Mont Real, was released on the same bail amount in the case. Quebec police are still looking for Ronald Weinberg, Cinar co-founder and former CEO, and John Xanthoudakis, president of financial services company Norshield Financial Group, for which arrest warrants have been issued.
The court has barred communication between Panju and Matteo, unless overseen by lawyers, and the duo can no longer hold officers' positions at public companies. Their next court date is May 4. The foursome has been charged with 36 counts of fraud.
Cinar Corp. was bought by investors led by Nelvana co-founder Michael Hirsh in 2004. The company was renamed Cookie Jar Ent. It produced such hits as ARTHUR and CAILLOU.