Jowdat Waheed is a senior

Canadian Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of ...

mining executive and

Chartered Financial Analyst The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the American-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and fi ...

. Waheed worked as Chief Executive Officer of mining company

Sherritt Sherritt International is a Canadian resource company, based in Toronto, Ontario. Sherritt is a world leader in the mining and refining of nickel and cobalt – metals essential for the growing adoption of electric vehicles. Its Technologies Grou ...

. He resigned, for personal reasons, in 2009. According to ''

Business Week ''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...

'' Waheed has two

Bachelor of Science A Bachelor of Science (BS, BSc, SB, or ScB; from the Latin ') is a bachelor's degree awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Science was the University o ...

degrees from the

University of Pennsylvania The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universit ...

, the first, in Economics, from 1985, the second in System Science and Engineering, from 1986. In early 2010 he worked as a consultant for the Baffinland Iron Mine, a firm with plans to build a huge open-pit mine in northern

Baffin Island Baffin Island (formerly Baffin Land), in the Canadian territory of Nunavut, is the largest island in Canada and the fifth-largest island in the world. Its area is , slightly larger than Spain; its population was 13,039 as of the 2021 Canadi ...

, expecting to exploit almost $100 billion Canadian dollars of iron ore. Later in 2010 Waheed helped lead a hostile takeover attempt of all of Baffinland's stock. By December 2010 Waheed and his partners had secured a 30 percent stake in Baffinland. In January 2012 '' The Globe and Mail'' reported that some senior executives were suspected of profiting from "

insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider informati ...

" of Baffinland stock. According to the ''

Mining Weekly ''Mining Weekly'' is South Africa’s premier source of weekly news on mining developments in Africa’s most important industry. ''Mining Weekly'' provides in-depth coverage of mining projects & the personalities reshaping the mining industry. ...

'' Jowdat Waheed and

Bruce Walter The English language name Bruce arrived in Scotland with the Normans, from the place name Brix, Manche in Normandy, France, meaning "the willowlands". Initially promulgated via the descendants of king Robert the Bruce (1274−1329), it has been a ...

tried to exploit information Waheed learned when he worked for Baffinland in early 2010 to try to mount a hostile takeover later in 2010. In February 2012 ''CBC News'' reported that a hearing before the

Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown agency which reports to the Ontario legislature through the Mi ...

had been scheduled for January 2013. In August 2014 the OSC cleared Waheed and Walter. The take-over led by Waheed competed with a bid led by European-based mining giant

ArcelorMittal ArcelorMittal S.A. is a Luxembourgian multinational steel manufacturing corporation headquartered in Luxembourg City. It was formed in 2006 from the takeover and merger of Arcelor by Indian-owned Mittal Steel. ArcelorMittal is the second la ...

. ArcelorMittal's attempt was described as a friendly takeover bid—while the one led by Waheed was described as hostile. When the Ontario Securities Commission declined to make a quick ruling over the allegations that Waheed had violated the rules against insider training ArcelorMittal declined to extend the deadline for its takeover bid. ArcelorMittal and Waheed's Iron Ore Holdings became partners on January 14, 2011. Reuters reported the four month bidding war had tripled the stock price. On August 23, 2016, '' Canadian Underwriters'' wrote that an appeal by Baffinland shareholders allowed them to sue Waheed, for misrepresentation.

References

{{DEFAULTSORT:Waheed, Jowdat Living people Canadian chief executives Canadian mining businesspeople Year of birth missing (living people) CFA charterholders University of Pennsylvania alumni