TORONTO -- Jim Doak, a well-known Bay Street personality who appeared as a commentator on business channel BNN, has died in Mongolia while on business as chairman of Khan Resources.
Doak, 59, was found dead Thursday morning in a hotel room. The Police Authority of Mongolia said a preliminary autopsy found no evidence of foul play but a final autopsy was expected to take a few days.
Khan says Doak was at the hotel awaiting a flight home to Canada after a series of meetings this week with representatives of the Mongolian government. At issue was compensation that Khan was seeking from the government.
"Jim's contribution to the success of the company has been enormous," Grant Edey, Khan's president and CEO, said in a statement Friday.
"He will be sorely missed, both by the company and by me personally as Jim and I had become very close friends over the years we worked together."
Khan Resources has been involved in the development of the Dornod uranium property in Mongolia and became embroiled in a dispute with the Mongolian government over the mining rights.
It announced early on Thursday, before the news of Doak's death, that it was seeking an amicable way to collect about US$104 million that it had been awarded by an international arbitration tribunal on March 2. The money included the US$80 million base amount, plus interest from July 2009, plus US$9.1 million of costs awarded in Khan's favour.
In addition to his role with Khan, Doak was also president of L'Alliance Francaise de Toronto and was president and managing director of Megantic Asset Management Inc. from 2002 until last year.
Previously he founded Enterprise Capital Management Inc. where he served as the president and managing partner from 1997 to 2002 and had also served as a vice-president of ScotiaMcLeod Inc., and of First Marathon Securities Ltd. and had more than 25 years of experience as an economist and chartered financial analyst.
