Melnyk to "contest" fraud allegations

TORONTO (Reuters) - Biovail Corp's BVF.N BVF.TO founder and former chief executive Eugene Melnyk said on Monday that he would "vigorously contest" false allegations against him after U.S. and Canadian regulators accused him and two current senior executives of participating in a number of fraudulent accounting schemes.

"I intend to vigorously contest the absolutely false allegations of the SEC and OSC and am confident that I will prevail once all the facts are heard," Melnyk said in a statement.

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(Reporting by Scott Anderson; Editing by Bernadette Baum)