MONTREAL — Ex-Cinar Corp. chief financial officer Hasanain Panju was released on C$50,000 ($51,000) bail Thursday morning, after being arrested Wednesday on charges related to a financial scandal at the Canadian TV company 11 years ago.

Lino Matteo, the former president of financial company Mont Real, was also released on $51,000 bail on related charges.

Quebec provincial police are still looking for Cinar founder and former CEO Ronald Weinberg and John Xanthoudakis, president of financial services company Norshield Financial Group. Arrest warrants have been issued for both men.

The charges involve allegations that Panju and Weinberg invested Cinar funds in bank accounts in the Bahamas without board authorization. Matteo and Xanthoudakis are also alleged to have been involved in the fraud.

Cinar was one of the most successful Canadian TV companies in the 1990s, producing shows like “Arthur” and “Caillou.” But it was brought down by this financial scandal in 2000.

Panju and Matteo are not allowed to communicate with each other, except when supervised by lawyers, and they are not allowed to serve as officers of a public company. They are due back in court on May 4.

The four men face over 30 charges, including forgery, fraud and publishing a false prospectus.