Markets

OSC Orders Sino-Forest Execs To Resign, Share Trading Ceased

The Ontario Securities Commission has ordered senior officers and directors of Sino-Forest Corp (TRE.TO) to resign and has cease-traded the company's shares.

It last traded at $4.81.

The commission said in a release Friday that it has reason to believe the company and certain of its officers and directors have "misrepresented some of its revenue and/or exaggerated some of its timber holdings" and that some of the officers and directors, including chief executive officer Allen Chan, appear to be engaging in acts "they know or reasonably ought to know perpetuate a fraud", according to a Globe and Mail report.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More