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.
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