Sino-Forest chairman and CEO resigns amid fraud allegations

The move comes after Canadian regulators on Friday suspended the trading of Sino-Forest shares and said the company appears to have misrepresented some of its revenues and/or exaggerated its timber holdings.

Allen Chan has resigned as chairman and CEO of Sino-Forest as the fallout from fraud allegations made in early June by short-selling specialist Carson Block of Muddy Waters Research continues to escalate.

The Toronto-listed company made the announcement yesterday, after the Ontario Securities Commission OSC on Friday ordered all trading in Sino-Forest stock to be suspended for at least 15 days and called for the resignation of Chan and four other company officials, though the...

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