Sino-Forest fraud

Sino-Forest reviewing Canadian regulator's fraud allegations

Canadian securities regulators push for sanctions against Chinese forestry company Sino-Forest and its senior management.
<div style="text-align: left;">
Sino-Forest is accused of overstating its timber holdings
</div>
<div style="text-align: left;"> Sino-Forest is accused of overstating its timber holdings </div>

Sino-Forest said in a press release last night that it is reviewing allegations by the Ontario Securities Commission OSC that it engaged in widespread fraud dating back to at least 2006.

On Tuesday, Canadian regulators accused the company and several of its former executives Allen Chan, Albert Ip, Alfred Hung, George Ho and Simon Yeung of conducting “a complex fraudulent scheme to inflate the assets and revenue of Sino-Forest and made materially misleading statements in Sino-Forest’s public disclosure record related to its primary business”.

The OSC is considering whether it would be in the public interest to permanently halt the trading of Sino-Forest shares, impose an administrative...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222