
Sino-Forest CEO resigns as regulator expresses fraud concerns
The chairman and CEO of Sino-Forest has resigned and three employees have been temporarily suspended after the Ontario Securities Commission said the company may have misrepresented its revenue statements and exaggerated its timber holdings. It added that Sino-Forest "appears to have engaged in significant non-arm's-length transactions which may have been contrary to Ontario securities laws and the public interest."
A 15-day trading ban has been imposed on the company's shares. The commission's announcement comes nearly three months after short-seller research firm Muddy Waters accused Sino-Forest of overstating...
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