Canadian Regulators Order Sino-Forest Executives to Resign

The Ontario Securities Commission took the unusual step Friday of ordering several officers and executives of Sino-Forest, a Chinese company which trades in Canada, to resign without holding a hearing.

The regulator also halted trading in Sino-Forest shares after an investigation found that the company may have exaggerated its revenues and the extent of its timber holdings in China.

Sino-Forest has been the subject of considerable controversy since June when Muddy Waters Research issued a report by short seller Carson C. Brock which called the company a “multi-billion dollar Ponzi scheme” which is “accompanied by substantial theft”.

Neither the company nor its public relations agency immediately offered comment.

Read Full Article from New York Times

- Posted: 2011-08-26 11:19:03

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