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Sino-Forest still mired in deep water as execs quit
Source: Bloomberg News |
April 19, 2012, Thursday
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Print Edition
SINO-FOREST Corp, the Chinese tree grower that's fending off fraud allegations, said Allen Chan resigned from the company he co-founded two decades ago.
Chan, who stepped aside as chairman and CEO in August, has "voluntarily" quit his non-executive position as Chairman Emeritus, Hong Kong- and Ontario-based Sino-Forest said in a statement on Tuesday. David Horsley also resigned from his post as chief financial officer while remaining as an employee to help with restructuring, Sino-Forest said.
Sino-Forest filed for bankruptcy protection in March, nine months after short seller Carson Block accused it of fraud. A June 2 report by Block's Muddy Waters LLC alleged Sino-Forest was a Ponzi scheme that overstated its timber assets.
The Muddy Waters report led to a 74 percent drop in Sino-Forest's Canadian share price before the Ontario Securities Commission suspended trading last August amid investigations by the Toronto-based market watchdog and federal police. Sino- Forest, which had a market value of C$6.36 billion (US$6.42 billion) in March 2011, has denied Block's allegations.
The company also fired three vice presidents, Alfred Hung, George Ho and Simon Yeung, and said Albert Ip, a former executive, will no longer be employed as a consultant.
Canada's securities regulator has served Chan, Hung, Ho, Yeung, Ip and Horsley with enforcement notices, the company said in an April 9 statement. The notices are usually issued by the OSC close to the end of a probe and say that it is considering formal proceedings, Sino-Forest said.
Chan, who stepped aside as chairman and CEO in August, has "voluntarily" quit his non-executive position as Chairman Emeritus, Hong Kong- and Ontario-based Sino-Forest said in a statement on Tuesday. David Horsley also resigned from his post as chief financial officer while remaining as an employee to help with restructuring, Sino-Forest said.
Sino-Forest filed for bankruptcy protection in March, nine months after short seller Carson Block accused it of fraud. A June 2 report by Block's Muddy Waters LLC alleged Sino-Forest was a Ponzi scheme that overstated its timber assets.
The Muddy Waters report led to a 74 percent drop in Sino-Forest's Canadian share price before the Ontario Securities Commission suspended trading last August amid investigations by the Toronto-based market watchdog and federal police. Sino- Forest, which had a market value of C$6.36 billion (US$6.42 billion) in March 2011, has denied Block's allegations.
The company also fired three vice presidents, Alfred Hung, George Ho and Simon Yeung, and said Albert Ip, a former executive, will no longer be employed as a consultant.
Canada's securities regulator has served Chan, Hung, Ho, Yeung, Ip and Horsley with enforcement notices, the company said in an April 9 statement. The notices are usually issued by the OSC close to the end of a probe and say that it is considering formal proceedings, Sino-Forest said.
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