OSC orders Sino-Forest executives to resign

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The Ontario Securities Commission has ordered senior officers and directors of Sino-Forest Corp (TRE-T4.81----%). to resign and has cease-traded the company’s shares.

The commission said in a release Friday that it has reason to believe the company and certain of its officers and directors have “misrepresented some of its revenue and/or exaggerated some of its timber holdings” and that some of the officers and directors – including chief executive officer Allen Chan......


http://www.theglobeandmail.com/globe-investor/sinoforest/osc-orders-sino-forest-executives-to-resign/article2143054/

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Ontario regulator orders halt in Sino-Forest trade

TORONTO, Aug 26 (Reuters) - Canadian securities regulators on Friday ordered a halt in trading of securities of Sino-Forest (TRE.TO), saying an investigation showed signs that the Chinese forestry company may have engaged in fraud.

In its temporary order published on Friday, the Ontario Securities Commission said a staff investigation had found Sino-Forest and some of its officers and directors may have misrepresented revenue and exaggerated timber holdings in public filings.

The OSC ordered Chief Executive Allen Chan and four other executives to resign as officers and directors of the Toronto-listed company.

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http://www.reuters.com/article/2 ... ingsNews&rpc=43