Sino-Forest CEO Quits Amid Fraud Allegations

by CFO Innovation Asia Staff, 29 August 2011

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Allan Chan has stepped down as chairman and CEO of Sino-Forest Corp., after fraud allegations published two months ago by short seller Muddy Waters LLC, reports the Wall Street Journal.

Chan had planned to resign before the Ontario Securities Commission on Friday ordered a 15-day trading halt for the company's shares.

The commission issued the order after saying regulators had found that the company may have "misrepresented some of its revenue and/or exaggerated some of its timber holdings." The commission said the company, through its subsidiaries, also "appears to have engaged in significant non-arm's-length transactions which may have been contrary to Ontario securities laws and the public interest."

Sino-Forest claims the commission's allegations are "unproven" but "of a serious nature." The company said it is cooperating with regulators, says the Journal.

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Sino-Forest CEO Gives Up Position

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