Sino-Forest defrauded investors and misled investigators, OSC rules

Ontario Securities Commission has ruled that Sino-Forest and several of a tip executives defrauded investors and misled investigators.

The regulator has found that former CEO Allen Chan, Albert Ip, Alfred Hung and George Ho defrauded investors by overstating a company’s resources and revenue.

Allegations of rascal opposite Simon Yeung were dismissed, though a regulator ruled he misled staff during their investigation.

Sino-Forest, that was determined in 1994, was once a many profitable forestry association listed on a Toronto Stock Exchange.

Although it was formed in Ontario, a association conducted many of a business in China until it collapsed in 2012.

Defence lawyers for a executives argued that what a OSC called rascal were indeed mistakes done by a fast-growing company.

Article source: http://www.cbc.ca/news/business/sino-forest-osc-1.4204971?cmp=rss