Sino-Forest Corporation’s CEO Allen Chan Resigns

Sino-Forest Corporation’s CEO Allen Chan has resigned after the Ontario Securities Commission ordered a 15-day trading halt on its shares on Friday.

The regulator said Sino-Forest may have inflated its revenues and exaggerated the value of some of its timber holdings.

Earlier this year, Muddy Waters research had also levelled similar allegations against the company.

Sino-Forest’s shares have plunged more 70% this year due to these accusations.

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