Ontario regulator issues cease-trade order against Sino-Forest
Reuters
9:40 AM, E.T. | August 26, 2011
Canadian, Energy & Resources
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Canadian securities regulators on Friday ordered a halt in trading of securities of Sino-Forest (TRE-T 4.81 0.00 0.00%), saying an investigation showed signs that the Chinese forestry company may have engaged in fraud.
"Sino-Forest, through its subsidiaries, appears to have engaged in significant non-arms-length transactions which may have been contrary to Ontario securities laws and the public interest," the Ontario Securities Commission said in a temporary order to cease trade.
The OSC also ordered Chief Executive Allen Chan, and four other executives to resign as officers and directors of the Toronto-listed company.
