Sino-Forest Corporation (SNOFF)

[Sibware]

OSC proceedings from another board

This is Tuesday's news 22nd day of May 2012.Its call sensationalism. The key word is ALLEGES. Unproven in court.
If you actually go to the souce the OSC is proposing to ban Sino Forest and executives from trading in securities market and fine them up to 1 million for each count of ALLEGED fraud.
There are NO Criminal Charges mentioned.
http://www.osc.gov.on.ca/en/Proceedings_noh_20120522_sino-forest.htm

Moreover, OSC cannot win in court,nobody will show up, just like other cases.OSC never learn,or they are trying to save what's left of their tarnished reputation.

There are no treaty bwn Hong Kong and Canada to jail any Chinese citizen. The OSC can do nothing. Even if the FIPA is signed we need a National Regulator. In my opinion I do not believe Ontario should represent Canada. Political power must move West. Hope you realize what is the downfall of Sino Forest? We have no jurisdictional right to interview third parties but that also applies in Canada. We cannot audit our suppliers. We speculate Chan and Horsely will show up to defend themselves at the hearing.
The Cai didnt show up for the OSC hearing and knew they cant be touched.
http://www.theglobeandmail.com/report-on-business/osc-finds-zungui-haixi-principals-broke-securities-laws/article2325986/?utm_medium=Feeds%3A%20RSS%2FAtom&utm_source=Report On Business&utm_content=2325986
An Ontario Securities Commission panel has ruled that Chinese shoe manufacturer Zungui Haixi Corp.
(
ZUN-X
)
and well as the company’s chairman and chief executive officer, broke the province’s securities laws.
The regulator said Friday that the shoe manufacturer failed to maintain an audit committee and didn’t file audited annual financial statements on time.
The investigation also found CEO Yanda Cai and chairman Fengyi Cai allowed the violations and failed to co-operate with Zungui’s audit committee and special committee.
No-one appeared on behalf of Zungui or Yanda Cai and Fengyi Cai at the hearing held this week.
The OSC stopped trading in the company’s shares in September after Ernst & Young LLP suspended an audit of and advised the company’s audit committee that an independent investigation was warranted.
Fengyi Cai owns or controls a 56.8 per cent stake in Zungui. Yanda Cai and Fengyi Cai live in China, while Fengyi Cai also maintains a residence in Hong Kong.
The independent directors of the Toronto-listed company resigned in protest last year, along with the firm’s chief financial officer, after they told the regulator they weren’t assured of funding or co-operation for an internal investigation.
The troubles come following allegations of financial irregularities against other companies that operate in China but trade on Canadian stock markets, including tree plantation operator Sino-Forest.
Zungui Haixi raised $39.8-million in its initial public offering in December, 2009, on the TSX Venture Exchange.