What happened with Sino Forest Corporation?
co founder found guilty of fraud in $2.6 billion civil case. TORONTO _ An Ontario Superior Court judge has found Sino-Forest Corp.’s co-founder and former CEO Allen Chan guilty of fraud, breach of fiduciary duty and negligence and ordered him to pay more than $2.6 billion.
What caused the failure of the audit of Sino-Forest?
The Ontario Securities Commission is accusing Ernst and Young of failing in its audits of troubled Chinese forestry company Sino-Forest Corp., which has since collapsed amid allegations of being a massive fraud.
Who audited Sino-Forest?
Ernst & Young LLP
TORONTO (Reuters) – Accounting firm Ernst & Young LLP [ERNY. UL] agreed on Tuesday to an C$8 million ($7.2 million) voluntary payment with Canada’s biggest securities regulator over its audits of Sino-Forest Corp [SCLC.
What is the history of the Sino-Forest Corporation?
Sino-Forest’s common shares traded on the Toronto Stock Exchange under the symbol TRE from 1995 until they were suspended in 2011, and its corporate office were in Mississauga, Canada. Sino-Forest had a market capitalization of just over $5 billion in November 2010.
What does Sino-Forest mean?
Sino-Forest Corporation (Sino-Forest) is a commercial forest plantation operator in the People Republic of China (PRC). As of December 31, 2009, Sino-Forest had approximately 512,700 hectares of forest plantations located primarily in southern and eastern China.
How many hectares does Sino Forest own?
As of December 31, 2009, Sino-Forest had approximately 512,700 hectares of forest plantations located primarily in southern and eastern China. Sino-Forest’s operations are comprised of two core business segments: wood fibre operations and manufacturing and other operations.
What is the class action lawsuit against Sino-Forest Corporation?
Sino-Forest Corporation. This class action concerns allegations that the public filings of Sino-Forest Corporation (“Sino-Forest”) contained false and/or misleading statements about its business and affairs.