TORONTO, Ont. – The Ontario Securities Commission has accused Chinese timber company Sino Forest of fraud, after saying the troubled business gave grossly misleading disclosure to investors.
In addition, the Commission’s regulator has accused Sino’s company executives of misleading their investigation.
Sino Forest’s founder and former CEO Allen Chan is one of at least five other top-ranking accused of fraud.
The Commission says Sino overstated both its assets and revenues, also known as “cooking the books”.
Sino Forest initially came under investigation in June 2011, when short-seller Muddy Waters Research first hit the company with allegations.
The RCMP are also looking into the case.
Ontario’s securities regulator accuses Chinese timber company of fraud
Matt Padanyi and news staff
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