From Bloomberg: Former Sino-Forest Corp. CEO Allen Chan and other insiders sold C$81 million ($83 million) of shares since the end of 2006, according to regulatory filings.
Chan, who stepped down Aug. 28 after the Ontario Securities Commission suspended trading in Sino-Forest, sold C$3 million of stock, the filings show. Kai Kit Poon, with whom Chan founded the tree-plantation company in 1992, sold more than C$30.1 million. CFO David Horsley sold C$11.2 million of shares. Simon Murray, a director and also chairman of Glencore International Plc, sold $10.8 million.
The OSC, Canada’s main securities regulator, said Aug. 26 that officers and directors of Hong Kong- and Mississauga, Ontario-based Sino-Forest may have engaged in acts “related to its securities” that they “knew or should have known” perpetuated a fraud. Meanwhile, billionaire investor Richard Chandler, the company’s biggest investor, added to his stake two days earlier, filings also show…
http://www.bloomberg.com/news/2011-08-30/sino-forest-insiders-including-ex-ceo-sold-83-million-of-shares-since-06.html
No comments:
Post a Comment