Sino-Forest Discloses Receipt of Enforcement Notices From Staff of the Ontario Securities Commission
Sino-Forest Corporation (OTC: SNOFF) announced that, on that day, the Ontario Securities Commission publicly stated that it had commenced an investigation in relation to the Company. The investigation arose out of a "report" prepared by Muddy Waters LLC that was publicly disclosed on June 2, 2011.
On August 26, 2011, the Commission issued a temporary cease trade order in respect of the Company's securities and in respect of Allen Chan, Albert Ip, Alfred Hung, George Ho and Simon Yeung. The temporary cease trade order was made after the Independent Committee of the Board of Directors of the Company, established in response to the allegations made by Muddy Waters, provided staff of the OSC with documents and briefings arising from the work of the Independent Committee and its advisors.
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