Chief executive of Sino-Forest resigns

Chief executive of Sino-Forest resigns

FT.com

Sino-Forest, the Chinese timber company facing allegations of accounting irregularities, said on Sunday that Allen Chan, the company’s chairman and chief executive, had voluntarily resigned.

The announcement after trading in shares of the Toronto-listed company were halted by the Ontario Securities Commission, which alleged that Mr Chan and other senior company executives “appear” to have misrepresented revenues.

Mr Chan, who co-founded Sino-Forest in 1992, will be replaced by William Ardell, who will take the position of chairman, and by executive director Judson Martin, who will become chief executive. Mr Ardell is also the head of the independent committee that is reviewing allegations against Sino-Forest.

Sino-Forest also announced that three employees had been relieved of their responsibilities and were placed on “administrative leave,” referring to “certain information” that had been uncovered during the review by the company’s independent committee.

see the whole story here: Chief executive of Sino-Forest resigns - FT.com

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