UPDATE 1-Sino-Forest cease-trade order extended to Apr 16
TORONTO Jan 23 (Reuters) - Canada's top securities regulator said on Monday it extended the cease-trade order on shares of Sino-Forest TRE.TO, the China-focused forestry company accused of fraud, to April 16.
The Ontario Securities Commission requested the extension as its staff interviews witnesses and reviews related documents. The regulator is also seeking additional information from the company's independent review committee.
Sino-Forest counsel did not object to the extension.
Once Canada's most valuable forestry company with a market capitalization of more than C$6 billion ($5.96 billion), Sino-Forest has been reeling since June, when short-seller firm Muddy Waters accused it of exaggerating the extent of its Chinese assets. That sent its share down more than 75 percent before they were halted by regulators in late August.
Sino-Forest has said a preliminary investigation by its independent directors showed no evidence of fraud. [ID:nN1E7AG1KS]
(Reporting By Julie Gordon, writing by Jennifer Kwan)
((email@example.com)(416-941-8178)(Reuters Messaging: firstname.lastname@example.org)) Keywords: SINOFOREST/OSC
(C) Reuters 2011 All rights reserved. Republication or redistribution of Reuters content, including by caching, framing, or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
- Tweet this
- Share this
- Digg this
- Israel, Palestinian militant groups agree to three-day Gaza truce |
- Moscow fights back after sanctions; battle rages near Ukraine crash site |
- Israel, Palestinian militant groups begin three-day Gaza truce |
- Disappointment, uncertainty after India blocks WTO trade deal
- RBS places restrictions on lending in Russia