Allen Chan News
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Chinese equities traded in the U.S. rose for the first time in three days, defying stock declines in Shanghai and Hong Kong, after the International Monetary Fund boosted its forecast for global economic growth.
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Sino-Forest Corp., the Chinese tree plantation company that’s fending off fraud allegations, said Allen Chan resigned from the company he co-founded in 1992.
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Sino-Forest Corp., the Chinese timber company that filed for bankruptcy last month after being accused of fraud, received an enforcement notice from Canada’s main securities regulator.
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Ying White, previously the head of Akin, Gump, Strauss, Hauer & Feld LLP’s investment funds practice, joined Clifford Chance LLP’s Beijing office as a partner in the corporate practice, the firm announced.
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Sino-Forest Corp., the Chinese tree grower that filed for bankruptcy protection last week after failing to shake off fraud allegations, will struggle to find a buyer, according to timber industry professionals.
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Sino-Forest Corp. filed for bankruptcy protection as part of a plan that may see the Chinese timber grower company sold to bondholders, nine months after it was accused of fraud by short seller Carson Block.
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Richard Chandler Corp., the biggest shareholder of Sino Forest Corp., appointed a team to lead its proposal to restructure the forestry company that filed for bankruptcy protection last month.
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Henderson Land Development Co., controlled by billionaire Lee Shau-kee, fell to a two-week low in Hong Kong trading after 2011 underlying profit missed analysts’ estimates as the property market cooled.
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Allen Chan’s resignation as chief executive officer of Sino-Forest Corp., which is accused of exaggerating timber holdings, marks the second time in 22 years the Chinese entrepreneur has lost control of a company he founded.
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Sino-Forest Corp. Chairman William Ardell says he found no sign of major fraud while overseeing an eight-month probe of the company. He also says a full account of the Chinese timber producer’s activities and business ties may never be known.
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