Paper and Forest Products
Company Overview of Sino-Forest Corporation
Sino-Forest Corporation operates as a forest plantation company primarily in the People’s Republic of China. The company acquires, cultivates, and sells standing timber or logs, which include a mix of tree species primarily comprising pine, Chinese fir, and eucalyptus; and sources and sells logs, veneer, sawn timber, and other wood-based products. It offers engineered-wood flooring products, finger-joint boards, blackboards, and plywood products. In addition, the company involves in the greenery and nursery operations, and supplies and manages landscaping products for property developers and other organizations. As of December 31, 2010, it had approximately 788,700 hectares of forest plantat...
90 Burnhamthorpe Road West
Mississauga, ON L5B 3C3
Founded in 1994
Key Executives for Sino-Forest Corporation
Vice Chairman and Chief Executive officer
Senior Vice President of Development & Operations - South & East China
Senior Vice President of Administration & Finance - China
Vice President of Corporate Finance and Chairman of Disclosure Committee
Vice President of Legal Affairs and Member of Disclosure Committee
Compensation as of Fiscal Year 2013.
Sino-Forest Corporation Key Developments
Judge Approves Ernst &Young Settlement for Sino-Forest Shareholders
Mar 20 13
An Ontario judge has approved Ernst & Young LLP's $117 million settlement of a shareholder class-action lawsuit tied to the collapse of Sino-Forest Corp. The settlement was reached late last year, but was opposed by a group of institutional shareholders that wanted the option of opting out of the settlement and filing suit against the auditor on their own. They argued that the settlement should not fall within Sino's court-ordered restructuring process. But Justice Geoffrey Morawetz ruled that the E&Y settlement is a necessary part of Sino's restructuring plan. He noted that under the plan, that there is no payment to Sino's stakeholders outside of the cash from E&Y. The significant and, in fact, only monetary contribution that can be directly identified at this time, is the $117 million from the Ernst & Young settlement. Judge Morawetz also concluded that the E&Y settlement is 'fair and reasonable' and provides 'substantial benefits' to relevant stakeholders. And he believes that the claims against E&Y could 'significantly delay' Sino's restructuring process if they were not resolved within this settlement. The $117 million settlement is the largest payment ever made by an auditor in Canada to settle a class-action suit. E&Y is also facing allegations from the Ontario Securities Commission, which argued that it did not do enough to verify Sino's ownership of its assets. Sino-Forest filed for bankruptcy protection last year amid allegations that it was committing massive fraud, and is now controlled by its creditors.
Ernst & Young to Pay CAD 117 Million to Settle Sino-Forest Claim
Dec 13 12
Ernst & Young has agreed to pay CAD 117 million or USD 117.6 million to settle a Canadian class-action lawsuit against Sino-Forest Corporation. The settlement, subject to final approval from the local court. Sino-Forest, part of its directors, top executives, auditors and underwriters have misled investors in financial statement and accounting. Siskinds LLP and Koskie Minsky LLP, the two plaintiffs' firms filed USD 6.5 billion class-action suit against those involved in the accounting fraud.
Ontario Superior Court of Justice Approves Sino-Forest Corporation's Plan of Compromise and Reorganization
Dec 11 12
Sino-Forest Corporation announced that the Ontario Superior Court of Justice has approved the company's Plan of Compromise and Reorganization pursuant to the companies' Creditors Arrangement Act and the Canada Business Corporations Act dated December 3, 2012. The Plan is designed to facilitate the completion of a restructuring transaction concerning, affecting and involving Sino-Forest under which, among other things, Sino-Forest will transfer substantially all of its assets, other than certain excluded assets, to a newly formed entity to be owned by the affected creditors of Sino-Forest. Court approval of the Plan satisfies a key condition precedent to implementation of the Plan. If the remaining conditions precedent set out in the Plan are satisfied or waived within the time frames anticipated, Sino-Forest intends to implement the Plan as soon as possible and not later than January 15, 2013.
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