New York (HedgeCo.net) – According to regulatory filings a former Sino-Forest Chief Executive Officer and other insiders sold C$81 million ($83 million) of shares since the end of 2006, Bloomberg reported this morning. Hedge fund firm Paulson & Co., said they have sold their shares after loosing C$462 million in June.
“Former CEO, Allen Chan, who stepped down Aug. 28 after the Ontario Securities Commission suspended trading in Sino-Forest, sold C$3 million of stock, the filings show. Kai Kit Poon, with whom Chan founded the tree-plantation company in 1992, sold more than C$30.1 million. Chief Financial Officer David Horsley sold C$11.2 million of shares. Simon Murray, a director and also chairman of Glencore International Plc, sold $10.8 million.” Bloomberg reported.
Canada’s securities regulators said that Sino-Forest, “knew or should have known” that their actions perpetuated a fraud.
“The company no longer qualifies to be a constituent of the benchmark S&P/TSX Composite Index. Sino-Forest will be removed from the index at zero price after the close of trading on Sept. 16.” S&P said.
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