TORONTO - Engineered wood flooring maker Sino-Forest saw trading in its stock suspended by authorities and its CEO quit amid a continuing investigation.
Toronto-based Sino-Forest, which manufactures flooring in China from its own plantations, said its chairman and CEO Allan Chan resigned, replaced by chairman emeritus William Ardell with Judson Martin, vice chairman and executive director named CEO.
The Ontario Securities Commission began investigating Sino-Forest in June after analyst Muddy Waters issued a report calling the wood products firm "a massive Ponzi scheme" and advising investors to sell the stock.
Sino-Forest says it has been cooperating with the Commission throughout, including by responding to numerous and extensive information requests and by providing regular periodic briefings.
Sino-Forest owns and manages tree plantations, sells standing timber and wood logs, and manufactures engineered-wood products. Sino- Forest’s common shares have been listed on the Toronto Stock Exchange under the symbol TRE since 1995.
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