Sino-Forest, the Chinese timber company facing allegations of accounting irregularities, said on Sunday that Allen Chan, its chairman and chief executive, had voluntarily resigned.
The announcement followed a suspension of trading in shares of the Toronto-listed company by the Ontario Securities Commission, which alleged that Mr Chan and other senior company executives “appear” to have misrepresented revenues.
Shares in Sino-Forest have plunged since June, when research group Muddy Waters, which had a short position on Sino-Forest stock, issued a report that alleged the company was a fraud.
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