Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
TORONTO (AP) — The former chief financial officer of Sino-Forest Corp. has agreed to pay $6.3 million and testify against other former executives of the China-based forestry company which collapsed under allegations of massive fraud.
David Horsley said Monday that he will also pay $700,000 in a settlement with the Ontario Securities Commission, which has cases pending against several other former Sino-Forest senior executives.
Most of the money, $5.6 million, will be paid to settle class action suits in Ontario and the U.S. brought by investors in Sino-Forest.
Sino-Forest was once Canada's most valuable publicly traded forestry business, but shares plunged two years ago after short-seller Muddy Waters Research alleged the company exaggerated its assets.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
