Former SinoForest executives didnt deceive lawyer tells OSC hearing

October 8, 2019

wmxqttkm

Tagged: , , , , ,


TORONTO — A lawyer for four former Sino-Forest executives says his clients did not deceive anyone or avoid responsibility for their actions while they worked for the now-defunct forestry company.Markus Koehnen — the lawyer representing Albert Ip, Alfred Hung, George Ho and Simon Yeung — began his closing arguments today in the Ontario Securities Commission case against five former Sino-Forest executives accused of perpetrating fraud before the firm collapsed in 2012.Along with Koehnen’s four clients, former CEO Allen Chan has also been accused of perpetrating fraud. The OSC claims the executives misled investors by issuing false financial statements in every quarter from 2007 to 2010.Sino-Forest Corp’s former CEO was ’controlling mind’ behind alleged frauds, lawyer tells OSC hearingOntario judge won’t review defence fees in Sino-Forest class actionEstablished in 1994, Sino-Forest was the largest foreign-owned forestry company in China.Most of the company’s business was conducted in China, but its headquarters were in Ontario and its shares were traded on the Toronto Stock Exchange.At its peak, Sino-Forest was the most valuable forestry company listed on the Toronto Stock Exchange with a market capitalization of $6 billion.From June 2005 to March 2011, the company’s shares rose by 340 per cent from $5.75 per share to $25.30 per share.The securities watchdog alleges the five men took part in “deceitful conduct” that included the fabrication of assets and revenue, undisclosed relationships with suppliers and customers and providing misleading documentation to support the alleged fraud. read more


Hungry prisoners satisfy culinary cravings by smuggling in steak

September 25, 2019

dxpjcboq

Tagged: , , , , , , , , ,


HMP Thorn Cross is a 380-capacity open prison in Cheshire A separate report by HM Chief Inspector of Prisons into the prison last year confirmed that food was being thrown over the jail fence – with people on the outside throwing tins of tuna over the fence to waiting inmates.The 2017 report stated that 88 per cent of lags said the food served up at the prison was awful and that it was “very unpopular with prisoners”.A Prison Service spokesman said: “Smuggling unauthorised items into prison is unacceptable and anyone found doing so can face longer behind bars.” Prisoners left hungry by small meals prepared in jail are getting friends on the outside to smuggle in steaks, according to a review.Inmates at HMP Thorn Cross, a 380-capacity open prison in Cheshire, have resorted to having sausages, bacon, fish and steaks thrown over the fence.A report by the Independent Monitoring Board found contraband at the establishment continues to be “problematic”, despite the efforts of catering teams to satisfy prisoners’ culinary tastes with “themed nights” offering food from countries around the world. This is in addition to a “Food Focus” group where lags can suggest menu ideas, and a catering course held three times a week where inmates prepare burgers for others to buy.It said: “In the reporting year there have been incidences of mobile phones, sim cards, phone chargers, and other substances and even fresh meat and fish. HMP Thorn Cross is a 380-capacity open prison in CheshireCredit:KENDALL/PA Archive “Despite excellent use of intelligence available to the discipline staff it remains a problem.”Items found through searches and cell searches are high value currency items and it is important that prevention on entering the establishment is paramount and use and uptake of the contraband is impossible.”Prisoners are able to cook food with microwaves and toasters.  Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. read more