Former SinoForest executives didnt deceive lawyer tells OSC hearing

October 8, 2019


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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

Simons takes on outside investors as it looks to build new distribution

October 7, 2019


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QUEBEC — Department store operator Simons is taking on outside investors for the first time as it looks to build a new distribution centre in Quebec City.The Caisse de depot et placement du Quebec is investing 27 million, while Investissement Quebec is putting $17 million in the privately held company.The Quebec government is also providing an $81-million term loan, while Fonds immobilier de solidarite FTQ is contributing $20 million through a real estate partnership for purchasing the land and building the new centre.The new facility is expected to use automated equipment and technologies that will allow Simons to increase its productivity and order fulfillment capacity, helping it remain competitive in the retail market.The new centre, which is expected to open in 2020, will cover about 53,000 square metres and be able to process 15,000 customer orders per hour.Based in Quebec, Simons has been expanding across Canada in recent years and now has 15 stores including locations in Ontario, Alberta and B.C. read more