Sino-Forest Insiders Sold C$81 Million Shares in Four Years
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Sino-Forest Corp. insiders, including former Chief Executive Officer Allen Chan, sold C$81 million ($83 million) of shares since the end of 2006, regulatory filings show.
Chan, who stepped down Aug. 28 after the Ontario Securities Commission suspended trading in Sino-Forest, sold C$3 million of stock, the filings show. Kai Kit Poon, with whom Chan founded the tree-plantation company in 1992, sold more than C$30.1 million. Chief Financial Officer David Horsley sold C$11.2 million of shares. Simon Murray, a director and also chairman of Glencore International Plc, sold $10.8 million.