Chan Exits Sino-Forest 22 Years After Tiananmen ‘Nightmare’
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Allen Chan’s resignation as chief executive officer of Sino-Forest Corp., which is accused of exaggerating timber holdings, marks the second time in 22 years the Chinese entrepreneur has lost control of a company he founded.
Chan stepped down Aug. 28 as chief executive officer, two days after Canada’s main securities regulator suspended trading in the shares. His previous business raising funds for infrastructure projects in China collapsed after the government’s crackdown on pro-democracy demonstrators in Beijing’s Tiananmen Square spurred foreign investors to flee.