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Toronto, Ontario
M5H 3S8
Commission des
valeurs mobilières
de l'Ontario

June 11, 2019

Court dismisses appeal by former Sino-Forest executives


TORONTO - On June 3, 2019, the Superior Court of Justice (Divisional Court) upheld the Ontario Securities Commission’s Reasons for Decision on the Merits dated July 13, 2017 and the OSC’s Reasons for Decision on Sanctions and Costs dated July 9, 2018 in respect of Allen Chan, Albert Ip, Alfred Hung and George Ho, former executives at Sino-Forest Corporation.

The Court dismissed the appeal to set aside the OSC Panel’s findings that the Respondents engaged in an elaborate scheme to defraud investors. Additionally, the Court upheld the sanctions ordered, on the grounds that the conclusions reached by the Panel were reasonable.

“This is an important decision, upholding the Commission’s approach in one of the largest corporate frauds in Canadian history,” said Jeff Kehoe, Director of Enforcement at the OSC. “The court’s decision further strengthens our resolve to work across international borders to investigate and prosecute those who seek to harm our markets and investors.”

A copy of the Divisional Court decision is available on the Canadian Legal Information Institute website.

Documents relating to the underlying OSC proceeding, including the Reasons for Decision on the Merits and the Reasons for Decision on Sanctions and Costs, can be found at

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.  Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at


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