Proceedings

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IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 as amended

- and -

IN THE MATTER OF
SINO-FOREST CORPORATION, ALLEN CHAN, ALBERT IP,
ALFRED C.T. HUNG, GEORGE HO, SIMON YEUNG
and DAVID HORSLEY

NOTICE OF HEARING
(Sections 127 and 127.1)



    TAKE NOTICE that the Commission will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5 as amended (the “Act”) at the offices of the Ontario Securities Commission located at 20 Queen Street West, 17th Floor, on July 12th, 2012 at 10:00 am or as soon thereafter as the hearing can be held;

    AND TAKE NOTICE that the purpose of the hearing is to consider whether, in the Commission’s opinion, it is in the public interest for the Commission to make an order:

  1. pursuant to subsections 127(7) and (8) of the Act to continue the Temporary Order originally made on August 26, 2011 by the Commission against Sino-Forest Corporation (“Sino-Forest”), Allen Chan (“Chan”), Albert Ip (“Ip”), Alfred Hung (“Hung”), George Ho (“Ho”) and Simon Yeung (“Yeung”) until the end of the hearing on the merits in this matter or for such period as is specified by the Commission;
  2. pursuant to clause 2 of subsection 127(1) of the Act that trading in any securities of Sino-Forest cease permanently;
  3. pursuant to clause 2 of subsection 127(1) of the Act that trading in any securities by Sino-Forest, Chan, Ip, Hung, Ho, Yeung and David Horsley (“Horsley”) (together, the “Respondents”) cease permanently;
  4. pursuant to clause 2.1 of subsection 127(1) of the Act that the acquisition of any securities by the Respondents be permanently prohibited;
  5. pursuant to clause 3 of subsection 127(1) of the Act that any or all exemptions contained in Ontario securities law do not apply to the Respondents permanently;
  6. pursuant to clause 6 of subsection 127(1) of the Act that the Respondents be reprimanded;
  7. pursuant to clauses 7, 8.1 and 8.3 of subsection 127(1) of the Act that Chan, Ip, Hung, Ho, Yeung and Horsley resign all positions which they hold as an officer or director of any issuer, of any registrant or of any investment fund manager;
  8. pursuant to clauses 8, 8.2 and 8.4 of subsection 127(1) of the Act that Chan, Ip, Hung, Ho, Yeung and Horsley be permanently prohibited from becoming or acting as an officer or director of any issuer, of any registrant or of any investment fund manager;
  9. pursuant to clause 8.5 of subsection 127(1) of the Act that Chan, Ip, Hung, Ho, Yeung and Horsley be permanently prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter;
  10. pursuant to clause 9 of subsection 127(1) of the Act that the Respondents each pay an administrative penalty of not more than $1 million for each failure by that Respondent to comply with Ontario securities law;
  11. pursuant to clause 10 of subsection 127(1) of the Act that the Respondents disgorge to the Commission any amounts obtained as a result of non-compliance with Ontario securities law;
  12. pursuant to section 127.1 of the Act that the Respondents pay the costs of the Commission’s investigation and the costs of or related to any hearing before the Commission; and
  13. to make such other order as the Commission may deem appropriate.

    BY REASON OF the allegations set out in the Statement of Allegations dated May 22, 2012, and such additional allegations as counsel may advise and the Commission may permit;

    AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel at the hearing;

    AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceeding.

    DATED at Toronto this 22nd day of May 2012.

 

" John Stevenson "
John Stevenson
Secretary to the Commission