Ontario court awards $2.6-billion in Sino-Forest fraud case

Matthew Miller of Reuters reports,  in a story appearing in The Globe and Mail, that Ontario Superior Court Justice Michael Penny has awarded plaintiffs $2.63 billion in a civil case against Sino Forest Corp co-founder and CEO Allen Chan. In a 174 page judgment, Justice Penny found that Chan engaged in fraud, breach of fiduciary duty and negligence, having “abused his unique position” to “orchestrate an extremely large and complex fraud, resulting in the loss by Sino-Forest of billions of dollars.”. Justice Penny also awarded $5 million in punitive damages.

March 15, 2018