Sino-Forest Corp. announced that it has terminated the employment of Alfred Hung, Vice President Corporate Planning and Banking of the company, George Ho, Vice President Finance of the company and Simon Yeung, Vice President Operations of Sino-Panel (Asia) Inc. The company also announced that Albert Ip, who served as Senior Vice President Development and Operations North East and South West China, prior to his recent resignation, will not serve as a consultant to the company. The company also announced that Allen Chan, the Founding Chairman Emeritus of the company, has voluntarily resigned from the company and that David Horsley has resigned as the company's Chief Financial Officer but will continue as an employee of the company, to assist with the company's restructuring efforts. On August 28, 2011, the company announced that Mr. Chan had voluntarily resigned as Chairman, Chief Executive Officer and Director but would continue with the company as Founding Chairman Emeritus, a non-executive position. On March 30, 2012, Mr. Ip resigned from the company but had agreed to serve as a consultant to Sino-Forest on a part-time basis.