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Post by
TruthMachine2on Jun 10, 2011 10:14am
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Post# 18698556
Sino-Forest calls China gov't website wrong
Sino-Forest calls China gov't website wrongSource:
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aTRE-1850492&symbol=TRE®ion=C
Globe says Sino-Forest calls China gov't website wrong
2011-06-10 04:40 PT - In the News
The Globe and Mail reports in its Friday edition that new concerns are emerging about a Sino-Forest timber deal in Yunnan province. The Globe's Andy Hoffman and Tim Kiladze write a Chinese government website has disclosed details of the identity of the seller of rights to about 7,000 hectares of forest in 2007. In a deal valued at nearly $70-million at the time, Sino-Forest purchased the timber rights from a company called Huaihua City Yuda Wood Co. Ltd. However, a document on the website of the Huaihua Municipal Bureau of Commerce describes Yuda Wood as "a "subsidiary of Sino-Forest." That would contradict the company's claim that it has not done such related-party sales. Late Thursday, Sino-Forest fought back, saying the Chinese government website is wrong. Sino-Forest's Stan Neve denied Huaihua City Yuda Wood is related to Sino-Forest. He declined further questions. "According to our research from two government websites, Huaihua Yuda is a subsidiary of Sino-Forest," the Muddy Waters short-sell report alleges. Muddy Waters analyst Carson Block alleges that Sino-Forest, through its "convoluted" corporate structure, has inflated its revenues and the value of its forestry assets.