OTCPK:TOUBF - Post by User
Post by
Preteriston Aug 30, 2011 3:49pm
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Post# 18994874
The Epitomy of Biased Reporting
The Epitomy of Biased Reportinghttps://www.stabroeknews.com/2011/news/breaking-news/08/30/big-trouble-for-chinese-canadian-investor-in-suriname-timber/
(De Ware Tijd) PARAMARIBO – The giant timber investor Sino-Forest, whichhas between 150,000 and 300,000 hectares of concessions in Suriname viaits subsidiary Greenheart Resources Holding (GRH), is losing more andmore of its value on the international market. This is based onsuspicion of fraud by the company. While an independent internalinvestigation is ongoing, general director Allen Chan resigned onFriday. He stepped down after shares of the company lost 72% of theirvalue on the Canadian stock exchange within a day. U.S. business newsorganization Bloomberg reported this on its website yesterday.Sino-Forest’s internal investigation is carried out after reputablemarket watchdog Muddy Waters issued a report in June accusing theChinese-Canadian multinational of fraud. The timber company allegedlyexaggerated the extent of its concession areas in Suriname and the valueof the commercially exploitable timber on the concessions in order togain millions in investment capital. When asked for comment,Parliamentarian Rabin Parmessar, who is also chairman of the permanentcommittee for Natural Resources, says that personally, he believes thatmeasures should be taken against concession holders who let other localor foreign investors manage the concession without the government’sknowledge, as was done in the case of GRH and Sino-Forest.
My notes:
150,000 - 300,000 hectares of concessions of what? Trees? Popsicles?
Sure makes Chan's resigning kind of permanent looking does it? No mention of voluntarily and temporarily resigning PENDING OUTCOME OF PWC REPORT, does it? Makes it sound like that just because the share price dropped 72% (SNOFF) Chan resigned.
Anf the funniest of all, is the comment that Muddy Waters is reputable. Wrong on Orient Paper and wrong on Spreadtrum makes this guy reputable? Must be a different definition than I am aware of...
Does anyone know of Sino FOrest's actual estimations for the properties in Suriname? It would be interesting if the estimates fall within the reporters own statement!!!