maoxian + sinoforest   54

Sino-Forest CFO fined $700,000 and banned from boards in settlement with Ontario Securities Commission | Financial Post
At its peak, Sino-Forest was the biggest forestry firm on the Toronto Stock Exchange, with a market value of more than $6-billion. It also raised a staggering $3-billion from investors between 2003 and 2010 before falling into creditor protection in 2012.

SEE NO FOREST ... and how many ey partners are in jail over this?
SINOFOREST 
august 2014 by maoxian
Sino-Forest Reports First Quarter 2009 Results
Sino-Forest Reports First Quarter 2009 Results ... THOUGHT ALL THIS HAD BEEN SCRUBBED?
SINOFOREST 
june 2014 by maoxian
UPDATE 3-Canada's OSC takes Ernst & Young to task on Sino-Forest | Reuters
"Dimitri Lascaris, a partner at Siskinds LLP and co-lead counsel for the investor class action, said he believes the auditor settlement, at C$117 million ($118 million), was the biggest of its kind in Canadian history." ... EY BOUGHT SOME LITTLE VANCOUVER FIRM THAT HAD THAT ACCOUNT (I BELIEVE) ... "The OSC's staff allege that Ernst & Young's audits for 2007 to 2010 failed to measure up to industry standards in verifying the ownership and existence of Sino-Forest assets, the regulator said. It also said the firm should have applied more professional skepticism to their audits." ... "Separately, U.S. regulators charged the Chinese affiliates of five top accounting firms, including Ernst & Young, with violating U.S. securities law."
EY  SINOFOREST  CHINA  STOCK  FRAUD 
december 2012 by maoxian
Sino-Forest Engaged in ‘Fraudulant Scheme,’ OSC Alleges
“We applaud the Ontario Securities Commission, with help from regulators in Hong Kong, for holding the perpetrators accountable for their actions,” Block said in an e-mailed statement on the OSC allegations.
SINOFOREST  china  fraud  stocks 
may 2012 by maoxian
China Forestry Probe Verifies Under 1% of Reported Sales
"China Forestry said last week records kept by its units prove only 8.8 million yuan ($1.39 million) in revenue for the three years through 2010, compared with 2.4 billion yuan in earlier disclosures." ... OOPS, AND WHAT OF GREENHEART?
china  fraud  SINOFOREST  stocks 
may 2012 by maoxian
Sino-Forest Corporation - Change of Auditor Notice
"This letter constitutes notice, pursuant to Section 4.11 of National Instrument 51-102 of the Canadian Securities Administrators ("NI 51-102"), that Ernst & Young LLP ("E&Y") has resigned as the auditor of Sino-Forest Corporation ("Sino-Forest" or the "Company")." ... SUE THOSE BASTARDS INTO THE GROUND, OVER $6 BILLION LOST, RECOVER AS MUCH AS YOU CAN FROM THE AUDITORS
china  fraud  SINOFOREST  ey  stocks 
may 2012 by maoxian
Sino-Forest says ex-CEO leaves firm, three fired
"In light of the departures, Sino-Forest said it will move to give more powers to its court-appointed monitor, FTI Consulting Canada Inc, under Canada's Companies' Creditors Arrangement Act." .... BILLIONS LOST, I HOPE SOMEONE IS WRITING A BOOK ABOUT IT
SINOFOREST  china  fraud  stocks 
april 2012 by maoxian
UPDATE 1-Sino-Forest seeks extension of creditor protection order
"As part of a move to extract value for creditors, Sino plans to raise cash by selling its largely Chinese forestry assets. In a filing made to the court on Thursday, Sino said it has started the process of putting its assets up for sale." ... WHAT ASSETS? (smiley)
CHINA  FRAUD  SINOFOREST  stocks 
april 2012 by maoxian
UPDATE 1-Regulator says Sino-Forest ran afoul of law | Reuters
"OSC was considering formal allegations pertaining to false or misleading statements and possible fraud." ... THROW A DART AT ANY LISTED CHINESE COMPANY
china  fraud  SINOFOREST  stocks 
april 2012 by maoxian
Sino-Forest Discloses Receipt of Enforcement Notices From Staff of the Ontario Securities Commission - Yahoo! Finance
"Sino-Forest, through its subsidiaries, appears to have engaged in significant non-arm's length transactions which may have been contrary to Ontario securities laws and the public interest" ... JUST LIKE EVERY OTHER CHINESE COMPANY
SINOFOREST  china  fraud  stocks 
april 2012 by maoxian
Sino-Forest Common Shares to be Delisted from Toronto Stock Exchange
"announced today that the Continued Listings Committee of the Toronto Stock Exchange ("TSX") has determined to delist the Company's common shares effective at the close of market on May 9, 2012 ." ... DISASTER, THINK, THIS THING HAS A 6 BILLION MARKET CAP, IMAGINE ALL THE BURIED INVESTORS
SINOFOREST  china  fraud  stocks 
april 2012 by maoxian
Sino-Forest bankruptcy not my fault: short seller
"Now he is a sought after voice on Chinese business and corporate governance issues, appearing on financial television shows or making keynote speeches, such as at an investment conference in Washington this week." ... BEATS RUNNING LOVE BOX STORAGE
SINOFOREST  CHINA  FRAUD  stocks 
april 2012 by maoxian
Sino-Forest pitches debt-equity swap as last resort
"A Singapore debt restructuring expert described the debt restructuring proposal as a "pipedream" and suggested that any turnaround of the company was doomed to failure as it faces a barrage of class action suits from its equity and debt holders in the Canadian and US courts." ... PIPE DREAM, TAKE A HIT
SINOFOREST  china  fraud  stocks 
april 2012 by maoxian
Sino-Forest Announces CCAA Filing to Pursue Third Party Sale Transaction Or Restructuring with Noteholders; Commences Action Against Muddy Waters - Yahoo! Finance
MAIN PRESS RELEASE... "The Ad Hoc Committee represents a significant portion of the holders of the Company's 5% Convertible Senior Notes due 2013, 10.25% Guaranteed Senior Notes due 2014, 4.25% Convertible Senior Notes due 2016 and 6.25% Guaranteed Senior Notes due 2017 (collectively, the "Notes" and holders of Notes, the "Noteholders")."
CHINA  FRAUD  SINOFOREST  stocks 
april 2012 by maoxian
Sino-Forest granted protection to start sale process
"The company said holders of about 40 percent of the aggregate principal amount of its notes have so far agreed to support its plan, which it presented as the best way to secure its future and normalize operations."
SINOFOREST  china  fraud  stocks 
april 2012 by maoxian
Sino-Forest Granted CCAA Order
obtained an initial order (the "Order") from the Ontario Superior Court of Justice (the "Court") for creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act ("CCAA").
SINOFOREST  CHINA  FRAUD  stocks 
april 2012 by maoxian
Sino-Forest Initiates Sale Solicitation Process - Yahoo! Finance
TAKE NOTICE THAT pursuant to an order (the "Order") of the Ontario Superior Court of Justice (the "Court") issued on March 30, 2012 under the Companies' Creditors Arrangement Act, Sino-Forest Corporation obtained Court approval to conduct a sale solicitation process (the "Sale Process").
Pursuant to the Sale Process, Houlihan Lokey is soliciting proposals from prospective strategic and financial parties to acquire substantially all of the property, assets and business of Sino-Forest Corporation and its subsidiaries, other than certain excluded assets. Sino-Forest Corporation is a leading commercial forest plantation operator in China.  Its principal businesses include the ownership and management of tree plantations, the sale of standing timber and wood logs, and the complementary manufacturing of downstream engineered-wood products. 
The Court also appointed FTI Consulting Canada Inc. as the Monitor of Sino-Forest Corporation and confirmed Houlihan Lokey as its financial advisor.
SINOFOREST  CHINA  FRAUD  stocks 
april 2012 by maoxian
Sino-Forest granted protection to start sale process
"We believe the full value of our assets will only be achieved if we are able to continue operating the business," Judson Martin, chief executive of Sino-Forest, said in a statement.
SINOFOREST  CHINA  FRAUD  stocks 
april 2012 by maoxian
Sino-Forest of China Files for Bankruptcy in Toronto
filed for bankruptcy protection in a Toronto court on Friday and said that it would try to sell or restructure its operations. ... "The company also announced that it had filed a defamation lawsuit in the Ontario Superior Court of Justice against Muddy Waters and the author of its report, Carson C. Block. It is seeking $4 billion in damages and the recovery of any profits the firm or Mr. Block made on Sino-Forest shares." ... ONLY 4 BILLION?
SINOFOREST  CHINA  FRAUD  stocks 
april 2012 by maoxian
TSX Delisting Review - Sino-Forest Corporation (TRE)
TSX is reviewing the Common Shares (Symbol: TRE.TO - News) of the Company with respect to meeting the requirements for continued listing pursuant to the Expedited Review Process. The Common Shares are currently halted as a result of a Cease Trade Order.
SINOFOREST  china  fraud  stocks 
april 2012 by maoxian
Sino-Forest files for bankruptcy protection
"Shareholders typically receive little or nothing under a bankruptcy protection restructuring." YOU DON'T SAY ... "Richard Chandler, a New Zealand billionaire investor, was the largest holder of Sino Forest shares with just under 20 percent, while New York-based Davis Advisors held about 17 percent of the company." ... INSANE
SINOFOREST  china  fraud  stocks 
april 2012 by maoxian
Sino Forest’s Greenheart Falls in H.K. on Default Warning -- By Michelle Yun - Dec 14, 2011 5:03 PM GMT+0800
"Greenheart, which owns forest assets in Suriname and New Zealand, sold about 34 percent of its products to Sino-Forest in the first nine months of this year, it said today. Sino-Forest also has a 39.6 percent stake in a Greenheart unit that owns forestry assets in western Suriname, it said.
Sino-Forest acquired a majority stake in Greenheart, which was previously Omnicorp Ltd., in August last year."
SINOFOREST 
march 2012 by maoxian
Sino Forest’s Greenheart Gains on Parent Debt-Waiver Comment - Jan 11, 2012 4:46 PM GMT+0800
"Greenheart has plunged 75 percent since Carson Block, a short-seller, said in June that Sino Forest overstated its timber assets in China. Sino Forest, which is being investigated by the Ontario Securities Commission and the Royal Canadian Mounted Police, dropped 74 percent in Toronto before it was suspended from trade on Aug. 25" ... "Sino- Forest has four sets of bonds outstanding totaling $1.8 billion."
SINOFOREST 
march 2012 by maoxian
Sino-Forest Bondholders Agree to Default Waiver, Cutting Bankruptcy Risk - By Christopher Donville - Jan 13, 2012 5:52 PM GMT+0800
"Greenheart, 64 percent controlled by Sino-Forest, surged 50 percent on Jan. 11 when its parent said it’s “optimistic” of reaching a waiver agreement with bondholders." ... ANYONE WHO SOLD THAT SPIKE IS GLAD THAT HE DID
SINOFOREST 
march 2012 by maoxian
Questions remain as panel winds up Sino-Forest probe
"The independent panel looked at two of Sino-Forest's Chinese forestry concessions in a sampling exercise and found the company's statements of its assets to be accurate to within 6 percent.
But it added that: "...no extrapolation of the findings to Sino-Forest's broader forestry assets is possible or is implied."" ... LOOKED AT TWO WHOLE CONCESSIONS!
CHINA  FRAUD  SINOFOREST  stocks 
february 2012 by maoxian
UPDATE 1-Sino-Forest says independent investigation ends
"The company said the independent committee was not able to reach definitive conclusions regarding certain relationship issues that it was investigating" ... WELL THAT CLEARS THINGS UP!
CHINA  FRAUD  SINOFOREST  stocks 
february 2012 by maoxian
Sino-Forest cease-trade order extended to April 16
"Once Canada's most valuable forestry company with a market capitalization of more than C$6 billion ($5.96 billion)" ... NIGHTMARE, THINK OF THE NUMBER OF PEOPLE BURIED IN THIS
SINOFOREST  CHINA  FRAUD  stocks 
january 2012 by maoxian
Sino-Forest says bondholders will waive default
"it agreed to make a $9.8 million interest payment on convertible notes that was due last month and pay a waiver fee of about $10 million, or 1 percent of the principal amount, to holders of senior notes due in 2014 and 2017."
china  fraud  SINOFOREST  stocks 
january 2012 by maoxian
Sino-Forest Provides Update Regarding Note Holder Default Notices and Comments on the Status of its Historic Financial Statements - Yahoo! Finance
"the Company cautions that the Company's historic financial statements and related audit reports should not be relied upon." ... BILLIONS LOST, SO MANY BURIED
CHINA  FRAUD  SINOFOREST  stocks 
january 2012 by maoxian
Sino-Forest structure leaves bondholders facing wipeout
"Its bondholders have included some of the world's biggest asset managers including Fidelity, whose Asian high yield fund and global high yield funds between them held some $70 million of the company's 2017 bonds at end-October" ... 70MM MEANINGLESS TO FIDO BUT I'M SURE THERE ARE BONDHOLDERS WHO CAN'T AFFORD TO BE WIPED OUT (AS THEY SURELY ALL WILL BE, THE FOREIGNERS ANYWAY LOL)
CHINA  FRAUD  SINOFOREST  stocks 
december 2011 by maoxian
Asia Private Equity Weekly News, Dec 19, 2011 | Reuters
"RICHARD CHANDLER Corp, the largest shareholder in Sino-Forest Corp, called on Thursday for a board shake-up, saying directors were taking too long to clear the China-focused forestry company of fraud allegations." ... CRAZY GUY, WILL END UP WITH NOTHING I EXPECT, THANK GOD HE CAN AFFORD TO LOSE IT
CHINA  FRAUD  SINOFOREST  stocks 
december 2011 by maoxian
Sino-Forest Corporation Receives Notice of Default and Forms Special Restructuring Committee
"The aggregate amount of principal owing under the four series of outstanding senior and convertible notes is approximately US $1.8 billion. In addition to its outstanding senior and convertible notes, as of September 30, 2011, the Company has loan facilities in China totaling US $70.5 million (unaudited)." ... PUT IT OUT ON A SUNDAY?
CHINA  FRAUD  SINOFOREST  stocks 
december 2011 by maoxian
Sino-Forest shareholder urges new management
"Chandler built up his stake in Sino-Forest this summer after the Muddy Waters report came out." ... HE WILL END UP WITH NOTHING, YES? HE JUST BOUGHT COMMON STOCK, RIGHT?
CHINA  FRAUD  SINOFOREST  stocks 
december 2011 by maoxian
Moody's withdraws ratings on Sino-Forest Corp
"Its bonds due 2014 and 2017 are quoted at 21/25 cents on the dollar compared with last week's 30/40 range. These bonds were trading at 92 cents on the dollar when Muddy Waters' report surfaced in June."
CHINA  FRAUD  SINOFOREST  stocks 
december 2011 by maoxian
Sino-Forest Updates Status of its Third Quarter Financial Results and Certain Other Matters
"These efforts continue but are not completed." ... OOOPH THEY PROMISED Q3 ON DEC 15, DIDN'T HAPPEN ...
CHINA  FRAUD  SINOFOREST  stocks 
december 2011 by maoxian
Sino-Forest Expects Default Notice
"Sino-Forest won’t make a $9.78 million interest payment on its 2016 convertible notes that’s due Dec. 15, the Hong Kong- and Mississauga, Ontario-based company said yesterday in a statement. There’s no assurance if or when the earnings results will be released, it said." ... EEESH ... "Bond dealers were offering to buy Sino-Forest’s $600 million of 6.25 percent notes due in October 2017 for 25 cents on the dollar at 4 p.m. yesterday in New York, according to Brownstone Investment Group LLC in New York. That’s down from 35 cents on Dec. 9." TOTAL DISASTER, NOT LIKE BONDHOLDERS DIDN'T HAVE PLENTY OF WARNING
CHINA  FRAUD  SINOFOREST  stocks 
december 2011 by maoxian
Muddy Waters Claims on Sino-Forest, Focus Media Are Unproven, Arbess Says
"“Carson better be right on these things, because if he isn’t, then he will have to do something else.”" ... THERE'S ALWAYS LOVE BOX STORAGE... SERIOUSLY HE SHOULD ALREADY BE SET FOR LIFE, EASILY COULD HAVE MADE TENS OF MILLIONS OF DOLLARS ... "“I’m far from an apologist for Chinese issuers -- I think the whole space is very, very dangerous,” New York-based Arbess said. “I’m just saying I don’t know you can draw a conclusion that says the whole space is structurally corrupted.”" YOU CAN DRAW THE CONCLUSION THAT CHINESE CULTURE ITSELF IS CORRUPTED
CHINA  FRAUD  FMCN  SINOFOREST  stocks 
december 2011 by maoxian
Bronte Capital: The Sino Forest Independent Committee Report - part 2
"The earliest email retrieved from Ms. Chen and Mr. Zhao’s computers and servers was dated June 10, 2011. It is to be noted that the IC Advisors attended at the aforementioned office on June 13, 2011 for data preservation but access to the company servers and IT staff was denied by Ms. Chen. Subsequently, on June 15, 2011, the IC Advisors were provided access to commence data preservation." ... PURELY A COINCIDENCE!
CHINA  FRAUD  SINOFOREST  stocks 
november 2011 by maoxian
Bronte Capital: The Sino Forest Independent Committee Report part 1.
"It is on the basis of the evidence presented here that the IC is confident that the MW allegations are false. I am (proudly) short Sino Forest so I am biased. I am just going to repeat Para 83 verbatim. You can decide."
CHINA  FRAUD  SINOFOREST  stocks 
november 2011 by maoxian
Sino-Forest CEO Faces ‘Herculean’ Task
“I had the skill set more suitable to bring this independent committee process to a closure than Alan did,” Martin said at the briefing. “Alan built this company, he did something remarkable, I could never do that, but I was trained in the North American way, getting things done, being a little harsher than Allen’s capable of being.”
SINOFOREST  CHINA  STOCKS  FRAUD 
november 2011 by maoxian
Sino-Forest Announces Findings of the Independent Committee
"To say that this has been a tough time for our employees, investors and our Company as a whole would be a huge understatement. A great deal of financial and reputational damage has been caused by unfounded accusations made by a short-seller, who we understand personally profited a great deal from the losses of others.  Far from being a "near total fraud" and "Ponzi scheme" as alleged by Muddy Waters, Sino-Forest is a real company, with real assets and real revenue.  We are reserving our rights to respond to this matter."
SINOFOREST  china  fraud  stocks 
november 2011 by maoxian
A Panel's Inquiry Clears Sino-Forest
"The Canada-listed Chinese timber company says its report—the result of a $35 million, five-month investigation—found that the company owned all the timber it claimed, valued it correctly and had not carried out any questionable transactions ... Sino-Forest's board launched a special investigation led by board members and conducted by auditors PricewaterhouseCoopers and lawyers from three firms—Osler, Hoskin & Harcourt LLP in Canada, Mallesons Stephen Jaques in Hong Kong and Jun He Law Offices in mainland China. Investigators pored over more than 40,000 documents, according to the company and visited nearly all of the timberland controlled by Sino-Forest." ... " the independent committee report said on further investigation they found no evidence of suspicious transactions. They said Sino-Forest's deals all checked out and the assets were all properly valued." ... THIS IS THE CONCLUSION OF PWC??
SINOFOREST 
november 2011 by maoxian
Sino-Forest Confirms Probe by Canadian Police Amid Allegations of Fraud
"Officers and directors at Sino-Forest may have engaged in acts “related to its securities” that they “knew or should have known” perpetuated a fraud, the OSC said Aug. 26. The shares were halted by the OSC that day. The company’s Chairman and Chief Executive Officer Allen Chan resigned two days later.
“We cannot comment on the RCMP investigation, but Sino- Forest’s Independent Committee is in the latter stages of its own extensive examination” of allegations made by Muddy Waters, Sino-Forest said. The company said it will respond fully by year-end." ... LOTS OF BIG MONEY TYPES HURT BADLY HERE (davis, paulson, etc.), LOVE TO KNOW WHO SHORTED THIS ONE IN SIZE, EVEN BEFORE CARSON SHOWED UP
SINOFOREST  FRAUD  CHINA  STOCKS 
november 2011 by maoxian
PRESS DIGEST - CANADA - Nov 7 | Reuters
"Embattled Sino-Forest Corp suffered another major blow with the resignation of director James Bowland, a member of an independent committee investigating allegations of fraud against the Chinese timber company." ... HE WAS CRAZY TO SIGN ON WHEN HE DID
SINOFOREST  CHINA  STOCKS  FRAUD 
november 2011 by maoxian
Sino-Forest Announces Resignation of Director
TORONTO , Nov. 4, 2011 /CNW/ - Sino-Forest Corporation (the "Company") (TSX: TRE.TO - News) today announced James Bowland has resigned as a director.  Mr. Bowland joined the Board in February, 2011 and was a member of the Independent Committee, the Audit Committee and the Compensation and Nominating Committee. 
china  stocks  fraud  SINOFOREST 
november 2011 by maoxian
UPDATE 1-Sino-Forest ready to make interest payment
"The Toronto-listed company, which has been accused of fraud, said it had deposited a coupon payment for 6.25 percent guaranteed senior notes due 2017 on Tuesday. The payment is due on Friday."
bonds  china  fraud  stocks  SINOFOREST 
october 2011 by maoxian
UPDATE 1-Sino-Forest fields request to sue employees
"The request indicated that, if the company does not agree to commence legal proceedings as demanded, the purported shareholder may seek court approval to commence such proceedings in the name of the Company," the release said.
china  stocks  fraud  SINOFOREST 
october 2011 by maoxian
Sino-Forest's Greenheart resumes trade, shares plunge
"The Securities and Futures Commission (SFC) had directed the Stock Exchange of Hong Kong to suspend dealings in the company's shares on August 29 in relation to the concession that gives Dynasty Forest Industry N.V. the right to harvest and extract logs from designated areas in Suriname, in South America.

The stock was the biggest loser in Hong Kong in early trading on Tuesday, falling more than 44 percent by 0139 GMT (9:39 p.m. EDT)." ... 44% IS THAT ALL?
HONGKONG  STOCKS  CHINA  SINOFOREST 
september 2011 by maoxian

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