Sino-Forest says probe will take longer
By Lydia Chen |
August 17, 2011, Wednesday
|
Print Edition
Print Edition
TORONTO-LISTED Chinese tree-plantation operator Sino-Forest Corp has said an independent probe into allegations that it cooked its books will take more time than originally thought and the results will not be released until the end of this year.
The Hong Kong-headquartered firm, which has seen its shares tumble 67 percent since Muddy Waters accused it of cooking its books in a report on June 2, said an independent committee set up by the company would require more time to analyze "vast amounts of electronic data and thousands of documents from all the subsidiaries of the company."
"The committee has faced challenges due to other issues such as the decentralization of data necessary for the completion of its review," a company statement said.
The company was previously expected to complete the investigation by the end of this month, which might be used by Sino-Forest to fight fraud allegations made by Carson Block, the founder of Muddy Waters, who accused the company of cooking its books.
Sino-Forest denied all the accusations and said Muddy Waters' report was "inaccurate, spurious and defamatory."
On June 6, Sino-Forest said on its website that it had set up the independent committee to examine and review the allegations contained in the Muddy Waters' reports and had appointed PricewaterhouseCoopers to assist with the probe.
The Hong Kong-headquartered firm, which has seen its shares tumble 67 percent since Muddy Waters accused it of cooking its books in a report on June 2, said an independent committee set up by the company would require more time to analyze "vast amounts of electronic data and thousands of documents from all the subsidiaries of the company."
"The committee has faced challenges due to other issues such as the decentralization of data necessary for the completion of its review," a company statement said.
The company was previously expected to complete the investigation by the end of this month, which might be used by Sino-Forest to fight fraud allegations made by Carson Block, the founder of Muddy Waters, who accused the company of cooking its books.
Sino-Forest denied all the accusations and said Muddy Waters' report was "inaccurate, spurious and defamatory."
On June 6, Sino-Forest said on its website that it had set up the independent committee to examine and review the allegations contained in the Muddy Waters' reports and had appointed PricewaterhouseCoopers to assist with the probe.
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