Independent panel's inquiry clears Sino-ForestFriday 18 Nov 2011 The independent committee investigating Chinese timber producer Sino-Forest Corp. said it found no evidence of fraud at the company and emphatically rejected allegations by a short-seller that sent shares down 75%. The claims by research firm Muddy Waters LLC, which said Sino-Forest was a "near total fraud" and a "Ponzi scheme," were among the most explosive in a string of accusations against Chinese companies. 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. |
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