Sino-Forest: Here's What Happens Next

Richard A. Kelertas is the analyst at Dundee Capital Markets who thinks the Muddy Waters fraud claim against Sino-Forest is full of crap.

In a note out, he specifies what Sino-Forest has published so far in its attempt to refute Muddy Waters and Carson Block:

• The Yunnan Master Agreement (attempting to establish proof of tree ownership).
• The yunnan purchase agreements.
• Forrest and woodland rights certifications.
• Summary schedule of tree ownership in Yunna Province.
• Bank statements verifying Sino's cash.

And here's what has to happen next (which he considers to be "abolutely critical"

 

• A detailed explanation (in flow chart form) showing the structure(s) and operation(s) of Sino's "authorized intermediaries" ("AI's").'   
• A detailed explanation and accounting (again in flow chart form) of Sino's offshore and domestic holding companies ("InvestCos")
• Further clarification of its relationship with Poyry Oy - provide what in house information supplied by Sino (in house) was used by Poyry to determine its independent valuation of Sino-Forest's plantation resources, and what data Poyry collects independently. It is likely time for this process to be upgraded to a larger, more independent one.

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See Also:

• Paulson's Nightmare Continues: Muddy Waters Is Going To Release More Research On Sino-Forest "Pretty Soon"
• Short-Seller Carson Block Doesn't Give Out His Address Because Of Death Threats
• RBC's Paul Quinn: A Wall Street Analyst With Balls Of Steel

Source: http://feedproxy.google.com/~r/businessinsider/~3/rpGj1-qJicI/sino-forest-heres-what-happens-next-2011-6

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