ForesterBlog.com
Did you know that Canada's once largest forest company (by dollar value) didn't even have any woodland operations in Canada?
Near it's peak, the company was worth around $6 Billion and its shares traded on the Toronto Stock Exchange.
Sino-Forest Corp operated mainly in China and owned/operated woodlands in that country. The promise of China's growing economy and the advantage of operating within it pushed the company's shares to higher highs.
However, the story proved too good to be true, and a report by investing company Muddy Waters found many holes in the Sino-Forest story. Presently, the company is under fraud allegations and bankruptcy protection, with creditors owed $1.8 Billion (not to mention losses sustained by shareholders).
It was once Canada’s largest publicly traded forestry firm, but less than a year after Sino-Forest Corp. was first rocked by fraud allegations, the company is insolvent and has been forced to seek bankruptcy protection from creditors and put itself up for sale.
http://www.theglobeandmail.com/globe-investor/sinoforest/sino-forest-files-for-bankruptcy-protection/article2387148/
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