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Sino-Forest Trading Ban Extended Due to Difficult Investigation
September 9, 2011
The Ontario Securities Commission yesterday extended its trading ban of shares of Sino-Forest, the controversial Chinese forestry company listed on the Toronto Stock Exchange, until next year. The Canadian regulator said its investigators were finding the case complex and required additional time for their inquiry. Like several resources companies with little connection to Canada, Sino-Forest gained entry to the Toronto exchange by purchasing a dormant Canadian company.
The trading ban, which was due to end Saturday, will now expire on Jan. 25. The securities commission has offered little information about why it first stopped trading in Sino-Forest in late August. The OSC said earlier that Sino-Forest had raised about $3 billion in equity and debt through Canadian markets.
Sino-Forest came under scrutiny in June after Muddy Waters Research issued an extensive report by short-seller Carson Brock that called the company a “multibillion-dollar Ponzi scheme.” Reporters from The Globe and Mail newspaper also found evidence in China that Sino-Forest had exaggerated the amount of timberland it owned and overstated its revenues. The OSC said Sino-Forest appeared to have engaged in self-dealing as well.
A special committee of Sino-Forest directors are also looking into allegations that the company has overstated its assets and revenues. [DealBook, 9/8/11]
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