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Sino-Forest Corp Message Board

  • pwherman@bellsouth.net pwherman Jun 21, 2011 8:47 PM Flag

    China Development Bank may soon step in

    "In July 2010, Sino-Panel signed a Co-operative Framework Agreement with CDB that would allow project financing of up to RMB10 billion (US$1.5 billion) to support Sino-Forest and its subsidiaries' operations, including Greenheart Group, domestically and internationally".....dont count Sino out...if the CDB steps in, look out!...the CDB has already made loans to Sino at discounted rates..I think the odds are good this will happen..when, I dont know.
    http://www.marketwatch.com/story/sino-forest-accepts-china-development-bank-corporation-term-loan-offer-of-us50-million-to-fund-planting-plan-2011-03-23-17000

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    • Chairman of Sino-Forest, Mr. Allen Chan, commented: Have hired Price Waterhouse (independent).
      "I have spent 17 years building Sino-Forest and I can promise investors we are not guilty of the
      charges levied against us. The Company has grown significantly over the past five years; a period of
      time in which our financial statements have been audited by Ernst & Young a leading international
      audit firm, and during which we have been thoroughly scrutinized by several groups of major
      international underwriters and their well known legal counsel both inside and outside of China in the
      course of seven public and major private offerings. I stand by our audited financial statements,
      including the revenue and assets shown therein. All material related party transactions are
      appropriately disclosed in our financial statements. We do business with the parties identified in the
      report at arms length. Those parties are not related or connected to the Company or any of its
      management.
      Now that 34 million have been sold along with the Citron shorts selling this stock could trade at a more fair value.

    • I seem to remember that when an analyst asked about this on their oh so carefully managed conference call there was mysterious interference on the line and when it cleared they moved on to the next question without answering.

      • 1 Reply to mokwit
      • laskyb@bellsouth.net laskyb Jun 21, 2011 9:56 PM Flag

        Sino-Forest is not exactly a public relations machine. While I am sure Carson Block is 2/3 BS....I dont know what to make of Sino. There are alot of factors that say Sino is dirty, alot say they are not. I do know forestry is an important and booming industry in China, and if improperly wrong, the CDB I believe will back them up. China's reputation is at stake. And in China, they are very concerned with their global reputation.

 

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