Sino-Forest said the report – which was compiled by two company directors with the help of PwC auditors and outside law firms – verified the company's cash balances, timber assets and revenues, all of which had been questioned by Muddy Waters.
However, Mr Block [of Muddy Waters] told the Financial Times that the report had "no credibility" because "all three directors who oversaw the investigation are defendants in shareholder lawsuits, and one of the three resigned just prior to this release".
read the whole article here: http://www.ft.com/intl/cms/s/0/9de9db0a-0f3c-11e1-b585-00144feabdc0.html#axzz1dmantu00
Posts
No comments:
Post a Comment
___________________________________
Commented on The MasterFeeds