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Silvercorp Metals Gets Help From Canadian Federal Police: report

Silvercorp Metals Inc. (SVM.TO), the Chinese miner accused in an anonymous letter of an accounting fraud, said Canadian federal police have contacted the company and offered to help find who made the allegations, Bloomberg reported.

Two members of the Integrated Market Enforcement Team, an arm of the federal Royal Canadian Mounted Police, met with Silvercorp executives yesterday morning, Chief Executive Officer Rui Feng reportedly said in an interview at the company's Vancouver headquarters.

"The RCMP are aware of the situation and offered to help" determine the source of the letter, Feng said yesterday. He said the police didn't elaborate on what assistance they would offer.

The anonymous letter, circulated by email last week, alleges that Silvercorp reported a profit in calendar 2010 to the U.S. Securities and Exchange Commission while posting a loss to regulators in China, Silvercorp said Sept. 2 in a statement. The letter was addressed to the Ontario Securities Commission, Ernst & Young LLP, Silvercorp's auditors and various media outlets, Silvercorp said.

Silvercorp denied the allegations and provided tax and other financial documents related to its Chinese silver mining operations in its Sept. 2 statement to back up its assertion that the anonymous accusations are false.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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