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Silvercorp Metals Says Allegation of Accounting Fraud False: report

Silvercorp Metals (SVM.TO), which mines the metal in China, said an allegation of accounting fraud contained in an anonymous letter addressed to Canadian regulators is false, Bloomberg reported.

The letter circulated by e-mail alleges Silvercorp reported a profit in calendar 2010 to the U.S. Securities and Exchange Commission while posting a loss to regulators in China, Vancouver-based Silvercorp reportedly said in a statement. The letter was addressed to the Ontario Securities Commission, the company's auditors and various media outlets, Silvercorp said.

Silvercorp hit a new year low $6.92 in Toronto Stock Exchange trading.

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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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