Sino-Forest Corp Down Nearly 6%, Heads Back Toward Recent Yr Lows As Publishes New Reports
Sino-Forest Corp. (TRE.TO) has published new documents in its data room to try and refute fraud allegations from Muddy Waters LLC that one of the companies it has done business with is actually a related party, the Financial Post said.
Sino-Forest is down 20 cents or nearly 6% at around $3.15, but it has touched a day low $3.01, compared to a recently struck year low of $2.85.
On Friday, Sino-Forest put two documents in its data room, the FP said. "One of them is a letter from Huaihua Yuda to the Huaihua City Bureau of Commerce (dated June 9, 2011) in which it denies being a Sino-Forest subsidiary and asks the bureau to correct the article on the website. The other is a response from the bureau on June 15th in which it apologizes to Huaihua Yuda for the apparent error and said it is amending the article."
"We have confirmed that your company is in fact a subsidiary of Sonic Jita Engineering Limited from Hong Kong and not of the Canadian listed company Sino-Forest Corporation. We apologize for any inconvenience caused to your company by this administrative error on the part of the bureau," the translated document reportedly says.
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