Sino-Forest Says Investigators Won’t Report Until Year End
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Sino-Forest Corp., the forestry operator accused by short-seller Carson Block of overstating its timberland holdings, said it will take until the end of the year to complete an independent probe into the allegations.
The delay, announced after Sino-Forest received an interim report from the investigators, sent shares in the Hong Kong-and Mississauga, Ontario-based company down 8.4 percent in Toronto yesterday. Sino-Forest, which has denied the claims, said June 14 that the review by PricewaterhouseCoopers LLP would take two to three months.