Silvercorp Says Anonymous Allegation of Fraud Is False
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Silvercorp Metals Inc., which mines the metal in China, said an allegation of accounting fraud contained in an anonymous letter addressed to Canadian regulators is false.
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 said yesterday in a statement. The letter was addressed to the Ontario Securities Commission, the company’s auditors and various media outlets, Silvercorp said.