China Forestry Holdings Co. Auditor KPMG Resigns

China Forestry Holdings Co., the Chinese timber company whose shares have been suspended since January last year because of accounting irregularities, said its auditor KPMG LLC resigned citing valuation concerns.

China Forestry needs to verify the ownership and valuation of its plantations and log inventories, a statement yesterday from the Beijing-based company cited KPMG as saying. The former auditor also said it was still awaiting results from a broader probe into the irregularities it identified last year.