Sino-Forest, the Chinese forestry group fighting allegations of fraud, declared victory over its accusers last week, saying an internal investigation costing $35m had proved the company was neither a “near total fraud”, nor a “Ponzi scheme”.
Investors and regulators, however, are unconvinced. Sino-Forest’s $1.8bn of bonds were on Friday trading at prices that imply extremely high risk of default. Its shares, which are listed in Toronto, have been suspended from trading since August.
The big problem is that Sino-Forest, which has denied all wrongdoing, is rapidly running out of cash.
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