At a benefit for pediatric cancer care in London three weeks ago, Carson Block, the 36-year-old short seller whose research helped erase almost $7 billion of market value in China since 2010, unveiled his latest theory.
Carson Block’s comments questioning Olam International Ltd.’s accounting practices, which prompted the biggest plunge in its New York stock in four years, were part of a concerted short-selling attack, the agriculture trader’s chief executive officer said.
Sino-Forest Corp. Chief Executive Officer Allen Chan and Chief Financial Officer David Horsley received stock options that were backdated or mispriced in violation of Toronto Stock Exchange rules, according to a lawsuit from two investors.
Sino-Forest Corp., the Chinese timber company that plunged 74 percent this year after fraud allegations, said going private is among the options under consideration as it attempts to restore its finances and reputation.
Carson Block, research director and founder of Muddy Waters Research, talks about suspension of trading on Sino-Forest Corp. by Canada’s main securities regulator amid an investigation that the company has been inflating its China timberland holdings and the resignation of Chief Executive Officer Allen Chan. (Source: Bloomberg)
Sino-Forest Corp. Chief Executive Officer Judson Martin, a former real estate and television executive, is trying to put an end to five months of turmoil for the forestry company beset by accusations of fraud.