In September 2007, almost a year after New Zealand–born billionaire Richard Chandler founded investment firm Orient Global in Singapore, he made a rare appearance at a forum on social responsibility. Abandoning his penchant for privacy, Chandler outlined the link between giving and investing.
Billionaire Richard Chandler, who became one of New Zealand’s richest men by pushing for reforms at South Korea’s SK Group, disclosed he’s one of the biggest shareholders in Sino-Forest Corp., the Chinese company targeted by short-seller Carson Block.
Sino-Forest Corp., the Chinese tree- farm operator targeted by short seller Carson Block, climbed to the highest in almost eight weeks on speculation billionaire investor Richard Chandler will push through positive changes at the company.
Billionaire investor Richard Chandler, the biggest shareholder in Sino-Forest Corp., said the Chinese timber company that’s fending off fraud allegations needs to change its chief executive officer and appoint new directors.
Hedge fund Oasis Management LLC sued Morgan Stanley for C$9.5 million ($9.3 million) over options in Sino-Forest Corp. bought before the Toronto-listed timber company’s stock plunged 71 percent in two days in June.
Sino-Forest Corp., the Chinese tree grower that filed for bankruptcy protection last week after failing to shake off fraud allegations, will struggle to find a buyer, according to timber industry professionals.
Carson Block, the short seller who recommended betting against Sino-Forest Corp. before it plunged as much as 89 percent, said it’s regrettable some investors were lured into buying the company’s shares following the retreat.
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.