Sino-Forest’s final report into fraud allegations turned out to be a non-event yesterday. The independent committee charged with investigating its complicated structure and murky relationships admitted that it has made very little progress since its previous report in November.
The company had trumpeted the earlier findings, claiming that they proved Sino-Forest was not a Ponzi scheme. In truth, that report found much the same as this one very little. Even so, the investigation is now over, leaving more questions than answers and putting the company on a collision course with shareholders and creditors.
The size of Sino-Forest’s timber assets, their value and the revenue they generate are...
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