Sino-Forest Corp. Responds to Fraud Allegations

Sino-Forest Corporation, a Toronto-headquartered commercial forest plantation operator in China, issued a statement in response to allegations by short seller Muddy Waters Research that it fraudulently exaggerated its timber assets. An independent committee established by the Sino-Forest board has appointed legal counsel Osler, Hoskin & Harcourt LLP, Mallesons and Jun He Law Office, a Chinese law firm, to assist with a review. Sino-Forest will also appoint a international accounting firm to assist in the review.