Sino-Forest Corporation (SNOFF)

[Sibware]

Ned Goodman blames regulators for Sino-Forest collapse

http://business.financialpost.com/2013/03/05/pdac-2013-ned-goodman-blames-regulators-for-sino-forest-collapse/

Sino-Forest Corp. collapsed amid claims that it was committing fraud on a massive scale. But Ned Goodman, the CEO of Dundee Corp., places the blame on regulators, who moved quickly to cease-trade the stock and launch wide-ranging probes following allegations by a short seller.
“Something is wrong” when a regulator can destroy a company like Sino-Forest, he told an audience at the PDAC conference.
For him, the central issue in the debacle was land ownership. He believes regulators did not understand that companies such as Sino do not own the land they work on in China, and used that as a basis to accuse it of fraud and take it down.
He has good reason to be angry about Sino’s collapse. Dundee was one of Sino-Forest’s key underwriters, and was named as a defendant in a class action lawsuit tied to its demise.