Big trouble for Chinese-Canadian investor in Suriname timber

(De Ware Tijd) PARAMARIBO – The giant timber investor Sino-Forest, which has between 150,000 and 300,000 hectares of concessions in Suriname via its subsidiary Greenheart Resources Holding (GRH), is losing more and more of its value on the international market. This is based on suspicion of fraud by the company. While an independent internal investigation is ongoing, general director Allen Chan resigned on Friday. He stepped down after shares of the company lost 72% of their value on the Canadian stock exchange within a day. U.S. business news organization Bloomberg reported this on its website yesterday. Sino-Forest’s internal investigation is carried out after reputable market watchdog Muddy Waters issued a report in June accusing the Chinese-Canadian multinational of fraud. The timber company allegedly exaggerated the extent of its concession areas in Suriname and the value of the commercially exploitable timber on the concessions in order to gain millions in investment capital. When asked for comment, Parliamentarian Rabin Parmessar, who is also chairman of the permanent committee for Natural Resources, says that personally, he believes that measures should be taken against concession holders who let other local or foreign investors manage the concession without the government’s knowledge, as was done in the case of GRH and Sino-Forest.

Comments  

India using chilli sprays, stun grenades to dissuade Rohingya influx

India using chilli sprays, stun grenades to dissuade Rohingya influx (Reuters photo)   NEW DELHI, (Reuters) – India has stepped up security along its largely porous eastern border with Bangladesh and is using “chilli and stun grenades” to block the entry of Rohingya Muslims fleeing from violence in their homeland of Myanmar, officials said on Friday.

Firm for Demerara crossing study not picked via tender

Following an opposition request for an investigation into the award of the contract for the feasibility study and design for the new Demerara River crossing to LievenseCSO, the Ministry of Public Infrastructure last night said that the Dutch firm was selected after the initial procurement process was annulled and it sought out consultants worldwide.

Cash-strapped GuySuCo to sell land to CH&PA

Facing a cash crunch, the Guyana Sugar Corporation (GuySuCo) will be selling land to the Central Housing and Planning Authority (CH&PA), Minister of State Joseph Harmon announced yesterday, while noting that the corporation has sought a bailout to the tune of $2 billion.

Children to be given priority in post-hurricane evacuation efforts

Minister of Citizenship Winston Felix yesterday announced that priority will be given to children in evacuation efforts organized by the Guyana Government to assist Guyanese who remain on hurricane-affected islands, as there remains the risk of an epidemic in some cases.

Four years’ jail for woman nabbed with cocaine at CJIA

A 59-year-old woman was yesterday sentenced to four years in prison and fined $6.5 million after she pleaded guilty to the possession of five pounds of cocaine, which she was trying to sneak on board a flight to New York.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now

×