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.


Three senior employees of NBS charged with unlawful confinement

Three employees of the New Building Society were today released on self-bail after being arraigned before a Georgetown court on eight counts of unlawful confinement alleged to have occurred at its main branch.

Windies qualify for World Cup one day finals

HARARE, Zimbabwe, CMC – West Indies sneaked into next year’s World Cup in England but barely, after needing the fortune of Duckworth-Lewis to beat Scotland by five runs in their final Super Six match of the ICC World Cup qualifiers here today.

Executions, torture and slave markets persist in Libya – UN

GENEVA,  (Reuters) – Armed groups execute and torture civilians in Libya in almost complete impunity seven years after the revolution that toppled Muammar Gaddafi, the United Nations human rights office said on Wednesday.

Experts for Cabinet caucus on oil future

A group of international researchers and petroleum policy advisors will today meet Cabinet ministers to discuss the emerging oil and gas sector and give insight into prudent preparations for the revenues that will be generated from the industry.

Mother, 41, dies after delivery at Linden hospital

A 41-year old mother from Central Amelia’s Ward, Linden, died on Monday evening, having reportedly suffered severe haemorrhaging after delivering a 10-pound baby at the Linden Hospital Complex.


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