Wednesday, June 22, 2011

Sino Forest even ripped off the scam

As more information comes to light regarding accusations of Sino-Forest fraud it appears even their technique was stolen from someone else:

From IndiaExpress -- March 2003

Dream plantations that never bore fruit
The brochure said the company would develop the land for agro-forestry farms and after expiry of the plan period, trees and cash crops would be cut and money from the sale would be guaranteed by post-dated cheques.... The Income Tax Department sniffed out a trail of bribes the company had paid buying real estate. The department says it has evidence that the palms of the registering authorities were greased while purchasing land at Jharmari for Chandigarh Extension 22 Project.
I should do a forensic study to see if the income statement and balance sheet could have alerted people to the possible fraud. A rogues gallery of failures / frauds could me most instructive.

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