Saturday, May 7, 2011

China Forestry Troubles Mount

Saturday, May 7, 2011

HONG KONG—A Chinese forestry company that won backing from big-name private-equity funds has become a new poster child for what can go wrong with an emerging-market investment.

The latest results for China Forestry Holdings Co. Ltd., which attracted early investments from the U.S.'s Carlyle Group and Switzerland-based Partners Group, include a US$417 million loss.

The company also reported that its former chief executive officer was arrested by Chinese authorities on Feb. 24 on allegations he embezzled 30 million yuan (US$4.6 million) from the company, and noted that a chief financial officer and other senior staff are no longer with the ...

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