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China Daily Mail

China Daily Mail

Sino-Forest Corp. said Thursday that Ernst & Young had resigned as its auditor, The Wall Street Journal reported.

The setback follows the Chinese timber company’s attainment of creditor protection last week, as it continues to sell off most of its assets.

An Ernst & Young spokeswoman said the resignation came after Sino-Forest’s filing for creditor protection and an announcement that the company is still unable to resolve issues related to its 2011 annual financial statements.

Additional information on Ernst & Young’s resignation will be made public in compliance with securities regulations.

Muddy Waters, a China-based due diligence group, issued a report in June 2011 that alleged Sino-Forest had falsely exaggerated the value of its land assets.

Trading halted in August, when the timber group’s stock value fell below C$5, from over C$20 prior to the report’s publication.

China Economic Review

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