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  "docSlug": "fd245f907dd4",
  "documentTitle": "Orient Paper Inc. (ONP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-06-28 00:00:00",
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  "density": "dense",
  "nDataPoints": 20,
  "notes": "The slide uses a forensic accounting approach to expose potential fraud by comparing historical claimed values against current market quotes.",
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      "text": "The foregoing sample makes clear that ONP's asset values in its PRC financial statements are inflated by many millions of dollars – and likely by at least five times as of 2003.",
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      "text": "Overstatement Multiple: 4.3 - 4.8x",
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      "text": "The foregoing sample makes clear that ONP's asset values in its PRC financial statements are inflated by many millions of dollars.",
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      "kind": "paragraph",
      "text": "The comparison between the values ONP provided in the capital verification report and the quotations we received is below.",
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      "text": "We showed video and photos of ONP's production equipment to a salesperson for a large European paper manufacturing equipment producer.",
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      "kind": "quote",
      "text": "a few hundred thousand [US] dollars. — Salesperson for a large European paper manufacturing equipment producer.",
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      "text": "Asset list with 2010 cost, 2003 claimed values, overstatement amounts, and multiples.",
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      "kind": "title",
      "text": "The Value of ONP's Production Lines is Greatly Overstated",
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      "kind": "title",
      "text": "Comparison of Claimed Values on a Sample of Assets Contributed in 2003, Versus 2010 Brand New Prices (RMB)",
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