{
  "docId": "019dd923-622c-750b-8b95-ddcaae91147c",
  "docSlug": "16b80d15dcb2",
  "documentTitle": "Sino-Forest Corporation (TRE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-06-02 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.7070758,
  "pageNumber": 18,
  "pageCount": 40,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "appendix_data",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide serves as a forensic audit note, highlighting a potential $800 million overstatement in reported purchase values.",
  "elementsJson": [
    "paragraph",
    "numbered_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-ddcaae91147c/18",
  "deckHref": "/decks/019dd923-622c-750b-8b95-ddcaae91147c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-ddcaae91147c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-ddcaae91147c#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The value of purchases made under Yunnan master agreement is overstated by approximately $800 million.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-846c-2a650354da2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.178,
        "w": 0.708,
        "x": 0.146,
        "y": 0.293
      },
      "kind": "list",
      "text": "1) The Approval Letter by the Lincang City Commercial and Business Bureau... 2) The Approval Letter by Lincang City Development and Reform Commission... 3) The Lincang City’s Forest Bureau 2008 Work Completion Report... 4) The Lincang City’s Forest Bureau 2009 Work Completion Report... 5) The Lincang City Forest Bureau’s 2010 Half Year Work Completion Report...",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53ad3e4c-1399-4933-afd3-359a24dc5af5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "asset overstatement: $800 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-846c-2c2d09e93801",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.708,
        "x": 0.146,
        "y": 0.095
      },
      "kind": "paragraph",
      "text": "Yunnan agent, Gengma Dai and Wa Tribes Autonomous Region Forestry Co. Ltd. (also known as Gengma Forestry Co. Ltd. – see Appendix D1), which appears to be a legitimate agent, by approximately $800 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e699f2c1-b943-42c9-92ba-dc9d9db440e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.708,
        "x": 0.146,
        "y": 0.242
      },
      "kind": "paragraph",
      "text": "The SAIC file for TRE’s Yunnan entity, Sino-Panel (Gengma) Co. Ltd. and the Lincang City Forest Bureau’s 2008 – 2010 Work Completion Reports contain the following documents, which we used to understand the real terms of the Yunnan master agreement:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f95e7c66-db74-42df-9233-bed6c2944abd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.051,
        "w": 0.708,
        "x": 0.146,
        "y": 0.158
      },
      "kind": "paragraph",
      "text": "The value of purchases made under Yunnan master agreement is overstated by approximately $800 million. TRE announced in March 2007 that it had entered into a master agreement to purchase up to 200,000 hectares of plantation trees in Lincang City, Yunnan Province.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb9bae28-5153-4c24-9c54-e5d533e39bd4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.708,
        "x": 0.146,
        "y": 0.865
      },
      "kind": "source-note",
      "text": "48 This is the agent that TRE refers to as the Gengma Dai and Wa Tribes Autonomous Region Forestry Company in its March 2007 announcement of the master agreement. 49 See Sino-Forest website.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4499de1-3678-4537-9916-c6b95b9d5b08",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 40,
      "from": 3,
      "beatId": "88101fba-40c4-4ce1-bed1-ff010cf7d0c8",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document repeatedly exposes contradictions and suspicious transactions in Sino-Forest Corporation's business practices",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 37,
      "from": 13,
      "beatId": "ff1e2ca8-85be-49c4-9acf-56bed2bec21f",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document critiques Sino-Forest Corporation's corporate governance and business practices, portraying the company as potentially villainous",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 38,
      "from": 18,
      "beatId": "32584eb8-0127-4ba1-bf54-df56a90e1e1d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Appendix Data",
      "beatSlug": null,
      "evidence": "The document includes various data and appendices to support its claims",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}