{
  "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": 23,
  "pageCount": 40,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "appendix_disclosure",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide serves as a disclosure of evidence supporting allegations of financial misconduct or 'tunnels' for stealing investor funds.",
  "elementsJson": [
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-ddcaae91147c/23",
  "deckHref": "/decks/019dd923-622c-750b-8b95-ddcaae91147c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-ddcaae91147c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-ddcaae91147c#slide-23",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "It is inconceivable to us that Bo Hu would be able to understate its revenue by over $200 million (or 99.9%) – at over $200 million in annual revenue, Bo Hu would be one of the larger privately-owned businesses in Zhanjiang.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-846c-b4a1014b961c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.66,
        "x": 0.17,
        "y": 0.00211
      },
      "kind": "list",
      "text": "Bo Hu’s audit report shows that it has made substantial payments to TRE entities, including an undisclosed subsidiary. (See Appendix E4 & E5.)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06dd03ff-cdbc-4a50-b7fc-69f5ffa27aba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.66,
        "x": 0.17,
        "y": 0.00326
      },
      "kind": "list",
      "text": "Bo Hu’s 2008 audit report shows revenue of approximately $37,000 (RMB 250,189) – for the sake of clarity, that is thirty-seven thousand dollars. See Appendix E6.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7daf861f-5bbd-4fbe-9ef3-1ef0632c6f41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.66,
        "x": 0.17,
        "y": 0.00658
      },
      "kind": "list",
      "text": "The registered address was at Floor 1, No. 7 Xibian Hongyang New Village... until November 29, 2010 (Appendix E10). This address is the personal residential address of Mr. Wang Rui Mei...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "829faf4d-a398-4a67-b4ee-59a56eeabe86",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.66,
        "x": 0.17,
        "y": 0.93
      },
      "kind": "list",
      "text": "We spoke with a Mr. Xu, who is the vice president of sales for Bo Hu. He is certain that Bo Hu does not deal in Guangxi plantations. Mr. Xu did say however that Bo Hu is a customer of Sino-Panel...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9867922f-4fd1-4f49-bec2-c8040248e0dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.66,
        "x": 0.17,
        "y": 0.00595
      },
      "kind": "list",
      "text": "The registered capital was only $78,000 (RMB 550,000) (Appendix E7).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9add7bce-15ec-4171-b89a-3accb09cb94c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.66,
        "x": 0.17,
        "y": 0.00525
      },
      "kind": "list",
      "text": "Zhangzhou Lu Sheng Forestry Development Company Limited was incorporated on Nov. 19, 2007 (Appendix E7), just nine months before TRE entered an approximately one billion dollar (RMB seven billion) master contract with it.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac57e5fc-9c51-4e5b-911d-fece20755769",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.12,
        "x": 0.44,
        "y": 0.00491
      },
      "kind": "title",
      "text": "Fujian Agent",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a34c4c09-e9dd-4fe7-83a3-8d817096d157",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Authority citation",
      "slug": "authority-citation",
      "agent": null,
      "layer": "slide",
      "matchId": "a72e74b0-0928-4e8a-8d5b-41ad92520d5c",
      "evidence": "Appendix E7",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e2aab4ef-5563-431e-a837-120b40ecd4fe",
      "evidence": "The slide systematically presents evidence of shell companies and financial discrepancies to expose potential fraud.",
      "confidence": 0.9
    }
  ],
  "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
}