Carlyle backs China Forestry despite damning report
The Carlyle Group believes troubled portfolio company China Forestry Holdings still holds value despite the firm admitting last week that it was only able to account for 1% of its historical sales. Hong Kong-listed China Forestry has been suspended from trading since January 2011 after the company’s auditor uncovered financial irregularities.
A Carlyle spokesman told Bloomberg that private equity firm's believes China Forestry is stabilizing and recovering. It plans to remain a shareholder. Carlyle Asia Growth Partners III invested $55 million...
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