As of earlier today, Sino Forest is official bankrupt, courtesy of ISDA's determinations committee which found just that [2], despite Sino's attempt to scapegoat Muddy Waters in an idiotic attempt at redirection. So is Muddy Waters sitting on its laurels, having been vindicated? No: the company just released the following analysis this time focusing on "The Fraud School', our old friend RINO as well as new entrant to the alleged fraudcap space: FSIN.
From Muddy Waters [3]:
There was an important article in the Chinese media on April 3, 2012 talking about an investigation into a "fraud school" that prepared fraudulent companies to list in the US via RTO. The article states that this fraud school was responsible for bringing RINO (exposed by MW) to the US. It also states that the Chinese investment bank at the center of the fraud school previously worked with ALN, LIWA, RINO, and FSIN. We conclude that FSIN presents a high risk of fraud.
MW is launching a new interactive report format, with a narrated slide show (15 minutes) available on YouTube (link below). MW will soon release on its website a white paper with the supporting material for the interactive report.
Muddy Waters - Narrated Frauducation on Fraud School, RINO, FSIN [3] from Muddy Waters [4] on Vimeo [5].
And here is the full presentation: