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The final verdict is out on the most infamous of the Chinese "fraudcaps", Sino-Forest Corporation. The company has officially defaulted on an interest payment of as little as $10mm (see FT article). The widespread corruption in China creates a fertile ground for fraudulent investment schemes. Transparency International in its 2011 report ranks China at #78 in the world (the higher the number the more corruption). The same report ranks Canada as #10 and the US at #24 (interestingly Hong Kong is ranked #12).
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