A New Zealand Billionaire Just Upped His Stake In Sino-Forest To 11%

richard chandler

Photo: Richard Chandler

As investors and analysts dump Chinese forestry company Sino-Forest, there’s one billionaire who’s still on the bandwagon.Richard Chandler “increased to 11 per cent his interest in the Chinese tree-plantation owner targeted by short seller Carson Block,” Bloomberg reported.

Chandler’s Mandolin Fund added 2.44 million Sino-Forest shares taking the total stake to 26.7 million shares.

This move comes as all but one analyst stopped coverage of the company in the wake of Muddy Waters‘ report comparing Sino-Forest to the Madoff Ponzi scheme. The most famous stakeholder, John Paulson, unloaded his entire holding.

Sino-Forest now has only one analyst rating, from Credit Suisse, according to Bloomberg.

New Zealand-born Chandler is worth about $3 billion according to Forbes, and his “investment style has been described as deep value investing, primarily in global emerging markets and especially in distress situations.”

He’s currently based in Singapore.

He and his brother, Christopher, invested together for 20 years before splitting in two.

Their firm, Sovereign Global Investment was eventually based in Dubai after headquartering in different locations, and had “focused on Hong Kong real estate during the late 1980s and on Latin American treasuries, telecommunications firms and utilities during the early 1990s,” according to the New Zealand Herald.

Don’t miss: John Paulson: Why I Invested In Sino-Forest And How Much We Actually Lost >

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