Sino-Forest analyst joins Allana Potash
By Peter Koven
It didn’t take Richard Kelertas long to land a new job.
A few weeks after Dundee Capital Markets announced Mr. Kelertas was departing the company, Allana Potash Corp. hired the veteran analyst as head of corporate development.
Mr. Kelertas was a highly regarded equity analyst for 25 years. But he really drew attention in the summer of 2011, when he came to the defence of Sino-Forest Corp. by calling Muddy Waters Research a “pile of crap.” That comment received plenty of scrutiny as the Sino saga unfolded and the Ontario Securities Commission cease traded the stock.
Allana seems like a logical fit. Mr. Kelertas was one of the first analysts to pick up coverage of the junior potash company, which has a project in Ethiopia and is part of Stan Bharti’s Forbes & Manhattan Group. He joins a long list of Bay Street analysts that have moved on to corporate development jobs.
“There are only a few people in the sector that know the Allana story and our project as well as Richard does,” Allana chief executive Farhad Abasov said in a statement. “He has visited our project in Ethiopia and has a keen understanding of the tremendous importance of the Allana project for this part of Africa as well as the potash supply dynamics for all of Asia.”
When Mr. Kelertas left Dundee, the firm described it as part of an initiative to “realign our research strategy.”