By GS's own admission, the 1994 and 1995 forestry projects were Ponzi schemes.
Money from later projects was used to "top up" the returns for these earlier projects.
According to GS, "the fact that yields from earlier plantation eucalypt projects were less than original expectations (ie 250 m3/ha) was generally known and documented within the industry from as early as 2002".
http://www.asx.com.au/asxpdf/20090619/pdf/31j52chsv33jtr.pdf
By GS's own admission, the 1994 and 1995 forestry projects were...
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