NEW YORK, N.Y., Aug. 19, 2014 (GLOBE NEWSWIRE) -- via PRWEB - SCEI: OTC MARKETS
Court Appointed Receiver Reports Early Progress for Publicly-Listed Chinese Reverse Merger Company Sino Clean Energy Inc.
Robert W. Seiden, Esq., Court-appointed receiver (the "Receiver") over Sino Clean Energy, Inc. ("SCEI"), has taken control over SCEI's wholly-owned subsidiary in Hong Kong which controls the operating entities in mainland China.
The Receiver, a former prosecutor and President of global asset recovery firm Confidential Security & Investigations in New York, was appointed and granted broad powers by the Second Judicial District Court of the State of Nevada, Washoe County, on May 13, 2014 (case number CV14-00484) to act on behalf of all shareholders of SCEI after the company "went dark" and stopped filing its required regular financial reports with the SEC in May 2012. Seiden and a global team of lawyers, investigators and forensic accountants have been investigating SCEI and pushing to get transparent financial information.
SCEI, one of the largest producers of Coal Water Slurry Fuel in China, entered the U.S. equity market via a reverse merger and its stock reached a high of $9.40 per share in April 2010. SCEI was the subject of a series of negative reports that the Company misled investors about its operations and financials by disclosed short-sellers, among them Jon Carnes (operating under the pseudonym "Alfred Little") who is the defendant in a current legal action by the British Columbia Securities regulator (citation: 2013 BCSECCOM 559). In response, SCEI stopped filing its required periodic financial reports with the SEC in the summer of 2012.
In many of these types of cases involving foreign companies it is very difficult if not impossible to enforce the judgment obtained from the court. However, in this case, because of the creative thinking of a group of SCEI shareholders, including Alain Peracca, James Sutter, and Lismore Partners LLC Managing Partner Adam Waldo, the Nevada court appointed the Receiver giving him broad powers to realize the claims against SCEI. In addition to the investigation and potential recovery actions, the Receiver has sought to work collaboratively with management and the Board of Directors of SCEI to resume regular required financial and operational reporting and produce value for all SCEI shareholders.
In the first three months of appointment, the Receiver has made important strides in taking over control of SCEI and identifying assets of SCEI, including, among other things:
Source: Robert W. Seiden, Esq., Court Appointed Receiver for SCEI
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