Sino Clean Energy Inc. (“SCEI”) – N.Y., Nevada, Hong Kong, Xi’an Court-Appointed Receiver to Take Decisive Steps Due to Company’s Failure to Keep Its Word
BY PR NEWSWIRE
Court-Appointed Receiver for publicly-traded China-based clean energy company (SCEI) takes decisive measures to bring company into compliance with Nevada court order based on Chairman’s lack of cooperation.
Shortly after Robert W. Seiden, Esq., Court-appointed receiver (the “Receiver”) of Sino Clean Energy, Inc. (“SCEI”) (Case # CV 14-00484, Recker et al v. Sino Clean Energy, Inc., State Court of Nevada) took control over Wiscon Holdings, SCEI’s wholly- owned subsidiary in Hong Kong, SCEI’s Chairman Baowen Ren committed to cooperate with the Receiver pursuant to the U.S. court order compelling the chairman and his company to comply with the Receiver’s directions to bring value and/or account to all investors harmed by the Company abruptly “going dark” on the U.S. market. As part of this cooperation, Ren committed to release the current financial statements of SCEI on or before October 31, 2014 both directly to the Receiver and in Ren’s own press release issued on August 21, 2014, which was published two days after the Receiver took control over SCEI’s Hong Kong subsidiary. Despite the foregoing, financial information was not provided and SCEI and Ren have not responded to repeated communications.
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 Nevada state court on May 13, 2014 to maximize value on behalf of all shareholders of SCEI after the company stopped filing its required regular financial reports with the SEC in May 2012 and was de-listed. The court’s order and several letters and emails from the Receiver were provided to Ren by mail, email and in face to face meetings with the Receiver’s agents in China.