Washington Post
Date: 2012-02-22
Author: David S. Hilzenrath

Article Mentions
Author, David S. Hilzenrath
Mentioned, Deloitte
Through stock offerings in the United States, investors poured $115million into a China-based coal mining company that was actually an empty shell, the Securities and Exchange Commission said Wednesday.Executives of Puda Coal duped investors by failing to disclose that the company no longer owned the mining operation that had been its only source of revenue, the SEC said. The chairman of the company, Ming Zhao, had transferred that to himself, the agency alleged. Loading...Comments More on this StoryView all Items in this StoryThe case reflects broader concerns by regulators about companies based in China but selling stock in the United States.The SEC said it has revoked the U.S. securities registrations of at least a dozen such companies a...(read more)

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