SEC sued Zhao Ming，chairman of Puda Coal, Inc.’s (“Puda”) board of directors at UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK. (赵明是山西省第十届政协委员、山西省工商联总商会副会长.)

This case involves the theft of the primary asset of a U.S. public corporation,

Puda Coal, Inc. (“Puda”), by the chairman of the company’s board of directors, defendant Zhao. With the knowledge and complicity ofPuda’s CEO, defendant Zhu, Zhao secretly transferred Puda’s controlling interest in its operating subsidiary to himself and then sold a substantial portion of that company to an investment trust managed by the largest state-owned financial firm in the People’s Republic of China(“PRC”). None of these asset transfers were approved by Puda’s board or shareholders or disclosed in Puda’s public filings with the Commission, which Zhao and Zhu signed knowing that those documents were materially false and misleading.