NEW YORK, May 2, 2019 /PRNewswire/ -- On April 23, 2019, a Nevada judge issued a warrant for the immediate arrest of Siping Fang, Chairman of Nasdaq-delisted China Valves Technology, Inc. (Ticker: CVVT). The judge's order instructed that the arrest warrant be lodged with law enforcement agencies including Interpol and the National Crime Information Center.
Based on the detailed reconstruction of Siping Fang's actions, the court awarded court-appointed Receiver Robert W. Seiden a judgement of almost $240 million. The court subsequently held Siping Fang in contempt of court for intentionally obstructing the efforts of the Receiver to assert control over CVVT assets by transferring all of the operating entities away from the parent entity in the United States and out of the reach of US shareholders. Fang repeatedly failed to comply with the Receiver's requests to provide basic financial data on the company and has refused to turn over the company chops to the Receiver in defiance of the court's previous directions. As a result, the court ordered that "Fang must immediately cause the chops of CVVT, CVVT Holdings, and the Operating Subsidiaries to be transferred to the Receiver."
The contempt order and arrest warrant came after three years of litigation and followed a hearing that included testimony from the Receiver and video testimony from witnesses in China and Hong Kong.
Fang had served as representative of the 10th and 11th People's Congress of Henan Province. Fang also served as Member of the 12th Standing Committee of Kaifeng Municipal People's Congress. A prominent businessman, Fang was for two terms Chairman of the PRC Valve Industry Association.
SOURCE The Seiden Group