On\u00a0April 23, 2019, a\u00a0Nevada\u00a0judge issued a warrant for the immediate arrest of\u00a0Siping Fang, Chairman of Nasdaq-delisted China Valves Technology, Inc. (Ticker: CVVT).\u00a0 The judge\u2019s order instructed that the arrest warrant be lodged with law enforcement agencies including Interpol and the National Crime Information Center.<\/p>\n
Based on the detailed reconstruction of\u00a0Siping Fang\u2019s\u00a0actions, the court awarded court-appointed Receiver Robert W. Seiden a judgement of almost\u00a0$240 million.\u00a0 The court subsequently held\u00a0Siping Fang\u00a0in 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\u00a0the United States\u00a0and out of the reach of US shareholders. Fang repeatedly failed to comply with the Receiver\u2019s 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\u2019s previous directions.\u00a0 As a result, the court ordered that \u201cFang must immediately cause the chops of CVVT, CVVT Holdings, and the Operating Subsidiaries to be transferred to the Receiver.\u201d<\/p>\n
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\u00a0China\u00a0and\u00a0Hong Kong.<\/p>\n