- L&L Energy (LLEN) Chairman of the Audit and Special Independent committees Mohan Datwani resigns "due to recent developments with the Company." (8-K)
- When asked to further clarify his reason Datwani wrote, "the Company has not kept me fully informed as to the degree and extent of ongoing government and regulatory investigations. Second ... the Company did not provided [sic] adequate financial support to complete the Committee's work, especially in connection with hiring independent, qualified forensic accountant [sic]."
- L & L Energy "respectfully disagrees" with Datwani and notes that no other board members have "expressed dissatisfaction with the Company's disclosures." As to the second concern, it states that "none of the current board members agree with Mr. Datwani's opinion" and that no funding requests have been denied by the company.
- Jingcai Yang, a former executive at Shenhua Group, will replace Datwani.
- The turn of events comes after LLEN was halted by the Nasdaq last week with additional information requested from the company following fraud allegations by The GeoTeam.
L&L Energy Audit and Special Independent committees Chairman resigns
Nov 26 2013, 17:46 ET