Puda Coal (PUDA -35%) says it is reviewing allegations regarding improper share transactions by...

|About: Puda Coal, Inc. (PUDA)|By:, SA News Editor

Puda Coal (PUDA -35%) says it is reviewing allegations regarding improper share transactions by its chairman. Alfred Little cites "the complete lack of internal control that allowed Chairman Zhao to first steal the company, then sell half the company (pocketing the proceeds) and then pledge the other half of the company to a Chinese PE fund while piling on $530M of 14.5% debt."