US securities regulators on Wednesday set fines against two Chinese executives accused of looting formerly US-listed Puda Coal at more than $250 million
The Securities and Exchange Commission set the default judgement against Zhao Ming, Puda`s chairman, and former chief executive Zhu Liping.
The agency said the pair already stripped the firm of its main asset before Puda raised $116 million in two US public offerings in 2010.
While investors soaked up the offerings based on the potential of Puda`s ostensibly 90 percent-owned, profit-generating mining subsidiary Shanxi Coal, Zhao had already secretly transferred Shanxi`s shares to himself a year earlier, according to the SEC case filed in 2012.