Chinacast Education (OOTC:CAST) ($0.01) – together with its subsidiaries, provides post-secondary education and e-learning services in China. Bloomberg article states Ex-ChinaCast Chairman sued over alleged theft of funds.
ChinaCast Education Corp. (CAST) sued its former chairman over claims he and others stole more than $150 million of the online education company’s funds and assets over a four-year period.
Chan Tze Ngon, ChinaCast’s founder and former chairman, and Jiang Xiangyuan, the company’s chief investment officer, misappropriated more than $64 million raised in U.S. stock offerings starting in 2008 by transferring the funds to companies they owned personally, ChinaCast said in a Delaware Chancery Court lawsuit.
See full article here.