Arbitration Tribunal Panel Awards Tongxin International $1.4M Against Ex-CFO Jackie Chang in Embezzlement Case
Marketwire - Tue Aug 19, 8:01PM CDT
A panel of three arbitrators of the American Arbitration Association, International Centre For Dispute Resolution, International Arbitration Tribunal denied all claims brought by Jackie Chang, former CFO of Tongxin International, Ltd. (PINKSHEETS: TXIC), finding that Chang received payment of all compensation that she was entitled to under her employment contract with the company, and that Chang's claims regarding wrongful termination, whistleblower and a violation of public policy were without merit. The arbitration panel found in favor of the company on all of its claims that Chang embezzled funds and paid herself unauthorized compensation. The panel further awarded the company reimbursement of administrative fees, for a total award in the amount of $1,393,000.00.
Michigan Jury Awards Tongxin Int'l $6.85M Verdict Against Ex-CEO Rudy Wilson in Embezzlement Case
Marketwire - Tue Aug 19, 8:01PM CDT
A jury in Oakland County Circuit Court, Pontiac, Michigan USA returned a verdict in the matter of Rudy Wilson vs. Tongxin International, Ltd. (PINKSHEETS: TXIC) denying all claims by Wilson, its former Chairman of the Board and CEO, for breach of contract, violation of public policy and restriction on stock, and finding in favor of the company on its claims of embezzlement, breach of fiduciary duty and breach of contract in the amount of $6,846,000.00.