Dallas, Texas 11/27/2013 (Financialstrend) – L&L Energy, Inc. (NASDAQ:LLEN) is caught in the midst of high management drama. The chairman of its L&L Energy, Inc. (NASDAQ:LLEN) Chairman of the Audit and Special Independent committee, Mohan Datwani has tendered his resignation. Assigning “recent developments with the Company” as the reason for his resignation he reiterated that, “adequate financial support to complete the Committee’s work, especially in connection with hiring independent, qualified forensic accountant” was not offered to him to continue in his capacity as Chairman of the Independent Audit Committee.
With the exit of Mr.Mohan Datwani, he will be replaced by Jingcai Yang, an executive at the Shenhua Group.
In L&L Energy, Inc. (NASDAQ:LLEN) has been of the successful coal miners based out of U.S. with profitable coal mines in Yunnan region of Southern China. In the recent months, the company has expanded on a war footing, acquiring controlling interest in Feb 2012, in the coal mine of Weishe. It now has its own Sales front and operates through the GuangYeh Coal Sales Co, since September of last year.
GeoTeam alleges fraud
Previously GeoTeam had alleged fraudulent practices and L & L Energy Inc. has been in the midst of investigations.
However, on November 20, the company has been temporarily stopped by NASDAQ from trading on its common stock.
It did state, that the company can resume trading, once it has furnished required information required by NASDAQ.
The resignation by Datwani followed the NASDAQ directive.
In the meanwhile, L&L Energy executives have denied that there was any basis for Datwani’s allegations. It also substantiated that is disagreed disrespectfully with what Datwani had to say. It also asserted that there was no such conflict of interest or expression of ‘dissatisfaction’ by any of the other information dissemination by the company.
L&L Energy was also quick to submit that, lack of funding was never an issue with other board members.