3Power Energy Group Inc (PSPW)

[StruckGold]

3Power Energy Group Inc. ordered to pay and indebted to CRG Finance AG. $1,986,282 as of April 10th 2016. Buyer be aware! Company is technically bankrupt and creditor can close it down. 3 Power has declared few thousand in assets on its balance sheet. $30M market capitalisation for company with no assets and huge debt is not innocent in nature. Investors be aware of potential manipulation of thinly traded stock controlled by one group of offshore promoters and high risk of stock fraud involved. Shareholders can alert SEC at: https://denebleo.sec.gov/TCRExternal/index.xhtml

3Power Energy Group Inc. PSPW was sued for defaulting on Loan obligations. Annual interest is 15% compounded daily at rate of $827 per day. Company owes $1,986,282.

http://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2012cv08258/404018/11/

The financial disclosure done by 3Power Energy Group is incorrect and Q should be refilled as it does not indicate total correct loan and interest amount outstanding. See below from latest fillings.

Item 1. Legal Proceedings



On November 14, 2012, CRG Finance AG (“CRG”) filed a complaint in the District Court for Southern District of New York for allegedly beaching a promissory note (See Note 5 above).



On January 17, 2013, the Company filed a motion to compel arbitration and on May 23, 2013, the Court granted the Company’s Motion to Compel and ordered that CRG file its claims as an AAA arbitration.



The Final Hearing in the AAA arbitration took place on February 27, 2014, wherein the Company was not able to establish its defense due to the lack of evidence from Rudana. The AAA Arbitrator entered an award of Euro 470,000 plus interest at the annual rate of 7.5% against the Company. As of March 31, 2014, the total award against the Company is Euro 728,241 ($816,795). On or about April 4, 2014, in an effort to perfect this award against the Company, CRG filed a petition with the Southern District of New York seeking to confirm the award. In addition, the Company accrued total of $56,835 as reimbursement of attorney fees and cost incurred by CRG and $15,500 as administrative fees and compensation to the Arbitrator.



On July 8, 2014, a judgment has been entered against 3Power in the Southern District of New York in the amount of $1,086,186. That judgment remains unpaid.