3 Power Energy Group, Inc PINK SHEET QUOTED SYMBOL PSPW will have all or any assets seized by US Marshals as they are in Violation of Court Order Judgement in the amount of $1,986,282 as of April 10th 2016. Under Judgement 15% being accrued as long as company exists. Its only a matter of time before creditor will seize all or any assets of PSPW in Dubai or anywhere in the World unless they plan to change Jurisdiction to Somalia or Zimbabwe Stock Exchange. PSPW or 3POWER GROUP IS NOTHING BUT INVESTOR FRAUD and here are the reasons: : 1. PSPW has no assets. 2. PSPW has no business other then Monthly Newsletter issued to shareholders posted on website. 3. Not one single announced contract generated revenues or closed since inception. Stock was promoted on heavy volume to sponsored lists of investors including I-HUB list. 4. Contracts with 3Power are fake: read earlier research done by others on RUDANA(name similar to ROTANA HOLDINGS) goal to defraud investors: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=59319637
same Group involved in FOUR pump and dump: http://www.citronresearch.com/4c-controls-otcfour-who-is-going-to-get-them-first-irs-department-of-homeland-security-or-the-sec/
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).
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.