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World Daily: Weizhen Tang alleged Ponzi or a slander

Author:weizhen tang Date:2009-04-02 20:03:51 Readers:2160 reads

Summary the continuous coverage of Weizhen Tang and his alleged Ponzi scheme could be constituted a slander

(World Daily) In response to the continuous coverage of CC by to the continuous coverage of Weizhen Tang and his alleged Ponzi schemethe local media, Tang’s representing lawyer, Hugh Lissaman, said on March 30 that before the OSC makes its ruling regarding the matter, any abusive or false report of his client by the media constitutes a slander. Tang does not rule out the possibility of sending a lawyer’s letter to those media that have published inaccurate reports of him to demand an apology.

According to a person in the know but unwilling to identify himself, after the local Chinese media made extensive coverage of Tang’s alleged fraud case, both Tang and his family have received threats of death and personal injury, including threats of kidnapping his children and dismembering his hands. Tang has reported the threatenings to the police and sought their protection. Having been emaciated deeply by the allegations already, Tang feels extremely disappointed at the unfair reports by the media.

The person said that Hugh Lissaman has contacted Tang with regard to the media reports, saying their wide coverage already constitutes a slander, and that Tang is entitled to calling a legal action against the media for defamation. The lawyer warned that journalists can be sued for publishing one-sided or negative statements without prior confirmation with the party involved by phone, let alone carrying unilateral accusations by indignant investors, which makes a strong evidence of slander.

Lissaman confirmed that there has not been any charges of fraud laid against Tang yet, despite that some investors have filed a report to the police. The cease-trade order filed by the OSC forbids Tang and his company to do any kind of security trading for 15 days.

According to Elisa Brooker, police officer of the fraud team of the Toronto Police 52 Division, many victims of the case have reported to the police. Due to the magnitude of the fund involved, all materials have been sent to the Fraud Squad of the police headquarters. As of now, the police have not laid any fraud-related charges against Tang yet. She stressed that the police will investigate the case in the light of the information provided by the reporters.

To answer enquires by investors regarding whether they would be compensated if not notifying the police now, whether the auditing would continue, or what action to take by those who don’t want to notify the police now, the temporary Representative Group of Weizhen Tang’s global investors recently issued a unified announcement: unlike a civil case, a criminal case is a public-prosecuting case, where who or how many people report it to the will not make a fundamental difference. The temporary Investor Representative Group will submit all documents, receipts, client list that they have collected to the investigation authority.

Currently no one is working in the office of Weizhen Tang Corporation, which is located in the downtown core of Toronto. It is said that Tang has told his employees to go on a leave in case their personal safety is threatened.

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