We should have know this long before. Chong never treats Fuqi as a public company but treats it as his own. Till now neither Chong or Fuqi admit any accuse. What Chong is going to do next? He definitely still want to complete control this company and surely this company will not be listed in any market due to such bad reputation. According to Chong's personality, I am pretty sure he would wipe out all shares and still put the company firmly under his control. To Chong, CEO and other board member and shareholders are nothing since only himself is the founder...
Fuqi will always be a family company till it dies.
Yes that has always been a question. I have thought of two potential scenarios. One is that Chong wanted to clean this mess up but also didn't want incriminate himself so was not forthcoming about the transfers. So the money is there but no auditor will sign off so here we are. Another possibility is that he doesn't care about the US shareholders and this has been nothing more than a series of delay tactics to shield the truth for the primary purpose of protecting Chong's reputation in China. Note that the settlement Chong did not admit to anything so it will not lead to criminal charges.
They may be going dark now. There has been no communication from the company regarding the settlement with the SEC and they seem to be happy to have their registration revoked as they proposed the settlement.