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Telescope Co.’s Chairman Sanctioned $4M

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Telescope Co.’s Chairman Sanctioned $4M

Telescope Co.’s Chairman Sanctioned $4M

Law360 (July 6, 2020, 2:26 PM EDT) — A Chinese telescope company’s chairman is on the hook for more than $4 million in sanctions to U.S. rival Optronic Technologies Inc. after the telescope seller smuggled that amount out of the U.S. following a $50 million antitrust judgment.

The chairman of Ningbo Sunny Electronic Co. Ltd., Wenjun “Peter” Ni, was ordered to fork over a little more than $4.2 million by a California federal court Thursday. He was found to be personally liable for a January foreign transaction Ningbo Sunny was involved in, which was executed after the company promised the court to refrain from removing assets from the U.S….

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