On September 23rd 2011, the board of directors of Puda Coal Inc received a letter from CEO Mr Liping Zhu, dated September 22nd 2011.

The letter states that Mr Zhu resigns from his positions as the company's CEO and as a director on the board.

The letter also states that, on August 29th 2011, Mr Zhu provided a false letter from CITIC Trust Co Ltd to the US Securities and Exchange Commission and to counsel for Mr Ming Zhao chairman of Puda Coal.

On September 1, 2011, the company filed a current report on Form 8-K with the SEC disclosing interim findings of the internal investigation by the Audit Committee, including that, on August 31st 2011, Mr Ming Zhao, through his counsel, provided the Audit Committee with a letter purportedly from CITIC and that the Audit Committee was unable to verify the authenticity of, or the information contained in, the "CITIC Letter." The "CITIC Letter" appears to be the same letter that was referred to in the resignation letter from CEO Liping Zhu.