HOUSTON--(BUSINESS WIRE)--GLG Capital, LLC and its partially owned subsidiary, Green Lotus Group, LLC (the “GLG Parties”), are initiating arbitration against Keseco Co., Ltd. and its founder and chairman, Mr. Eun-Kuk Kim. Keseco markets and sells the Ultra and Ultra Eco (purported energy saving devices) worldwide and in interstate commerce.
In its complaint, the GLG Parties allege that Keseco and Mr. Eun-Kuk Kim committed fraud and violations of the Racketeer Influenced and Corrupt Organizations Act, among other allegations. After conducting independent testing of the Ultra energy savings device, the GLG Parties, headquartered in Houston, Texas, believe the Ultra devices are a sham. The GLG Parties conducted independent tests of the Ultra devices through Intertek Testing Services NA, Inc., and Dr. Mehrdad Ehsani, Robert M. Kennedy Professor at Texas A&M University. The GLG Parties believe these independent test results conclusively confirm that the Ultra devices do not perform as represented by Keseco and Mr. Eun-Kuk Kim.
The GLG Parties believe they may not be the only victims of Keseco’s and Mr. Eun-Kuk Kim’s unlawful conduct. “It appears we have already received inquiries from other parties who claim to have been injured by the actions of Keseco and Mr. Eun-Kuk Kim,” noted Mike Kim, officer of Green Lotus Group, LLC. “We urge other aggrieved parties to come forward and join in our pursuit against Keseco.”
Should anyone believe that they, too, have been victims of any improper conduct on the part of Keseco, the GLG Parties urge such other victims to contact its attorney handling this matter, Steve Cagle, by February 15, 2012. For more details of the GLG Parties’ complaint against Keseco and Mr. Eun-Kuk Kim with respect to the proceedings leading up to the GLG Parties’ need to initiate arbitration, please visit www.glgusa.com.