profile picture: the trial of the Wu on crystal (Guangdong Provincial Procuratorate for map .) Source: Zhongshan network
(Xinhua Viewpoint) “carrier” huge loss of 2.2 billion state-owned enterprises “helmsman” change “culprit”
– open a new broad international assets of the “black hole”
GUANGZHOU November 9 (by “Xinhua Viewpoint” Reporters Zhan Yijia hair a bamboo Kombo) Guangdong Guangzhou International Group, one was sitting on 4 billion yuan of assets, the main industry “labor export, foreign service” in the nation’s third state-owned enterprises, but in just a few years into a loss of 22 billion dilemma. Group Chairman, Crystal Ng, general manager of 27.9 million yuan owing bribery, embezzlement of more than 4680 million U.S. dollars in October this year was brought to court.
as a new broad international “Master”, Ng is a leading grain enterprises should sail through the waves of the “helmsman”, but why would a result in large losses of state assets, the “culprit”? A state-owned “aircraft carrier” on the brink “sunk”, behind the state-owned assets which exposed the “black hole”? “Xinhua Viewpoint” this reporter conducted an investigation.
word to mobilize hundreds of millions of state-owned capital management transformation “say”
established in 2000, the new Guangzhou International Group is a large 22 Guangdong provincial One state-owned enterprises, the main industry “labor export, foreign service” was ranked first in Guangdong, the country’s third. In 2008, the new Guangzhou International total assets of more than 4 billion yuan.
not last, the beginning of the new Guangzhou International 20009 money chain exposed crisis. Discipline inspection organs to identify, led by Wu Jing on some of the new Guangzhou International executives, cash fraud, security breaches, corruption, leading to loss of 2.294 billion yuan of state-owned assets, and 1.364 billion yuan at risk.
to prevent state-owned executive acts recklessly, “the PRC state-owned Assets Law” and other regulations, state-owned enterprises should establish a sound internal control and risk management supervision system, improve the democratic management system. However, the new Guangzhou International “in charge” concentration of power has long been hidden potential business investment mistakes.
Guangdong Provincial Procuratorate, investigators said, the new Guangzhou International Group, the Board is only 3 to 4 people, a stone’s long-term exclusive Wu, chairman and party secretary and general manager of the three positions, “mere words, a written instructions on is able to mobilize hundreds of millions of money. “At the same time, enterprise party organizations are weak and lax, basically there is no internal party organization to conduct normal life, democratic centralism as decoration.
to eliminate obstacles to the helm of the different voices, Jing Wu returned to his subordinates on bribery, from 2002 to 2008, Wu Jing has 36 times on extensive original new international director, deputy general manager Zhang Wangsheng bribery 980,000 yuan. Investment and co-management in charge of the company’s financial health in the chapter look firm support group decision-making on Wu Jing, the Jing Wu on project planning passed.
“While some state-owned enterprises have been exploring ways to improve the corporate governance structure, such as major decisions must be discussed by the workers’ congress, and if an absolute majority of outside directors board of directors, but these experiences did not receive timely promotion.” Central Party School Lin Zhe, professor of Political Research Department, told reporters, “The new operating system was wide international ‘pyramid’, trade unions, workers’ congresses, supervisors and other democratic management channels exist in name only, planted the seeds for the assets.”
repeated decisions is absurd, “steward” frequently “unprofitability”
“state-owned enterprises are honest practitioners of certain states that” the provisions of the state-owned enterprise leaders should “strive to achieve good and state-owned enterprises fast development. ” However, the new director of Wu Jing Guang international day period, often appear absurd decision, which greatly damaged the national interests and business interests.
absurdity one: high-risk and low return, and often do lose money. As a state-owned assets “steward” of the Wu on crystal, this should be well versed in “the pursuit of high returns at low cost,” the laws of economics, but he invested hundreds of millions at home and abroad to undertake, the risk of a huge project, and then the transfer contracted out to other companies, the new Guangzhou International millions of dollars each year only get a “management fee.” Discipline inspection organs to identify new investment projects in Guangzhou international multiple significant losses, yet to recover and return on investment of up to 300 million yuan.
absurd behavior of two: buy low and sell high, ignoring credit risk. Wu Jing and Chen and others on buying high-priced copper and low-cost selling and the buyer the money into Chen’s. January 2007 to August, with a new name out of the wide international letter of credit equivalent to 238 million yuan. All the money invested in companies controlled by or under the name of Chen, payment was received before the incident also, Chen fled abroad, has not returned.
absurdity III: low-interest by Gregory also. October 2008, Wu Jing, who on copper encountered in the sale price of copper plummeted, new wide verge of international capital chain rupture. Wu Jing found on Maoming City, Guangdong, “eldest child” Li Zhengang, borrowed 110 million yuan of loan sharks. January 2009, Wu Jing with the new wide on international bank loans to just $ 200 million back to Li Zhengang 166 million yuan, interest up to 56 million yuan, while its borrowings from time to time less than six months.
Wu Jing’s absurd on the practice of causing huge losses of state assets, from which he gained a lot of “good.” Wu Jing day trial, said: “I am using the new resources to support FENG Zhi-wide international standard (the new Canton International Finance Department, former general manager), who made several big projects, they will thank me, so I will take care of after retirement. “
Renmin University of China and the Independent Anti-Corruption Policy Analysis Research Center, Mao Zhaohui said:” Wu Jing want after retirement day care, indicating the formation of state-owned enterprises may corrupt executives ‘options trading’, not only bribery, but also long-term benefit, which is worthy of attention. “
regulatory investment needs to ring the absence of wanton Responsibility
one might wonder, a new broad international repeatedly investment mistakes, even if the problem is not crystal Ng exposure can also be found in the relevant departments of business exception. So, the department responsible for state-owned assets supervision and why there is no early detection of new wide international behind the “black hole”?
According to investigators, the new Guangzhou International Finance Department has multiple sets of financial statements, long-term losses through false accounting to cover up the facts; multiple import verification provisions alone fails verification, foreign exchange management department according to the specified processing, resulting in fraudulent use of credit and acceptances to succeed; wide number of banks failed to see through new international offer dozens of false audit reports … …
investigators also said that the new Guangzhou International has more than 30 wholly owned subsidiaries and equity affiliates, Jing Wu on many illegal act is carried out by these subsidiaries to operate.
Mao Zhaohui that the new Guangzhou International vulnerabilities to be identified even if there is a, may not cause so much damage. In recent years, some state-owned enterprise executives ignored their responsibilities, the huge loss of investment cases often found in newspapers, the absence of supervision ring, a subsidiary of lack of control instructions, the current regulatory system of state-owned enterprises are still inadequate, the implementation is also not strong enough.
“wide international such as the new large-scale state-owned enterprises, investment of hundreds of billions of dollars, the greater the more the investment does not allow mistakes.” Zhe Lin said, “We value the state-owned enterprises can not only how much money, also concerned about the loss of man-made investment mistakes led to state how much money chasing so recklessly investors to accept responsibility. “
SASAC the newly released” central enterprises to implement implementation of measures “for the central enterprises leading cause significant losses of state assets to strict rules. Lin Zhe, Mao Zhaohui and other anti-corruption experts call for urgent regulation of state-owned large parts of the light of this approach, state-owned enterprises continue to improve corporate governance structure, the implementation of the external director system and the presence of supervisors owned Assets Supervision and construction sectors, strengthening the state-owned major investment project risk assessment and audit, improve the accountability mechanism resulting in significant losses of state assets, those responsible pay the price.
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