In what ways are there serious violations of prudent management rules? There are mainly two aspects: there is no system regulation on whether the inferior beneficiary of structured trust is a stakeholder, and due diligence fails to review the qualifications of the inferior beneficiary, which seriously violates the prudent operating rules. According to Article 46 of the Banking Supervision Law of the People's Republic of China, he was fined 400,000 yuan by Sichuan Supervision Bureau of China Banking Regulatory Commission.
However, on April 24th, Sichuan Banking Insurance Regulatory Bureau inquired about the TOT product fund pool of Sichuan Trust in the investor complaint letter. One size fits all? Reason, whether to confirm the fact that Sichuan Trust violates laws and regulations, the major shareholder misappropriates trust funds, and violates the Banking Supervision and Administration Law and the Trust Law. Sichuan Banking Insurance Regulatory Bureau said it was a consultation matter, which did not belong to the scope of government information disclosure and did not reply. This is the first time that Sichuan Banking Insurance Regulatory Bureau has publicly sent a letter to investors to confirm the violations of Sichuan Trust. Prior to this, the Sichuan Banking Insurance Regulatory Bureau had verbally confirmed twice at the Sichuan Trust Investor Exchange Meeting that there were irregularities such as misappropriation of trust funds by major shareholders in Sichuan Trust.
At the communication meeting of Sichuan Trust investors on June 24, Sichuan Trust responded to investors that the TOT business of Sichuan Trust did not disclose the risk status of the underlying assets to investors, illegally carried out related party transactions, and there were many illegal acts such as misappropriation of project funds by a large number of shareholders.
On July 16, Tang Yi, Deputy Director of the Trust Department of the China Banking Regulatory Commission, also pointed out that at present, some trust companies use hidden means to conduct illegal related party transactions due to the manipulation of major shareholders and inadequate corporate governance, which has accumulated high risks. He also said that at present, the CBRC is actively cooperating with local governments, promoting the risk disposal of high-risk trust companies in accordance with the principles of marketization and rule of law, resolutely compacting the responsibilities of trust companies and their shareholders, protecting the legitimate rights and interests of trust investors and maintaining financial stability.
It is understood that in mid-June, many products of Sichuan Trust broke the warehouse and could not be redeemed after the deadline. Sichuan Trust once said at the investor meeting and exchange meeting that the total scale of TOT projects reached 25 billion, involving 45 trust projects, and there was no cross-default. Sichuan Trust said it would try its best to raise about 8 billion yuan in cash in 2020.
Regarding what will be done after the deadline, Sichuan Trust promises to dispose of its own assets and prepare to sell and transfer Chuanxin Building and its subsidiary Hong Xin Securities. Sichuan Trust said that the Proposal on Selling the Property of Chuanxin Building and the Proposal on Transferring the Equity of Hong Xin Securities Co., Ltd. have been voted by all directors of the company. According to public information, Sichuan Trust currently holds 60.376% equity of Hong Xin Securities.
The appraisal of equity assets of Chuanxin Building and Hong Xin Securities is progressing smoothly, and the appraisal companies have completed the on-site work. People close to Hong Xin Securities have revealed to the media that many employers are interested in Hong Xin Securities, ranging from local enterprises in Sichuan to foreign enterprises, from state-owned enterprises to central enterprises, and some have even entered the market to conduct due diligence.