How does Sichuan Banking Insurance Regulatory Bureau respond to investors' complaints about Sichuan Trust?

On July 26th, Sichuan Banking Insurance Regulatory Bureau sent a letter to reply to the investor's complaint against Sichuan Trust, claiming that Sichuan Trust seriously violated the prudent operation rules in related party transactions, risk management and internal control, which seriously endangered the steady operation and harmed the legitimate rights and interests of investors. At present, compulsory supervision measures have been taken against it, and follow-up supervision measures are being promoted.

However, in the investor's complaint letter, the Sichuan Banking Insurance Regulatory Bureau said that it was a consulting matter, which did not belong to the scope of government information disclosure. It did not reply to the reason why the Sichuan Banking Insurance Regulatory Bureau asked Sichuan Trust to "cut across the board" the TOT product fund pool on April 24, whether it confirmed that Sichuan Trust had violated the law, and the fact that the major shareholder misappropriated the trust funds violated the banking supervision and management law and the trust law.

According to the reporter of Cailian, this is the first time that Sichuan Banking Insurance Regulatory Bureau has publicly sent a letter to investors to confirm the violation 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.

Extended data

More than one product of Sichuan Trust exploded.

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.

Cailian-Sichuan Banking Insurance Regulatory Bureau: The related transactions of Sichuan Trust seriously endanger the steady operation and have been taken regulatory enforcement measures.