Search for your position: >>& gt& gt text Property Insurance Co., Ltd. Nanhai Branch and Hefu Material Supply Co., Ltd. Case Time: 1999-08- 18 Parties: Judge Peng's text number: 2006-07-08. : (1998) Zhong Jing Zino. 38 1 People's Republic of China (PRC) * * and the Supreme People's Law of People's Republic of China (PRC). Address: No.0/4, Nangui West Road, Nanhai, Guangdong Province. Person in charge: Peng, manager of this company. Authorized Agent: Ye Jianjun, lawyer of Foshan Tongfa Law Firm. Appellee (plaintiff in the original trial): Hefei Lian Fang Material Supply Co., Ltd. Legal Representative: Wang Wensheng, general manager of this company. Authorized Agent: Huang Weiliang, employee of this company. Authorized Agent: Shen Jie, lawyer of Hefu Sunshine Law Firm. Defendant in the original trial: Nanhai Huayu Aluminum Factory. Address: Xigong District, da li, Nanhai City, Guangdong Province. Legal Representative: Liu Mengjun, director of this factory. Defendant in the original trial: Nanhai Branch of PICC Life Insurance Co., Ltd. Domicile: No.38, Nangui West Road, Nanhai, Guangdong Province. Person in charge: Liang Yong, manager of this company. Authorized Agent: Qiu, lawyer of Foshan Tianlun Law Firm. Authorized Agent: Li Xinliang, lawyer of Foshan Tianlun Law Firm. The appellant PICC Property Insurance Co., Ltd. Nanhai Branch (hereinafter referred to as PICC Nanhai Company) had a loan guarantee contract dispute with the appellee Hefei Lian Fang Material Supply Co., Ltd. (hereinafter referred to as Lian Fang Company), the defendant Nanhai Huayu Aluminum Factory (hereinafter referred to as Huayu Factory) and PICC Life Insurance Co., Ltd. Nanhai Branch (hereinafter referred to as PICC Nanhai Company), and refused to accept the Higher People's Court of Anhui Province (1998). Our hospital formed a collegial panel to conduct the trial according to law, and the trial has now ended. It was found out that:1August 1996, Lian Fang Company signed an agreement with Huayu Factory, stipulating that from1August 1996 to1February 1997, Lian Fang Company would provide funds to Huayu Factory to purchase (1500 tons) aluminum ingots every month. The funds provided by affiliated companies are guaranteed by Nanhai People's Insurance Company, and the economic losses caused by improper operation of Huayu Factory are unconditionally borne by Nanhai People's Insurance Company in full. Huayu Factory and Lian Fang Company stamped the official seal and the seal of the legal representative on the agreement, and Nanhai Branch of People's Insurance Company of China (hereinafter referred to as PICC Nanhai) also stamped the administrative seal and the seal of the person in charge on the guarantee column of the agreement. On August 23rd of the same year, China PICC Nanhai Company issued a letter of guarantee to Lian Fang Company, claiming that Lian Fang Company provided 1.500 tons of aluminum ingots (worth 25 million yuan) to Huayu Factory, and our Nanhai PICC Company was responsible for the economic losses. If there is any loss, our company will be responsible. According to the above agreement and guarantee, Lian Fang Company applied to Bengbu Huaihe Sub-branch of Agricultural Bank of China and Hefei Sub-branch of Bank of Communications to draw 7 1 bank acceptance bills for Huayu Factory from August 12 to August 1997 of the same year, and Huayu Factory issued receipts respectively, and converted the bill money into144,860,000 yuan for purchasing aluminum ingots. After reconciliation by both parties and confirmation by Luo Weiqiang, who was stationed in Huayu Factory by PICC Nanhai Company in China, Huayu Factory repaid120.86 million yuan to Lian Fang Company from August 26th to August 4th, 2006, and 1997 (including 1000000 yuan deposit and 460,000 yuan left by Huayu Factory in Lian Fang Company) made another repayment. Lian Fang Company filed a lawsuit in the Higher People's Court of Anhui Province, demanding Huayu Factory, Nanhai Property Insurance Company and Nanhai Life Insurance Company to repay 24 million yuan and its interest, and bear the litigation costs. It was also found out that China People's Insurance Company Guangdong Branch approved to divide Nanhai Company, the former People's Insurance Company of China, into Nanhai Company, a property insurance company, and Nanhai Company, a life insurance company in March 1996. 1September 1998, Nanhai, a property insurance company, and Nanhai, a life insurance company, were formally established and registered as industrial and commercial enterprises. The Higher People's Court of Anhui Province held that the inter-enterprise loan agreement signed by Lian Fang Company and Huayu Factory violated the relevant national financial laws and regulations and should be deemed invalid. The letter of guarantee issued by China PICC Nanhai Company was also deemed invalid because of the main contract. Huayu Factory should return the principal of 24 million yuan to the affiliated company. The original China PICC Nanhai Company provided continuous guarantee within the maximum limit, and only assumed the guarantee responsibility within the range of 25 million yuan. As their businesses have been undertaken by Property Insurance Nanhai Company and Life Insurance Nanhai Company respectively, the above responsibilities shall be jointly undertaken by Property Insurance Nanhai Company and Life Insurance Nanhai Company. Because the lending behavior in this case is illegal, the claim of the affiliated company for Huayu Factory to return interest is not supported. In accordance with Article 44 of the General Principles of Civil Law of People's Republic of China (PRC) and Articles 5 and 12 of the Guarantee Law of People's Republic of China (PRC),
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