A director of a credit cooperative, using his power, created a big off-balance-sheet account with an amount of 880 million yuan in less than six years in a place with a business area of less than 50 square meters, which is equivalent to the fiscal revenue of xingning city where the credit cooperative is located for four years. In that special period, the credit union was only 20 meters away from its supervisor-Xingning Branch of China People's Bank.
Now, its related sequelae are far from over.
880 million yuan case
Xingcheng Credit Cooperative, which made this major financial case, is located in Xingcheng Town, xingning city, Meizhou City, Guangdong Province.
Huancheng North Road, where Xingning Credit Cooperative is located, is an old street in Xingning, full of the ancient flavor of a small town in the south. When the reporter found the door of "xingning city Urban Credit Cooperative" with mottled handwriting, several advertisements such as dredging sewers and quickly treating incurable diseases were posted on a locked rolling gate, which was covered with dust when touched by hand.
It is such an urban credit cooperative. 11At the end of June, 2003, Meizhou police announced that the biggest economic case in the city since the founding of the People's Republic of China had been initially closed, and the suspect Zheng, the former director of xingning city Xingcheng Credit Cooperative, was suspected of misappropriating funds as high as 880 million yuan.
According to the evidence provided by the police, during the period from 1994 to 1999, Zheng took advantage of his position to absorb 800 million yuan in the form of deposits or interbank loans. At the same time, it also misappropriated 73.2 million yuan from the large account of xingning city Urban Credit Cooperative and 6.33 million yuan from the shares of Chengxin Credit Cooperative, and diverted the funds to the accounts set up by individuals for issuing loans to more than 40 units and individuals at high interest rates outside the accounts. Zheng used off-balance sheet accounts to misappropriate funds totaling 879.53 million yuan.
Zheng's problem was discovered as early as 1999. At that time, the xingning city financial institutions rectification team led by Xingning Sub-branch of China People's Bank found that Zheng had major economic problems, and the credit cooperative was immediately suspended for rectification. At the same time, the government mobilized emergency funds to honor the creditors who came to confirm and recover the relevant debts. Zheng himself was ordered to help check the current accounts of the credit union. For more than three years, Zheng's off-balance-sheet account problem has not been found out. Zheng himself has been staying in Meizhou and has not fled.
It was not until 2002 that a breakthrough was made. At the beginning of 2002, two businessmen in Zhuhai came to the rectification inspection team with two certificates of deposit amounting to 8.72 million yuan, but the inspection team found that these two certificates of deposit were not in the legal account of Xingcheng Town Urban Credit Cooperative. In the case of a payment dispute between the two parties, Zhuhai customers appealed to Meizhou Intermediate People's Court.
This lawsuit has torn the tip of the iceberg of off-balance-sheet accounts of Xingcheng Credit Cooperative. Customers in Zhuhai provided important documents to prove the legality of certificates of deposit. On June 65438+February 65438+June 2002, Meizhou Intermediate People's Court found that Zheng was suspected of using off-balance-sheet client funds to illegally issue loans, and then transferred him to Meizhou Public Security Bureau for investigation. On February 30th, 2002, 65438, the case was formally accepted.
At this time, Xingning Urban Credit Cooperative has been sued by foreign creditors. On May 24, 2003, Meizhou police decided to file a case for investigation. On June 17, Zheng was criminally detained at home by Meizhou police for allegedly using off-balance sheet clients' funds to illegally issue loans. On July 2 1 day, Zheng was captured.
After more than half a year of arduous and complicated investigation and evidence collection, Meizhou police collected a lot of evidence, including relevant witness documents, deposit certificates, subpoenas, contracts signed between Zheng and relevant borrowers, account books, witness testimony, accounting appraisal and so on. The file is 36 volumes long and has more than 3,800 pages.
The truth of off-balance-sheet accounts
According to the evidence provided by Meizhou police, more than 800 million yuan of funds absorbed by Zheng in the name of Xingcheng Credit Cooperative did not enter the legal account of Chengxin Society, but Zheng himself entered his personal account opened privately in Chengxin Society; At the same time, Zheng took advantage of his position to reply in the name of deposit in credit cooperatives, and issued certificates of time deposits and loan contracts for depositors and borrowers. On the surface, the money went to the credit union. In fact, Zheng used these accounts to lend at high interest rates and earn spreads.
The evidence shows that the Zheng economic case involves as many as 46 units. More than 30 of them are financial institutions, and most of them are credit cooperatives in other regions. In addition, 10 enterprises were mostly state-owned enterprises with abundant assets in the mainland and coastal areas at that time. Among them, the economic exchange between the former financial director of a large enterprise in Shenzhen and Zheng was as high as 65.438+0.6 billion yuan (this person is currently in prison).
At that time, the transaction procedure was roughly like this: the relevant personnel of the enterprise deposited public funds into Zheng Chu in the name of high interest rate, and individuals received high kickbacks; At the same time, he introduced customers who needed funds to Zheng and collected benefits from them. Under the temptation of high kickbacks and benefits, some local financial institutions and enterprises are on the move.
Some individuals are also tempted by high interest rates. A government official in Meizhou told reporters that many financial institutions in Meizhou were scrambling to save money at that time, and some even promised him interest of 6 cents per yuan per month. He said he was unmoved. However, many others were moved by it. At that time, anyone who introduced millions of deposits or loans could get a lot of benefits after the transaction was completed, which also stimulated the enthusiasm of some people with resources and connections to introduce business and promote the transaction to some extent. To some extent, this has even become a magic weapon for them to get rich. Meizhou is a famous hometown of overseas Chinese in Guangdong, and many capitals from Hong Kong, Macao and even Singapore have also entered Zheng's account through relatives or relationships.
Meizhou police found four boxes of messy pieces of paper on the second floor of Zhengjia. These pieces of paper are proof of Zheng's off-balance sheet account management, including time, handlers, how to enter the account, loan contract and so on.
The ability of credit union director
Zheng, former director of xingning city Urban Credit Cooperative, is from Meizhou.
Anyone who has contacted Zheng feels that Zheng is kind and loyal. However, it is this seemingly "loyal" person who has created an off-balance sheet account with a total amount of 880 million yuan. In an investigation report of Guangdong Academy of Social Sciences, the reporter found some information about xingning city: in 200 1 year, the GDP of Xingning area was 3.75 billion yuan, and the per capita GDP was 3,346 yuan; In that year, the city's fiscal revenue was 654.38+64 billion yuan, fiscal expenditure was 463 million yuan, and the funding gap was nearly 300 million yuan. Zheng misappropriated more than 8 billion yuan, equivalent to Xingning's fiscal revenue for four years.
Zheng's off-balance sheet behavior involves multiple legal entities. Under the condition that the business area of credit cooperatives is restricted by strict policies, Zheng not only recruits financial institutions and enterprises in cities such as Guangzhou, Shenzhen, Zhuhai, Qingyuan, Shaoguan and Puning in the province, but also recruits enterprises in Huanggang, Xiaogan, Yunmeng, Hanchuan and Hong 'an in Hubei. Individual customers even include government officials and overseas Chinese.
At that time, even financial institutions including state-owned banks were saving money at high interest rates. Zheng's credit union also has to face many competitors in the same industry. Why does Zheng have the ability to soar and let so many institutions and individuals "bow down" under his door?
The information about Zheng's trial results revealed by Meizhou police shows that Zheng has lost his orderly memory of his past behavior because of too many subjects involved. Even for the source of some considerable amount of money, he was vague. Zheng's weak legal awareness and lack of professional knowledge are even more staggering: Zheng dominates the city's credit cooperatives, and the management of credit cooperatives is chaotic, and accountants and cashiers are useless. Zheng has the final say. The loan contract signed by Zheng lacks rigor, and millions of IOUs are not checked, so drivers can take them back and forth. When Meizhou police checked an IOU from 300 yuan, they found that the IOU was not capitalized but lowercase, and the voucher on one side was 300 yuan, and the voucher on the other side was 3 million yuan.
According to informed sources, it is difficult to calculate the interest involved in Zheng's off-balance-sheet account, but Zheng has not made any money from his huge off-balance-sheet account. Unlike the recent disclosure that the director of a credit cooperative in Baoan, Shenzhen misappropriated 200 million yuan of public funds for gambling, Zheng's food and accommodation were ordinary, and the police did not seem to find any evidence that he had transferred his property abroad. "His money was used to rob Peter to pay Paul." Relevant persons believe that there are still many people who think that the interests involved behind Zheng are complicated, and a thorough investigation of this case may involve many people and may involve deeper corruption.
At present, two newly established rural credit cooperatives have fully taken over the original business functions of xingning city Credit Cooperative.
According to the reporter's understanding, among the 879.53 million yuan misappropriated by Zheng, at present, more than 654.38 billion yuan of funds from 10 units and individual customers cannot be returned, and more than 70 million off-balance-sheet loans cannot be recovered. Although 1999 set up a financial institution rectification and liquidation team, the government allocated emergency funds urgently, but who will pay for the huge fund deficit caused by Zheng's off-balance sheet accounts?
Inexplicably, Xingning Urban Credit Cooperative is located less than 20 meters away from its regulatory agency, Xingning Sub-branch of China People's Bank. For a credit cooperative director who has worked in a credit cooperative for six years, he doesn't know about the behavior of covering up the sun and confusing management? During the investigation of Meizhou police, the bank summons and statements provided by Meizhou Central Sub-branch played an important role, but the frequent inflow and outflow of funds in Zheng's account did not arouse the vigilance of relevant departments?
"It is not to say that it is not regulated, but whether the People's Bank of China can perform its supervisory duties by that time." An old employee of Xingning Sub-branch of the People's Bank of China who did not want to reveal his identity revealed helplessness and emotion in his tone.