On July 11, the Chongqing Banking and Insurance Regulatory Bureau released a number of administrative penalty information disclosure forms, pointing to Xinhua Trust Co., Ltd. (hereinafter referred to as "Xinhua Trust") and 16 former Xinhua Trust insiders, and Xinhua Trust was fined 14.5 million yuan .
Specifically, Xinhua Trust has 14 violations of laws and regulations, which are: 1. Failure to report related party transactions in advance; 2. Improper incentives; 3. Illegal industrial investment through related parties; 4. Ineffective comprehensive risk management; 5. Excessive authority approval and related party business; 6. Violation of approval and approval of investment on behalf of related parties, causing huge losses; 7. Illegal and false listing of related party assets; 8. Providing financing to prohibited or restricted areas; 9. "Three checks" Serious lack of due diligence; 10. Inaccurate asset risk classification and insufficient provision for impairment; 11. Failure to disclose information as required; 12. Illegal transfer of trust beneficiary rights; 13. Entrusting non-financial institutions to recommend; 14. Illegal provision for banks channel business.
Among them, "providing channel business for banks in violation of regulations" was listed separately by the China Banking and Insurance Regulatory Bureau for a penalty of 500,000 yuan, and Hu Lixin, the company's deputy general manager, was warned.
Let’s look at the punishments faced by Xinhua Trust insiders.
Li Guilin, the former chairman of the company, was given a warning by the regulator and fined 50,000 yuan because he was primarily responsible for the failure of Xinhua Trust to report related party transactions in advance and the issue of improper incentives.Xiang Hu, the former general manager of the company, was disqualified as a senior executive for 3 years due to his management responsibility for the failure of comprehensive risk management of Xinhua Trust, over-authority approval and related party business problems, and the huge loss caused by illegal approval of investment on behalf of related parties. .
Zhang Liwen, the company’s former chief risk officer and general manager, was warned for being responsible for the management of the issue of improper incentives issued by Xinhua Trust, illegal industrial investment through related parties, failure of comprehensive risk management, and illegal transfer of beneficial rights.
Others, including Xu Runhuan and Zhang Jiqing, were warned and fined 50,000 yuan for being responsible for the serious failure to perform their duties in Xinhua Trust's "three investigations".Shen Xin, Wang Yihui, and Tian Gang were warned because they were mainly responsible for the serious failure to perform their duties in Xinhua Trust's "three investigations".
Zhao Nuan and Li Di were given regulatory warnings respectively because they were directly responsible for the failure of Xinhua Trust’s comprehensive risk management.Hu Xuesong was warned by regulators because he was mainly responsible for the promotion of non-financial institutions entrusted by Xinhua Trust.Chang Po was warned because he was directly responsible for the illegal transfer of the beneficiary rights of Xinhua Trust.Zhang Ce was warned because he was primarily responsible for the issue of Xinhua Trust's financing to prohibited or restricted areas and the failure to disclose information as required.
Wang Aihong was banned from working in the banking industry for life because he was mainly responsible for the serious failure to perform his duties in the "three investigations" of Xinhua Trust.Yang Tong was banned from working in the banking industry for life because he was primarily responsible for the serious failure to perform his duties in the "three investigations" of Xinhua Trust and was directly responsible for Xinhua Trust's failure to disclose information in accordance with regulations.
According to the official website, Xinhua Trust was established in 1979 and is one of the earliest trust companies established in China.In January 2009, British Barclays Bank PLC (Barclays Bank PLC) invested in New China Trust.As of 2015, the registered capital was 4.2 billion yuan.
Blue Whale Finance once reported that on July 6, the official website of the China Banking and Insurance Regulatory Commission announced the approval of the bankruptcy of Xinhua Trust, showing that it agreed that Xinhua Trust would enter the bankruptcy process according to law.Two years ago, Xinhua Trust was taken over due to illegal business operations.Nearly two years after being taken over, New China Trust did not wait for new investors.
Tianyancha shows that Xinhua Trust has six shareholders.The largest shareholder is Shanghai Coral Reef Information System Co., Ltd., holding 40% of the shares.The remaining shareholders are Shanghai Jihui Asset Management Co., Ltd., New Industry Investment Co., Ltd., Hongdaxin Asset Management Co., Ltd., Renhe Investment Holding Co., Ltd., and Barclays Bank Co., Ltd., holding 21.43%, 17.33%, and 10.00% respectively. %, 5.67%, 5.57%.
According to the data disclosed in the 2019 annual report of Xinhua Trust, as of the end of 2019, the assets of Xinhua Trust totaled 7.358 billion yuan, a year-on-year decrease of 5.47%; the total liabilities were 1.397 billion yuan, a year-on-year decrease of 23.99%.In 2019, the annual operating income reached 171 million yuan, a year-on-year decrease of 66.98%; the net profit was 15.58 million yuan, a year-on-year decrease of 73.34%.
