A lot of energy embezzlement: mining right free transfer 2.38 billion missing

Qinghai Province Land and resources department a seemingly ordinary mining right transfer publicity, that participates in a great deal of energy directional additional institutional investors're walking. November 2012, just completed the new issue of great energy, in order to buy Tianjun "borrowed" the mining right, to the company's controlling shareholder Yima coal Industry group paid 2.38 billion yuan. However, after 3 months, the sky-high mining rights were transferred to the Muli Coal group, which is unrelated to the listed companies, by 0 yuan. China Securities News reporter investigation found that Yima coal industry group in the knowledge in accordance with the requirements of Qinghai Province integration, the above listed mining rights will be unified under the Muli coal Industry group, still take the "use of mining rights, high valuation, after the return of financing," the way to embezzle the listing company's large amount of targeted As a listed company, a great deal of energy not only conceals the fact that the object of acquisition does not actually own the mining right, but also violates the rules of sale of assets, and transfers the mining right of intangible assets of 2.38 billion yuan free of charge, which infringes the investors ' rights and interests of listed companies. Conceal sky-high mining rights free transfer February 1, 2013, Qinghai Province, the Ministry of Land and Resources issued a transfer of publicity, Tianjun Yi Hai intends to be more than one open mining area mining right transfer to Qinghai province Muli coal Industry Development Group Co., Ltd., the transfer price is 0 yuan. and 3 months ago, a lot of energy has just been through targeted additional funds to acquire the Tianjun Yi Hai, of which "more open mining in the first mining area mining rights" assessment value of up to 2.38 billion yuan. Data show that the Muli coal Industry Group is approved by the Qinghai provincial People's government, by the Qinghai state-owned Assets Investment Management Co., Ltd. established by the limited liability company. As a public company of great energy, the value of billions of of the mining rights to a free and unrelated state-owned companies, even for several months to secrecy. Looking back on the 2012-year directional issue, Tianjun Yihai was once a big hit in energy asset acquisitions, and the mining rights increment rate was 16 times times higher. Great energy predecessor is Xin Network video, September 2011, Yima Coal Industry Group Co., Ltd. to the coal business related assets realized by the shell listing, become its controlling shareholder. In the process of borrowing shell listing, the group pledged to solve the competition problem. To this end, February 2012, a lot of energy to start again asset restructuring, and in November, the successful directional issuance of 7.539 billion yuan to raise funds for the coal group and its associated party Yima coal group Qinghai Yi Hai Energy Co., Ltd. to buy four equity assets. Among them, the price of 5.727 billion yuan to buy the energy of the sea, "Tianjun Energy Coal Management Co., Ltd." 100% Equity. According to the disclosure of "Non-public offering plan", Tianjun six certificates are complete, including the certificate number issued by the Ministry of Land and Resources of Qinghai Province as C6300002009101120044187 's "mining License" records, More than one open pit mining area area of the first mining zone is 1.6745 square kilometers; the approved production scale is 1.2 million tonnes/year; the expiry date is from December 27, 2011 to October 27, 2014. Tianjun the Sea of righteousnessMining rights, the assets assessment report confirmed the book value of 140 million yuan, and the value of 2.38 billion yuan valuation, the value-added rate of up to 1594.91%. "Non-public offering plan" shows: "Tianjun the value of the evaluation of the sea is mainly derived from intangible assets in the value of mining rights." "It can be seen that the Tianjun 100% equity is a major source of energy non-public offerings and restructuring of the main assets, accounting for 77.61% of the total value of the transaction, and Tianjun the mining rights of the Sea is the core of its values." However, after just 3 months, great energy has been paid to others for the mining rights that have been bought heavily. The right to move mining only to embezzle raise the capital premium the astonishing mining right, the strange free transfer, in the big energy a series of unusual moves behind, the controlling shareholder Yima Coal Industry group has become the behind-the-scenes director, its through the maneuver mining right, realizes the occupation huge directional additional raise financing goal. In fact, as early as 2008, the Yima Coal industry group lost its dominance of "mining right in the first mining area of an open pit mining". In that year, the Qinghai province sea Simon Haixi Tibetan Autonomous Prefecture carried out the integration of the Muli coalfield and the investment enterprises, from Henan Yima Coal Industry (group) Qinghai Yi Hai Energy Co., Ltd. and Qinghai Hing Green Industrial and Trade Engineering Co., Ltd. formed into Qinghai Tian Mu Energy Group Co., Ltd. Mining rights are immediately placed under the name of Qinghai Tian Mu Energy group. At the beginning of 2011, the National Development and Reform Commission approved the Muli Mining Area Master plan, in accordance with the "one mining area a development subject" requirements, Qinghai province to start integration work, will muli coal industry Group recognized as the only development of Muli mining area. In May of that year, the Ministry of Land and Resources of Qinghai issued publicity, Muli coal industry group through the transfer of free access to "more open mining in the first mining area mining rights." A person involved in a lot of energy-directed additional sources revealed that as early as the Yima coal Industry group officially entered the listed companies before the Tianjun of the sea has been identified as a shell after the first batch of targeted additional objects, March 2011 Yi Hai Energy Muli coal mine renamed as Tianjun Energy Coal management company. However, at that time Yima coal industry group faced with an important problem--Tianjun the sea without mining rights, six certificates will lead to asset acquisition is difficult to continue. Therefore, in the knowledge of Qinghai province to claim mining rights under the premise of Muli Coal industry Group, Yima Coal industry group staged a "borrow mining rights, high prices to sell to listed companies, after the financing of free return," the show: In November 2011, Muli Coal Industry group will be "more than one open mining first mining area mining rights" transfer to the Tianjun Sea February 2012, a great deal of energy issued by the Non-public offerings, the mining rights of 2.38 billion yuan; November 2012, a lot of energy to complete the Non-public release, Yima Coal industry group from the Huaxia Fund, The British Fund and other institutions have received 7.539 billion yuan in the hands of the funds, February 2013, a large energy to the above mining rights to the 0-yuan price agreement transfer, returned to the Muli coal industry group. In this process, the high energy of expensive buy sale seriously damage the interests of shareholders of listed companies, and the company in the disclosure of information there are major violations: first,Failure to disclose the consolidation of mining areas in Qinghai province may lead to flaws in the mining rights, the evaluation value of 2.38 billion yuan is facing great risks; second, the mining right was not disclosed when it was transferred in February this year. Underestimate intangible assets suspected of doing false accounts at that time to participate in a large amount of energy, Huaxia Fund, the British Fund, such as 8 institutions may not think, they pay 2.38 billion yuan of money bought is a original does not belong to the acquisition of mining rights, and a lapse of 3 months, this important asset quietly disappeared. According to the Shanghai Stock Exchange stock listing rules, the total assets involved in the sale of assets (at the same time the value of the account and the valuation, whichever is higher) accounted for more than 10% of the most recent audit assets of listed companies, which constituted the standard to be disclosed. A great deal of energy to buy the assets at a high price of 2.38 billion yuan, and then sold to the original transferor, the total amount of assets involved far more than the total assets of listed companies (16.512 billion yuan) 10%. Why does energy have the courage to violate information disclosure rules and conceal the sale of assets? A review of periodic reports reveals that, while mining rights are worth billions of of dollars in private offerings, energy has never been incorporated into financial statements. Since the book value of mining rights is zero, it also avoids the information disclosure "Red Line" of the sale of assets. November 2012, a great deal of energy to complete the non-public offering, Tianjun's operating data also merged into the listed companies, the company achieved net profit of 542 million yuan, accounting for the total net profit of listed companies 30.3%. However, it is questionable that the "non-public offering of stock options" shows that the value of the intangible assets of the Tianjun is as high as $2.38 billion as a result of the increase in mining rights in the first mining area of the open mining sector. The 2012 annual report shows that the final book balance of the mining rights in the energy intangible assets is only 1.566 billion yuan, and there is no change in the book balance at the beginning of the period. The 2013.5 Annual report also shows that the final book balance of the mining rights in energy intangible assets remains at 1.566 billion yuan. In other words, great energy in the non-public distribution, the Tianjun of the mining rights of the Sea has carried out a large amount of intangible assets assessment, but in the Tianjun into the merger of listed companies and the sale, but not to the mining rights of financial treatment. Great energy is suspected in the 2012 financial report seriously underestimate the intangible assets of listed companies, which also after the free transfer of the foreshadowing. Qinghai state-owned Assets Investment Management Co., Ltd. owns 100% shares Qinghai province Muli coal Industry Development Group Co., Ltd subordinate executive Enterprise Qinghai Mining Co., Ltd. Mining right free transfer November 2011 February 2013 Great Energy Holding 100% equity Tianjun (directional additional target assets) November 2012 to 5.727 billion yuan for sale To the great energy Qinghai Yi Hai Energy Co., Ltd. Yima Coal Industry Group Co., Ltd holds 100% equity to operate the assets of the controlling shareholder