A number of people from Wison works to help investigate some bank accounts are still frozen

In connection with the corruption case of PetroChina, the Hong Kong-listed Petrochemical engineering EPC Company-Wison Engineering (02236. HK) announced recently that its controlling shareholder Huabangsong and the company are still assisting the relevant authorities to conduct investigations, while the finance manager of the affiliated company Benefit Health Engineering (China) Co., Ltd., Zhao Hongbin, is also assisting in the investigation, and recently several directors of the company have also resigned. "First Financial daily" reporter also learned that, in the benefit of the project, some of the financial books were taken away, some bank accounts were frozen, individual accounts in the recent thaw. In addition, the company is also in contact with the bank, in the near future of tens of millions of yuan of maturing loans were returned, or to stabilize the mood of the bank. Huabangsong still not contacted the CFO's resignation. "The company has not been able to get in touch with Huabangsong and Huabangsong has not been able to perform its operational and administrative duties in the Whitney project," it said. In the area of personnel adjustment, on September 10, 2013, the Wison Project appointed Tri Ying and Zhouhongliang as their executive directors and considered appointing the Acting Chairman of the board. On the evening of September 18, Chen Wenfeng, the Executive Director and Chief financial officer of Wison, resigned, as well as the 53-year-old Cai Sizong, an independent director of the Wison project. Therefore, the existing Huabangsong, Liu Haijun and the new two executive directors of Wison are 4, the independent directors are Liu Ji and Wu, and Wison works to consider adding an independent director in the near future. Interestingly, besides Huabangsong was asked to assist in the investigation in late August this year, Zhao Hongbin was also asked to assist in the investigation, but Chen Wenfeng was not asked to cooperate with the investigation. Some people close to the project said to the reporter that Chen Wenfeng has not been asked to assist the investigation may be the reason for the short time, the implication is that the relevant authorities may need to check the accounts of the past years. According to our correspondent from a number of channels to understand the news, Chen Wenfeng the resignation of things, not in the company announced two new Executive Director list, but after this, that is, in the days before September 18. And Chen Wenfeng's resignation does not need to go through the board's approval. "The reason for the willingness to pursue other business opportunities" is Chen Wenfeng's resignation. However, at present, Wison's engineering and related senior level have not disclosed its new career trend. In addition, the Zhao Hongbin, who was asked to assist in the investigation, is one of the financial management departments of Wison's project. At present, there are dozens of employees in the finance Department of Wison, and in addition to the CFO and the Finance manager, each large project should be staffed with one financial project personnel. Some of its bank accounts have been frozen, in addition to the authorities ' taking away their books, the announcement of the freezing of bank accounts, which was partly thawed. Yesterday, according to a person close to the benefits of health project, said the company's frozen bank account, which involves large state-owned banks and commercial banks, may be tens of millions of yuan, although some of the bank accounts have been unfrozen in the days after the accounts were frozen, including AgBank, BOC and China Merchants Bank. According to our correspondentFrom the relevant departments and relevant sources, some banks have been concerned about the successive departures of Wison's engineering executives and independent directors and the demand for assistance from the enterprises concerned. Recently, the Wison project has had a financial dispute with a large state-owned bank, but is currently in the process of negotiation. According to the foregoing, the Bank has repaid some of its maturing debt in the near term, with a total of about tens of millions of yuan, easing fears among some banks. The business of Wison is usually to contract the EPC project of Petroleum and chemical enterprises, and then subcontract it to other partners. Therefore, many of its suppliers, and the benefit of health projects also need to borrow money from banks to advance project funds. According to a person familiar with the matter, the individual suppliers of Wison's works do require the former to pay cash, but most of the suppliers continue to perform in accordance with previous contracts and are willing to wait for the payment in instalments. In June 2013, the current liabilities for Wison's works were $4.85 billion, of which trade payables and notes payable were $2.424 billion, and interest-bearing bank lending (bank loans to be repaid within one year) was $1.626 billion, rather than a spot bank loan of about $250 million. In addition, the company's cash and bank balances were still good, totalling $1.214 billion ($ 1.012 billion at the end of last year), and its unsecured cash and bank balances amounted to $970 million.