Local state-owned enterprises King 137 million state-owned financial claims

Ding Yuping is the risk to the commercial banks of the local government taking credit from commercial banks by means of the mortgage of industrial allocation of land or the issuance of a written undertaking?　　137 million to 1 million, a sum of over 10 years of state-owned financial claims, due to the local government-led bankruptcy of state-owned enterprises, formed a very wide gap in input and output.　　1. The cause of the short commitment was traced back to more than 10 years ago. Between 1988 and 1999, the Industrial and Commercial Bank of Hubei Province Anlu Branch (hereinafter referred to as Anlu ICBC) to Hubei Aluminum Group (hereinafter referred to as Aluminum Company) issued Loans 20, the principal amount of 105.05 million yuan, aluminum company to own 242,000 (approx) square meters of land and 43,000 (about)　　square meters of building rights and 567 sets of machinery and equipment to provide collateral, and to the Anlu Land Authority for the registration of land use rights, to the Anlu administration of industry and commerce for the registration of mechanical equipment. Hubei Aluminum Group is a wholly state-owned limited liability company established in 1966.　　After the aluminum company due to mismanagement, insolvency, to the court for bankruptcy. A written letter of commitment from reporters shows that "Anlu government on August 27, 2003 to ICBC Hubei Branch promised: The aluminum Company's 20 acres of land and bankruptcy assets to cash out of 11 million yuan for the liquidation of ICBC Road branch claims, Aluminum company bankruptcy liquidation Group firmly in accordance with this commitment to implement.　　The letter of Commitment is the official seal of the Aluminum company liquidation Group. Another document signed by the Anlu government, the same day, the Anlu people's governments to the ICBC Hubei Branch commitment: The Aluminum Company's 20 acres of land and the bankruptcy of the cash capital of 11 million yuan to repay the Anlu ICBC claims.　　The document also contains the autographed signature of Anlu, deputy mayor of Chen. Every other day, August 28, Aluminum Company received Anlu ICBC issued a letter agreeing to the bankruptcy of the company: "In meeting the commitment of the Anlu people's government, our bank agrees that your company is legally bankrupt."　　October 30, 2003, the Anlu People's court decided to declare aluminum company bankrupt debt, the court designated liquidation group to take over the bankrupt enterprise. But the Anlu government, which represents the liquidation group, has not honoured its previous commitment to repay the debt.　　So a capital of billions of state-owned financial claims for the struggle to launch a lasting tug of war.　　2. The land mortgage is not valid?　　November 25, 2003, Anlu ICBC to the court to apply for land tenure, machinery and equipment and other collateral to enjoy preferential claims.　　January 12, 2004 Anlu People's Court civil decision, Anlu ICBC and bankrupt Enterprise Aluminum Company signed the mortgage contract, 567 mechanical equipment of the mortgage is effective, but the right to use land and attached to the building of the invalid mortgage, Anlu ICBC to the mortgage machinery and equipment to enjoy the priority.　　It was assessed that the value of the total assets was 77.0903 million yuan in the case of the aluminum company's bankruptcy, of which 567 sets of mechanical equipment were valued at 12.2055 million yuan. The court ruled that Anlu ICBCAlthough the land use rights and the mortgage of the ground property for the mortgage registration, but the right to use the land is allocated, the mortgage should be approved by the Government and the relevant departments, and Anlu ICBC did not handle.　　Anlu ICBC on January 19 for reconsideration, January 20 Anlu Court dismissed reconsideration to maintain the original ruling.　　June Junzejun law firm Gaotang Lawyer said that the road court ruled that the right to use mortgage security is not valid, and the Supreme People's Court interpretation of the law does not match. The Supreme People's Court (FA (2004) 11th) stipulates that "since January 15, 2004, the Court has not yet concluded a case involving the mortgage of the state-owned allocation of land use rights by the Land Administration department which has the approval authority to handle the mortgage registration formalities according to law,　　If the mortgage of the state-owned land use right is not approved without authorization, the case that has been concluded should not be brought to a retrial according to the notice. "The key is whether the case is ' concluded '", although the Anlu court ruled on January 12, the verdict clearly informs the parties that they are entitled to apply for reconsideration within 7th, and that the Bank of ICBC has submitted a reconsideration within the time limit, so the case has not been concluded until the court has made a decision.　　Therefore, the land mortgage should not be deemed invalid.　　February 13, 2004, the Anlu People's Court held the company's creditors meeting, all the creditors through the distribution scheme, are required to pay cash. The Bankruptcy property distribution scheme issued by the liquidation group on the same day stipulates the liquidation order: first, the workers ' wages, labor insurance fees, employees ' fund-raising funds and economic compensation are about 22.06 million yuan; second, the liquidation tax, about 5.23 million yuan; third, the general creditor's rights (Anlu ICBC ranked first).　　The document said that after the liquidation of the first two items, the remaining capital of 1.9622 million yuan is not fully paid off, so the proportion of the total amount of money approved for 197 million yuan, liquidation ratio of 0.996%.　　3. Auction mortgage assets suspected of violating the rules?　　May 2, 2004, Aluminum Company Liquidation group commissioned Xiaogan billion Auction Co., Ltd. in the "Xiaogan daily" published an auction announcement: the May 9, 2004 10 o'clock in the morning auction will be the aluminum company's overall assets (including plant, equipment) auction.　　But it is noteworthy that the auction has not yet begun, the liquidation group has sold the asset package, and as the largest creditor of the Anlu ICBC, said not to know. A day before the auction, that is, May 8, Anlu Government, liquidation group and Zhejiang Wenling Metal Products Factory (now AI-da Group) tripartite signed a "acquisition agreement" and "acquisition supplementary agreement", the aluminum Company's overall assets (evaluation value of 77.09 million yuan, including a priority repayment of 12.2055 million yuan)　　and Hubei Silver Xin Composite Plate Co., Ltd. (hereinafter referred to as "Silver Xin Company") The overall assets (the evaluation price is 40 million yuan, excluding liabilities, or have liabilities), the value of 40 million yuan by the metal products factory overall acquisition. In fact, the metal products factory actually paid the purchase price of only 33 million yuan--Anlu the government on the basis of concessions and compensation for the loss of its relief7 million yuan purchase money.　　The actual purchase price is far from the appraisal price of the assets.　　Aluminum Company Bankruptcy After 7 months, that is, December 23, liquidation group from the Anlu Finance Bureau loan 1 million yuan to Anlu ICBC.　　Yang Wanshan Lawyers told reporters, but from the two acquisition agreements, there are clearly illegal places: first, the real assets transfer time earlier than the stipulated public auction day, and secondly, the District Court has misconduct. In response, Li Yibo responded to the reporter's first call, "There was no such thing as an acquisition agreement on May 8, and later explained," There was no public auction because no one had signed up until May 9 (that is, the notice auction date), and the acquisition agreement was actually signed around 13 or 14th after the date of the announcement, and the document ( The two agreements of May 8 were subsequently filled.　　"However, a document obtained by the reporter indicated that the Anlu government had reached an acquisition intention with Fidelity before April 8, 2005, only because the debt treatment had not yet been fulfilled." 4. A generous acquisition agreement love to reach group is the Anlu government to attract investment of the model enterprises. Hubei ai Shi Tatsu is from Zhejiang AI-group investment holding to produce cookware products mainly private enterprises, was founded in June 1999, formerly known as Anlu window Mill.　　April 1999, the city of Hubei province Anlu party committee, the city government to introduce Zhejiang Taizhou ai shi da Group, the acquisition of the factory after the bankruptcy of effective assets.　　After acquiring Anlu window mill, Love is up to 2002 years and acquired the Anlu steel plant, Anlu metal calendering Factory, May 2004, the company also invested 40 million yuan successfully acquired Hubei Aluminum group, at present, three factories have been put into production, love the brand Non-stick pot became the first brand, pressure cooker second brand. Anlu government for the acquisition of love is exceptionally generous conditions: to transfer the assets valued at the value of 110 million of the tangible assets of the aluminum company and the company, and the acquisition scope includes intangible assets such as "Fire Phoenix", "Silver Xin" and the right to use trademarks, and identify any debts of the original aluminum company and the company of Silver Xin,　　The economic and legal aspects of the debt dispute, are the aluminum company Liquidation Unit and the Anlu government take full responsibility. Local governments are also generous in terms of land transfer. According to the investigation, the acquisition of supplementary agreement, aluminum company Liquidation Group in the two sides formally signed a purchase contract within one week, for the metal products factory will be acquired by the aluminum company all land assets, more than 240,000 square meters for the 70 commercial and residential land (but the metal products factory in 5 years must be used for industrial production) and Silver Xin Company 46,000 square meters land change for 50 industrial use.　　The land transfer and all the tax and fees shall be borne by the liquidation group.　　There is also a clause in the Acquisition Supplement agreement: Anlu government will be located in 361 National road through the original aluminum company about 40 acres of land by 15,000/mu (about 22.5 yuan/square meters) of the price sold to the metal products factory, and for the metal Products factory for the 70 commercial and residential land transfer warrants and bear all the fees and charges. According to Hubei provincial Price Bureau, Department of Land and Resources2002, 60th, approved Anlu City benchmark low price for: a commercial land price of 598 yuan/square meters, first-class residential land 354 yuan/square meters, an industrial land of 175 yuan/square meters, the second commercial land 345 yuan/square meters, two-class residential land 255 yuan/square meters,　　Level two industrial land 123 yuan/square meters. According to the reporter understand, the transfer of aluminum company assets, the value of land tenure assets assessment is based on the allocation of industrial land price standards, and the metal products factory actually obtained is the commercial and residential land use rights.　　The value difference between the two is as high as several times. 5. Debt collection is hopeless as of the bankruptcy date, the aluminum company owed Anlu ICBC Loan principal of 102.6 million yuan, the principal and interest total of about 137 million yuan.　　As of now, Anlu ICBC has been repaid only 1 million yuan.　　April 15, 2005, Anlu ICBC to the above-mentioned acquisition agreement and supplementary Agreement to damage the interests of creditors to bring a lawsuit, to remove the acquisition agreement and supplementary Agreement and the exercise of the priority of the right to compensation. Anlu ICBC was aware of the enormous risk of claims being repaid.　　Anlu ICBC Internal a date of May 10, 2005, "Aluminum Company loans after the inspection report" on the liquidation of the bankruptcy assets, liquidation and other circumstances made a detailed analysis of the report. According to the analysis, the high cost of staff resettlement and other related expenses is a great threat to the priority of the bank's claims. "Although our bank's priority claim is 12.2 million yuan not within the scope of the estate, it is only 4.23 million yuan to pay the creditor even if it does not pay for any other expenses, because it costs as much as $57.77 million." "The report said that the Anlu government to Anlu ICBC promised 11 million yuan in cash and 20 acres of land, there is no reliable source. The report recommends that a lawsuit be brought to the provincial high people's Court to revoke the transfer of machinery and equipment in the overall "asset transfer agreement" signed by the Anlu government and Hubei ai Shi da Electrical Appliance Co., Ltd.　　And to recover the recovered funds by seizing, freezing and changing the cash. Soon thereafter, according to the State Council of the state-owned commercial bank reform work arrangements, ICBC Hubei Branch will be the company's principal and interest of aluminum companies transferred to Orient Asset Management company Wuhan Office (hereinafter referred to as Oriental Company), the assets in accordance with the quality of credit assets five classified as suspicious type of non-performing assets.　　The Oriental Asset Management company succeeded ICBC in obtaining the rights and mortgages of the aluminum company and changed the subject of the lawsuit.　　June 28, 2006, the Xiaogan Intermediate People's Court sentenced, part of the abolition of the aluminum company Liquidation Group, Anlu Government, Metal Products factory signed the acquisition agreement, that is, the revocation of the collateral involved in 567 of mechanical equipment civil behavior. The Oriental Asset Management company filed an appeal, saying after the court decision and the metal products factory paid part of the acquisition funds, the liquidation group and the Anlu government did not accord the funds priority to repay the debt of Oriental Asset management company, although by many reminders, the other party refused to pay in full, request to cancel the acquisition agreement and the purchase supplementary agreement, and the trial court missed the request for the defendant to pay the property of the first mortgage.　　Hubei High Court on January 18, 2009 rejected the appeal upheld the verdict. Close to the eastern Asset Management company, the source said, the metal products factory completed the overall acquisition of aluminum companies, only 567 sets of machinery and equipment, such as fixed assets changed hands sold more than 40 million. The source said, "is tantamount to buying without money, but also white land."　　"However, it is not possible for journalists to obtain evidence for this transaction.　　10 months after the Hilling final judgment in January 2009, it is reported that the parties concerned have yet to reach agreement on the payment of preferential compensation in accordance with court decisions.　　And this stems from Anlu ICBC to aluminum Company's 137 million loan principal and interest, from the launch from the current 10 years, only recovered 1 million.　　Reporters on the follow-up progress interviewed the main parties: Aluminum Company Liquidation Group (leader of the city government officials) and Oriental Asset Management company Wuhan office, the two sides uncompromising: one side said the other side refused to negotiate, the other side said the other party has no initiative to negotiate. Li Yibo 18th on the phone said, "The court judgement has come down, we (liquidation group) first will not be a deadbeat; second, the matter needs to be negotiated. Equipment has been sold, will certainly not come back, this thing and the love of the company has no relationship, is now based on court judgments, and we negotiate how to repay, how much money to pay the question.　　He also said that Oriental Asset management company had to get people, but no one has come yet. Reporters asked whether the source of repayment to use government revenue or other, Lee said, "with what to repay, is our business."　　Eastern Asset Management company Wuhan office told reporters that before the court decision, the Eastern and representative of the liquidation Group of the Anlu government on the issue of aluminum Company's debt settlement, the city government bid 3 million, the east refused to accept, peace talks difficult to proceed. "But after the court's second judgment came into effect, they (the liquidation group) refused to continue to negotiate with us about the debt settlement of the aluminium industry in the belief that they had actually won the lawsuit." Of course, if it's still 3 million, it's impossible to talk about it.　　The person said. The journalist again consulted the lawyer.　　Gaotang analysis, when the court has decided that Eastern Asset Management company mortgage equipment priority to be repaid, and the purchase agreement to remove the equipment collateral of the civil acts, the acquisition of the party's love to return the part of the property to the liquidation group obligations, and the liquidation group should actively advocate its return of property. 6. Judicial difficulties some local governments have been very prominent in the restructuring of state-owned enterprises and the bankruptcy of bank debts.　　2006, Wuhan City, 13 Financial institutions Joint survey found that Wuhan in recent years restructuring of the 113 state-owned enterprises financial debt amounted to 8.94 billion yuan, the formation of a default of 3.2 billion yuan, which has caused losses of 1.969 billion yuan. The People's Bank of China Wuhan Branch has pointed out that the bank faces the enterprise to evade the debt, the situation is very awkward. The root cause, or because of the financial "eat kitchen".　But the restructuring enterprise escapes the bank debt, the main loss in the bank.　"The debtor is in possession of the property at a manifestly unreasonable low price and the assignee is aware of the situation and the creditor may apply for revocation." Gaotang said, "Oriental asset management companies can apply to the Supreme People's Court for a retrial, but the commencement of the retrial procedure is quite complicated."　　However, Yang Wanshan told reporters that even if the takeover agreement was revoked by an unlawful court, that is, the eastern Asset Management company in the name of victory, the recovery of the relevant debt assets will also be a very troublesome matter. "The cancellation of the takeover agreement is the equivalent of the whole incident to the point before the May 8, 2004 transaction, and now Anlu ICBC's loan, whether creditor or debtor, has changed a lot in terms of ownership and value of the assets." How to solve it will be a long and complicated matter in the legal process. The best way is to sit down and negotiate. "he said.