North Asia Group Bankruptcy reorganization hidden mystery: The sale of the country's capital is questioned

As the first listed company of the Ministry of Railways, although the North Asia Group has brought the flight back to life, the various puzzles in its bankruptcy reorganization process have not been erased. The 4-year suspension of the North Asia group "back to Life" December 27, 2010, Harbin Chinese court ruled that the reorganization of the North Asian Group bankruptcy process completed. February 10, 2011, North Asia Group issued a notice, the company will be issued to AVIC Industrial group private shares, to buy the latter holdings of AVIC Investment Holdings Limited's 100% stake.　　After the completion of the transaction, the North Asia group as a surviving company into the AVIC group sequence and resume listing. North Asia Group is the first listed company of the Ministry of Railways. 2006 outbreak of the Nest case, Chairman Liu Guiting Lok Ma, at the same time the case involving the former Harbin Railway Administration, Beijing Railway bureau chief and the former Department of Railways He Hongda.　　The following 2007, the North Asia group due to mismanagement of the listing, so far 4 years, during the reorganization has been unsuccessful. Local investor Chen Fengrei told Caijing National Weekly reporter, "A bankrupt company, not only the debt is fully discharged, there are still more than 1 billion yuan assets, this is a ' miracle '." "Miracle" happened on November 19, 2010. The same day, North Asia Group held 64.89 million shares in the Beijing Equity Exchange auction, century Jinyuan investment Group and the Fauze group respectively to 42.76 Yuan/unit and 43.09 yuan/share their respective bid 36 million and 32.49 million shares, total turnover of 2.939 billion yuan.　　Aside from the repayment of all remaining debt, the remaining 1.2 billion yuan.　　In addition, the reporter in the local investigation found that at present, the North Asia Group has a number of property assets, these assets worth hundreds of millions of yuan and appreciation of space, but its ownership is still not clear. How many assets are there in the North Asia group after the reorganization?　　At the end of February 2011, reporters came to Harbin for a field survey. North Asia Group 2006 Annual report shows that the company is located in Huashan Road area of 23200 square meters of Haguo with (2003) words No. 95757, No. 95758 Two plots of land use rights by the Harbin Intermediate People's Court seized; the company is located in Huashan Road area of 67775.5 square meters of Haguo with (2003) Word No. No. 2568 Land use Right (2-23-21-1-1) was seized by the high people's Court of Heilongjiang province.　　These 90,000 square meters of land use rights should be all North Asia group, but throughout the reorganization of the bulletin, did not see the disposal of these land assets. Harbin National Bureau of the Nangang branch of the land file, and did not find the above-mentioned land use rights records.　　However, the Land Bureau of the computer registered Huashan Road of the 2-23-21-1-1, the area is just 67775.5 square meters, at the same time, the reporter found Huashan road also has an area of 23200 square meters of land.　　This total of more than 90,000 square meters of land, are now registered in Heilongjiang province North Asia real Estate Company Integrated Limited (hereinafter referred to as "North Asia real Estate Company") under the name. Reporter Follow NorthAsian Group Shareholder Chen Fengrei came to the site, the above land is located in Harbin, a very prosperous development zone, adjacent to the high people's Court of Heilongjiang province.　　The site has a soon-to-be-completed Hua Feng World Trade Tower, as well as several unfinished buildings and a few completed buildings as magnificent as castles. North Asia Group 2006 Annual report shows that the building is also listed in the company's seized property details.　　This suggests that the above ground buildings may also be assets of the North Asian Group.　　In the 68.49 million shares of Xinhua life, before the successful auction, the North Asia Group restructuring plan to determine the relevant claims have been liquidated 689 million yuan, the total bankruptcy reorganization liabilities (including by the Law of the supplementary recognition of specific property security and ordinary claims) amounted to 2.386 billion yuan, remaining in debt of 1.698 billion yuan.　　At 100% of the settlement rate, in 68.49 million shares of Xinhua life insurance sold 2.94 billion yuan, the north Asia group at least 1.242 billion yuan of cash assets remaining.　　But if the two lands and their buildings are also subsumed in the North Asia group, the assets of the North Asia group will increase substantially. Zhao Weijiang, a certified public accountant who has worked in the Hangzhou Municipal Audit Office for 15 years, points out that the recorded assets plus the outstanding assets of the North Asia real estate company amounted to 2.76 billion yuan.　　Harbin a property personage introduction said, according to the current market, the North Asia real estate company's above assets are worth nearly 4 billion yuan.　　Determine the value of North Asian real estate companies, in addition to identifying their assets, but also to see their external debt. Zhao Weijiang told Caijing National Weekly reporter, according to the North Asia Group annual report, the North Asia real estate liabilities including the Harbin Jianguo Hotel Investment Management Limited 602 million yuan, to the Chinese bank letter guarantee company's 250 million yuan, has not settled the Payable Project section 510 million Yuan,　　To the North Asia group to borrow 578 million yuan and in advance Beijing Capital Travel Group Limited liability company purchase money and deposit 600 million yuan and Huaxia bank loans 200 million yuan. Among them, the first two of the 852 million yuan has been included in the North Asia group total liabilities of 2.38 billion yuan Plate, received 100% liquidation　　510 million Yuan project paragraph has 510 million shares of the century stock satisfaction, the group of 578 million of the loan has been in the insolvency of North Asia to pay 344 million yuan of assets, the remaining receivables of 234 million yuan in full account of the provision of bad debts.　　As a result, North Asia real Estate company unresolved external liabilities left only Beijing First Brigade Group of 600 million Yuan and Huaxia Bank of 200 million yuan, totaling 800 million yuan.　　The mystery of the property company's ownership but the ownership of the North Asian real estate company has become a mystery. October 29, 2005, North Asia Group issued a notice: North Asia Real Estate Company is a holding subsidiary of the company, registered capital of 20 million yuan, with its 100% interest, North Asia Group agreed to Asia Field Marvell Inc. (hereinafter "Asian Holdings")　　To the real estate company to increase the capital of 46.835 million U.S. dollars, the company does not increase capital. After the completion of the investment, North Asia real estate company registered capital of 49.3 million U.S. dollars, enterprisesThe nature of the change to the Sino-foreign joint ventures, the Asian holdings holding a 95% per cent stake in the North Asia group holding 5% per cent, North Asia real estate companies are no longer included in the North Asia Group consolidated statement scope.　　September 20, 2006, North Asia Group issued a notice that, as of now, the Asian holdings did not fulfill the obligation to contribute to the implementation of the contract, the two sides are continuing to conduct consultations on the issue, the company will continue to information disclosure of the matter. The North Asia Group's 2006 annual report still records the North Asian real estate Company as a holding subsidiary of the company.　　But in the 2007 annual report, the North Asian real estate company has become the North Asia Group's shareholding subsidiary.　　In the notes of the annual report, it is stated that: In 2007, the consolidation of consolidated financial statements reduced North Asia real estate company, North Asia real estate company registered capital of 49.03 million U.S. dollars (paid-in capital of 2.465 million U.S. dollars), North Asia Group investment 2.465 million U.S. dollars, accounting for 5% shares. The note also states that the North Asian real Estate company has ceased production and operation since 2006, is in a closed state, and that most of its assets have been frozen and has entered the implementation phase. The Board of Directors of the company consists of 4 members, one of the directors of the company, as vice chairman, is now suspected of committing crimes.　　Since the establishment of the company's major contracts are signed by the foreign Chairman or foreign Chairman authorized representative signed, the company has no control.　　However, prior to or thereafter, no notice of the Asian-land holding has fulfilled the obligation to contribute to the announcement. "A real estate company how to become a joint venture, and the joint venture foreign Asia holding not a penny, can control the North Asian real Estate people, wealth, things?"　　"A few small investors contacted by reporters, all believe that the North Asian real estate company is still the north Asia group."　　Caijing National Weekly correspondent wrote to the North Asia Group office, but the company's securities officials said they would not answer any questions. The Harbin Intermediate People's court said to reporters that members of the liquidation team will be contacted to inquire about the matter. But to press time, has not received the relevant reply.　　must [page] be bankrupt? North Asia Group listed at the beginning, mainly engaged in railway passenger and freight transport business, the company has more than 2000 owned goods vehicles operating in Harbin, Zhengzhou, Shanghai Railway Administration tube, with 7 sets of EMU passenger trains running in the provinces.　　Thanks to the railway ministry, coupled with excellent performance, the company's share price has reached more than 30 yuan.　　But then the railway Ministry's road network reform stopped short, the company's rail transport business in trouble, from 2004 to 2005 for three consecutive years of losses, May 2007 by the Shanghai Stock Exchange suspended listing. Nevertheless, the group still has a wealth of quality assets.　　One of the first quality assets of more than 2 billion yuan real estate investment (North Asia Real Estate Company), the second high-quality assets of 1 billion yuan long-term equity investment target= ' _blank ' > US-lee Paper AG, such as equity), these two quality assets accounted for the North Asia group total assets of more than 80% of 4.1 billion yuan. "Then the new Henderson, Goldman Sachs, Deutsche Bank, whyWant to restructure North Asia, is to fancy a lot of quality assets in North Asia.　　A shareholder in Harbin told reporters.　　But why have such companies been restructured?　　Some small and medium-sized investors are suspected to be large shareholders, management of the sale of assets, deliberately planning bankruptcy, the transfer of benefits. In recent years, in the face of the doubts of some small and medium investors, major shareholders and management have taken evasive attitude and have not explained.　　Reporters in Harbin during the interview, the relevant departments are not willing to make a statement on this issue. Local shareholders told reporters that the North Asian Group shares relatively dispersed.　　Harbin Railway Bureau, the first major shareholder of the proportion of 6.29%, the second largest shareholder of the first major shareholder of the company Heilongjiang Rainbow Tong Transportation Services Co., Ltd., accounting for 3.68%, but management by the railway Department control. In the heyday of 2002, the total assets of the North Asia group has reached 2.4 billion yuan, net assets exceeded 1.7 billion yuan, ranked listed companies in the list of 100.　　But before the case happened, it plunged. January 2008, Harbin Intermediate People's Court declared insolvency of the North Asia group.　　The main content is, after preliminary examination, as of September 30, 2007, the total assets of the North Asia group is 2.397 billion yuan, the total liabilities of 4.224 billion yuan, the ratio of assets and liabilities to 176.22%, there is a significant loss of solvency may be, the creditor to apply for bankruptcy reorganization in line with the law.　　The 2007.5 Annual report shows that the total assets of the North Asia group is 3.257 billion yuan and the liabilities are 3.582 billion yuan; in the third quarter of 2007, the total assets of North Asia were 3.204 billion yuan and the liabilities were 3.538 billion yuan. Small and medium investors completely disagree with the Court's determination. Some minority shareholders in the interview that the court's ruling underestimated the many assets of the North Asian Group, such as North Asia futures of the initial investment of 30 million yuan, although the North Asian futures closed, but the assets are still, futures licences are also valuable.　　In addition, North Asia's long-term investment in Dapeng securities companies, China wind commercial real estate projects, international trade projects and other real estate projects, the court did not count assets; "North Asia Group is not included in the largest two assets are: first, North Asia real Estate company, the second is Shenzhen North Asia and Yong Industrial Co., Ltd. owed 230 million yuan."　　"Zhao Weijiang said.　　As for the total amount of debt, small and medium shareholders also have doubts, especially the large number of the debts incurred by the guarantee, and the debt to the major shareholders and management interest-related companies, is alleged to be manipulated.　　North Asia Group's bankruptcy applicant for Heilongjiang province Yu-Hua Guarantee Investment Co., Ltd. (hereinafter referred to as "Yu Hua Company").　　Industry and commerce materials show that the company was founded in 2003, the registered capital of 300 million yuan, a total of 7 corporate shareholders, North Asia Group investment of 100 million yuan, is the first major shareholder, the company's legal representative for the North Asian Group of the original legal representative Liu Guiting. 2008, Yu Hua company re-election North Asia group general Manager Kyung as chairman, legal representative. April 9, 2010, Yu-hua company has been a copy of the business license lost to apply for replacement of new businesscopy of the license.　　Small and medium shareholders believe that Yu-hua company as a bankruptcy applicant, it is inevitable that people do not leave the imagination space.　　Whether the sale and loss of the North Asia group after the bankruptcy reorganization process, a large number of assets have been disposed of, some of the assets of the disposal price, has been questioned by investors. At this time, the company has some equity assets, good quality, appreciation of the space is huge, attracted many investors attention. For example, the company's investment in China's south car and China's north car ownership, as two companies have been listed successively to achieve substantial value-added.　　But none of this has anything to do with the North Asian Group and its shareholders, as these assets have been sold out to repay the debt.　　March 2007, the company held Changchun Rail Bus Co., Ltd. (hereinafter referred to as "long Customer Company") 98.39 million shares by the judicial auction, to 105.6 million yuan price auction to the long passenger company's another private shareholder Jilin Golden Bean Industrial Co. Public data show that the long passenger company is China's northern locomotive and rolling Stock Industry group holding subsidiary, registered capital of 530 million yuan, the establishment of 2002, the total assets of 4.5 billion yuan, net assets of 974 million yuan, is the largest railway passenger cars and urban rail vehicle development, manufacturing and export base,　　2007 sales income over 5 billion yuan, net profit of 67 million yuan. In September 2007, the North Asia Group held a 32.5 million-share stake in China Southern Motor Vehicle Co., Ltd. was the judicial auction, to 48.23 million yuan price transactions, the auction of 32.5 million shares of the net worth of the book only 50 million Yuan. Sifang Locomotive is the core subsidiary of China South Car, for China's high-speed EMU production base.　　China Southern Vehicle data show that the four-square locomotive registered capital of 3.1 billion yuan, 2010 first half income 5 billion yuan, unfinished orders close to 50 billion yuan. "Changchun Rail stock auction price is not half of the net assets, and the Quartet locomotive stock price and its domestic leading enterprises, the status of very inconsistent, obviously sales."　　"Chen Fengrei said.　　March 24, 2007, the North Asia group held by the China Railway Express Co., Ltd. (hereinafter referred to as "China Railway Express") 13.9868 million shares were the judicial auction, the transaction price of 37.3 million yuan, the net book value of 16.2 million yuan. China Railway Express is the Ministry of Railways directly under the professional transport enterprises, registered capital of 1.95 billion yuan, net assets of 2.43 billion yuan.　　Company plans 2010, in the country built 12 express train base, more than 20 distribution centers, covering more than 400 cities operating network, to achieve annual transport income of 10 billion yuan.　　North Asia group shareholder Chenxi told reporters that after the auction of these assets, the company did not immediately notice, some even a few months before the announcement. "How do you choose auction houses and evaluation agencies?" Is there an assessment? What is the evaluation value? How much is the reservation price? Who is the buyer? Who is the evaluation agency? Is there an advance auction announcement? How many days advance notice? In what media? Who are the bidders? Wait, we asked the liquidation group about these questions.Unwilling to disclose.　　"Chen Fengrei said. 2006 Yuehua Accounting firm issued a failure to express the reasons for the audit opinion fourth that, in the case of note VIII of the financial report, 45 items of lawsuits matters which have been adjudicated and mediated by the court and the arbitral institution as referred to in the proceedings, involving costs related to the proceedings and 6 of the assets which have been executed for auction, have not been dealt with accordingly,　　The North Asian Group failed to obtain the legal basis for confirming its auction value and the value of its debt. "Caijing National Weekly" reporters on the above issues interviewed the Heilongjiang advanced People's Court. The court concerned said that the above issues, the higher level of the department has also been involved in the investigation, the hospital is also actively coordinate, communication, to find solutions to the problem.