Oil supplier Benefits Health Project sued by ABC

Source: Internet
Author: User
Keywords Bank
From the listing to Hong Kong, to a number of people to help police investigation, multiple senior management turnover, domestic oil clothing one elder brother (the largest private chemical EPC) in less than a year, such as riding a roller coaster. September 18, the new Wison project announced that the controlling shareholder Huabangsong and the company are still assisting Chinese authorities in conducting their investigation.  The finance manager and an employee of the group, Mr. Zhao Hongbin, are also assisting in the investigation.  "As part of its investigation, the authorities concerned have inquired about several of the group's projects, taken out books and recorded and frozen a number of bank accounts of the group," he said. September 24, the reporter learned from the people's knowledge, because of the loan dispute, Wison Project is facing new problems, has recently been the company's main cooperative Bank of agriculture to sue to court.  Earlier, the company's multiple accounts were frozen by the bank. According to the 2012 prospectus of Wison, its business includes three parts: petrochemical, oil refining and coal chemical industry.  In addition to the coal chemical EPC (design, procurement, construction), the company's petrochemical, refining business, and PetroChina Group subsidiary has more cooperation.  Publicly available data show that in 2009, Wison's 80% per cent income came from PetroChina, at the end of 2012, which fell below 10% per cent. However, rumors of the Wison project being involved in the "PetroChina case" are still rife.  Since June, the company's shares have fallen significantly, by more than 30%, and suspended on September 2.  In this respect, Wison project related people to respond to the reporter said that the company is indeed and Agricultural Bank (601288, shares) there is a loan dispute, but the other prosecution documents have not yet reached the company, Wison has been active communication with ABC, is to achieve a good direction of the plan.  With the loan bank mediation learned that recently, Wison project related persons were investigated, while the group in several bank accounts were asked to freeze. "After the company has communicated with the relevant authorities, some of the frozen bank accounts have been closed."  The above announcement disclosed. The sudden spate of events has raised concerns among co-operative banks.  At present, several banks have communicated with the Wison project, showing concern, according to the people familiar with the matter. "After a major event, the commercial banks have the right to require the enterprise to explain the situation, and, if there are agreed terms in advance, can also require enterprises to repay in advance."  The person said.  According to the Wison Project 2013, the company currently borrows about 2 billion yuan, of which the short-term bank borrows 1.62 billion yuan and the medium and long term bank borrows at 250 million yuan. "Wison's cooperative bank is mainly a few big banks, including ABC, ICBC, the bank, and Minsheng Banking (600016, shares)."  The people familiar with the matter said to reporters.  It is reported that a recent loan occurred at the end of last year, Minsheng Bank Hong Kong Branch on November 27, 2012 to provide Wison holding 1 million U.S. dollars of fixed-term credit to Wison's holdings of Wison project Equity as collateral. The reporter was informed that the non-renminbi financing of Wison project mainly comes from the Bank of China, and other institutions. A larger sum of 2011-July 5, Wison invested with three lenders, including the Bank of China International, Credit Suisse AG and Dahua, to make a financing agreement to provide 100 million U.S. dollars in loan financing, at a fixed annual interest rate of 9%.  Multi-executive resignation according to the prospectus of Wison project, in 2009, 2010 and 2011, the total receipts of Wison project from PetroChina and its subsidiaries were about 1.189 billion yuan, 3.985 billion yuan and 2.942 billion yuan respectively, which accounted for 63.1%, 80.1% and 58.4% of the total receipts respectively. As a result, there is no rumour about the PetroChina case of Wison's engineering controlling shareholder Huabangsong, and rumors that the Huabangsong project was "a generational shareholding" reached a peak when the oil case was exposed this August.  In this respect, the Wison project announced in a recent announcement that "all shares held indirectly by Huabangsong are owned by him". Beginning in 2012, in the process of promoting the listing, only from the report, Wison Project intends to reduce the impact of PetroChina.  As at the end of June 2013, the first half of the benefit of the project from the contract with PetroChina Group recorded a profit of about 111 million yuan, accounting for only 5.6%.  It is intriguing that, in addition to the Huabangsong of the controlling shareholder, the company's finance manager was asked to assist in the investigation and was "taken out of the books".  It is reported that, a few days ago, Wison Project chief financial Officer Chen Wenfeng chose to resign, the financial department of Personnel earthquakes more suspicious.  At the same time, the reporter was informed that at present, the independent non-executive director of Wison, the Chairman of the Audit Committee and the nomination committee member Cai Sizong also chose to resign, and in this respect, the Wison project responded to its "pursuit of other business opportunities". "The management of the health sector is volatile and Wison has recently raised tens of millions of yuan to repay some of its maturing loans to appease the lending banks." But its bank accounts have not been fully unfrozen, and it is doubtful whether the liquidity of the books has been affected by the geometry of the company's finances after it has been taken away.  The person said. September 24, the Wison project is still in suspension.
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