Senior executives arrested for vice President Wang Xin-Wang

Source: Internet
Author: User
Keywords Senior executives to the CBRC the broad issue the wide control
Absrtact: Our correspondent yesterday confirmed from a variety of channels, Guangdong Development Bank (hereinafter called wide distribution) vice President Wang Xin is indeed in the recent judicial organs away, the case involved in the issue of the reorganization of the bad assets in the course of the disposal of the problem this reporter yesterday from a variety of channels confirmed that Guangdong Development Bank  The vice President Wang Xin was recently taken away by the judiciary, and the case involved the disposal of non-performing assets during the reorganization of the broad issue. Caijing reported that Wang Xin June 19 was formally arrested for corruption by the judiciary, with the arrest of the Capital Management Department of the deputy Radar, as well as a close relationship with the broad issue of Hou surname man. General Manager Li Shujin is currently in medical parole state.  As to whether other people are involved in the case, it is not yet confirmed by reporters.  As of press time, the broad public relations department did not comment on the Wang Xin case.  Involved in the disposal of non-performing assets?  With the announcement of senior executives ' changes to the CBRC two weeks ago, much speculation in the Wang Xin case has spread across the banking sector in Guangdong, but since the judicial intervention is still in the early days, the parties have been locked in a very tight message and all sorts of speculation are now unproven.  For the industry to mention the most frequent news that Wang Xin was involved in the situation and the end of February 2006, the company will be about 56 billion yuan of non-performing assets stripped to Guangdong provincial and financial Investment Holdings Limited before the disposal of non-performing assets, but the current statement has not been confirmed by the judiciary. According to the data, Wang Xin played an important role as a widely-issued senior executive in the process of the 2005-2006-year wide-issue capital reorganization. At that time, the wide issue of stripping, write-off of a large number of non-performing assets, the entire cost of restructuring up to about 50 billion yuan. The first source was a premium stake in the bidding group, with Citigroup bidding for 24.2 billion yuan, generating a premium of about 13.5 billion yuan. The second source of funding is the disposal of non-performing assets. December 2005, a total of 33.3 billion yuan in the sale of non-performing assets package. People familiar with the matter said that the broad issue of the original wanted to sell 8 billion to 9 billion yuan price, but the four asset management company's bid is not high, in order to be able to ensure timely completion of the bid, at the end of February 2006, the broad issue of about 56 billion yuan of non-performing assets were stripped to the Guangdong provincial government  Again by the Guangdong Financial Trust for disposal.  Apart from the two sources of foreign capital premium and non-performing assets recovery, the Guangdong provincial government also needs to solve the burden of about 30 billion yuan, and Guangdong province has reduced its share of southern power grid and Guangdong electric power. In the process of reorganization, the company also auctioned off its wholly-owned non-financial assets ——— Control Group Limited, 100% shares and the broad issue of 1.722 billion yuan to the control group and its subsidiaries. According to the published data of the Guangzhou property Exchange, which was commissioned by the broad issue, the total amount of the book assets of the group on the base date (November 30, 2005) was 3.79 billion yuan, with a liability of 3.4 billion yuan. After evaluation, the value of assets is only 2.44 billion yuan, the value of assets reduced to 1.3 billion yuan, the enterprise has been insolvent 970 million yuan. March 2006 PatAt the time of sale, the private enterprises from Beijing Chang Heng Far Holdings limited to 400 million yuan bid successfully. In this huge non-performing asset stripping process, there may be room for illegal operation. The executives were found to be involved in the analysis.  The man surnamed Hou, who was arrested a few years ago, also worked for a company affiliated to the Canton control group. "Caijing" reported that Wang Xin was found to have caused great shock in the wide distribution, and he is the executive director of China Life, one of the major shareholders in the big post.  In last year's broad release of the senior management structure, as one of the seven vice presidents, Wang Xin executive integration, human resources and technology, head Office Audit department, the headquarters of the Ministry of Personnel, the headquarters of the Department of Science and Technology to report to it. After this investigation, Wang Xin's line has been the division of labor, which, science and technology line temporarily by Deputy Governor Zheng Lianming escrow, personnel line by the President Mr Zink cites escrow.
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