The inner hole of the northern wilderness gradually exposed: 1 years involved in 33 violations

The inner control loophole of the northern wilderness as the first blue-chip Chinese agriculture, the northern Wilderness is now no longer the scenery. Although the stock price recently benefited from a favorable policy, but faced with the 1st received 3 tickets, 1 years involved in 33 of the fact that the inner veil of the northern wilderness was gradually opened up some experts believe that the reason for many times the wilderness of information disclosure is not true, perhaps not only due to internal management control loopholes, Because in practice some listed companies will intentionally evade the disclosure obligation through the parent subsidiary's form the rule of Law weekend reporter Liu Ziyang "Went up again, rose again!" The northern wilderness shares have risen for 4 consecutive days. "September 12, the purchase of Heilongjiang Northern Wilderness Agriculture Co., Ltd. (hereinafter referred to as" the Northern Wilderness ") shares of investors Mr. Zhang difficult to conceal the excitement," originally I have intended to sell the stock, now it seems to wait and see is right. " Mr. Zhang thought that the share price of the wilderness would fall out of hand.　　Because September 11, Heilongjiang Northern Wilderness Agriculture Co., Ltd. Bulletin shows that the company in the last 1 years involved in 33, involving an amount of 792.4 million yuan.　　Based on experience, this disclosure may frustrate the share price of the wilderness, but it is clear that this experience has failed.　　September 12 noon, the northern wilderness has risen to 9.98 yuan/shares, a new high since 1.5. Zheng Yujie, a researcher with the investment advisory on agriculture, forestry, animal husbandry and fisheries, told the law weekend reporters: "The great wilderness share price does not fall, mainly thanks to its own large amount of land." The northern wilderness has large agricultural land in Heilongjiang area, the potential of land appreciation is greater, and the current market on collective land listing on the discussion also let the land-related listed companies rose.　　"Zheng Yujie believes that the macroeconomic recovery, the high level of the release of the relevant signals also help to boost the stock market, the northern wilderness of the shares also benefited."　　Even though the great wilderness of shares in the policy positive under the continuous rise, but Mr Zhang's mood is very complex. "The recent negative news about the northern wilderness, and these days I also pay attention to the dynamics of the wilderness to avoid quilt."　　Mr. Zhang said. Mr. Zhang's fears are not unreasonable. Due to a number of information disclosure violations, the SFC's Heilongjiang regulatory Authority has recently made 3 of the company's administrative supervision and control measures, and ordered its rectification period.　　Then, the future of the wilderness of the stock price can keep up the trend, not yet known. 1st 3 fines: Scenery no longer the northern wilderness is known as "agricultural blue-chip first shares", but now, its once brilliant no longer.　　Since September 2012, the illegal lending of large sums of money has not been disclosed, the project funds "disappeared", the financial management of the subsidiary company confusion and so on have been accompanied by the northern wilderness.　　September 6, the northern Wilderness also announced that within a day, the company received from the Securities and regulatory departments of the administrative supervision measures decision "2013" 7, 8, 9th documents. According to document 7th, the Heilongjiang Securities Regulatory Bureau verified that the Northern Wilderness company existed between August 2012 and July 2013, and that the subordinate subsidiaries had more than 10 lawsuits, and within 12 consecutive months, the total amount of litigation amounted to 7.37Billion, more than the company 2012 audited net assets of 10%.　　Except for some of the proceedings announced on August 22, 2013, the other proceedings were not disclosed. Document 8th indicates that its "published information is not registered".　　Documents pointed out that as early as 2003, the northern Wilderness announced the acquisition of 98.55% of the northern wilderness of the rice industry, and in the public disclosure documents, has been shown to hold a 98.55% stake in the northern wilderness rice industry.　　But to March 31, 2013, the Industry and commerce registration materials show that the northern Wilderness holds 98.55% of the northern wilderness rice industry, this is the securities and regulatory authorities that its information disclosure and business registration is inconsistent.　　Document 9th shows that the northern wilderness in the foreign borrowing funds, related party loans, such as "repeated information disclosure irregularities", its director of the high (that is, directors, supervisors, senior management) and holding subsidiaries of the main responsible for this. "These things do reflect a loophole in the internal management control of the enterprise." The appearance of internal control problem mainly lies in the imperfect management system and the execution of the enterprise.　　"Zheng Yujie thinks.　　5 days after receipt of the ticket, the northern wilderness issued a notice and detailed disclosure of the 33 specific cases involved.　　What causes enterprises frequently involved in litigation, the reporter contacted Northern Wilderness Agriculture Co., Ltd., but the company's telephone has not been answered. Reporter access to the case tables found that the 33 cases of litigation are mostly debt disputes, the prosecution is a subsidiary of the Northern Wilderness, the prosecution is due to the defendant owed debts or the defendant does not deliver the relevant goods.　　Among them, 11 cases of the application is the Northern Wilderness Xin Asia Economic and Trade limited liability company, accounting for the entire listed companies involved in the total of One-third, the amount of money involved from hundreds of thousands of to hundreds of billions of dollars.　　In fact, it is not just these that plague the wilderness.　　In recent years, the increase in processing costs, raw materials procurement and production costs rise, high sales costs and downtime and other factors, leading to the northern wilderness of the rice company, malt company, fertilizer companies, paper company collective losses, the reporter found 2012 years of the northern wilderness performance has been 188 million yuan losses.　　Zheng Yujie also said that if the relevant departments of the Northern Wilderness further investigation, the northern wilderness or will expose more funds, regulatory loopholes, the chance of further punishment is very high.　　If so, the future of the Northern wilderness and its shareholders may also face more doom. The letter in the breach behind the law: the illegal cost of the Northern wilderness many times to cover violations, Zheng Yujie said: "The Securities and Supervision Department of the ticket shows that the company's high-level concerns related matters, which indicates that the internal supervision and management of enterprises is not in place." "The inner control problem of the northern wilderness has already existed."　　The Ministry of Finance issued August 30 this year, "China's listed companies 2012 implementation of enterprise internal control system Situation Analysis report" On the disclosure, in 2012 a total of 2,244 disclosure of Internal Control evaluation report of the listed companies, 8 listed companies in the internal control of major deficiencies, the northern wilderness is also ranked among them. However, why the northern wilderness can maintain such a level of internal control for a long time, resulting in cumulativeThe many questions of the letter?　　Yelin, a professor of civil and commercial law at Renmin University of China, said that the wilderness has repeatedly revealed false information, perhaps not just because of internal management control loopholes. "In practice, some listed companies will deliberately evade disclosure obligations through the form of parent subsidiaries." For example, many contracts are signed in the name of a subsidiary of a listed company, and as an independent legal entity, these lawsuits are not related to the listed companies and thus do not disclose information. But according to the rules of information disclosure, the lawsuit that the listed company encounters to the wholly-owned company and the holding company cannot evade by the simple parent-subsidiary company.　　"Yelin said. Reporter inquiry information found that the content and format of corporate information disclosure of publicly issued securities 2nd-the content and format of the annual report requires listed companies to disclose the relevant information of subsidiaries, and to stipulate that when the operating performance of a single subsidiary is substantially fluctuating and has a significant impact on the company's combined operating performance,　　The company should analyze its performance fluctuation and its causes.　　Professor of accounting at the School of Economics and Management, Wuhan University, has written that this provision has not been well implemented.　　In recent years, the information disclosure problem of listed companies has been existed. "Listed companies must be responsible for shareholders, information disclosure is the obligation of listed companies, but many listed companies are in and regulatory agencies ' hide-and-seek '."　　"Yelin told the rule of Law weekend reporters, many listed companies on the disclosure of information still hold the attitude of muddle through, this phenomenon is because the cost of illegal law is not high." Lin Liming Lawyers told the legal weekend reporters: "According to the law, listed companies if the letter is violated, the circumstances of the lesser of the SFC to make administrative penalties, the circumstances of serious direct liability may be held criminally responsible." But the information disclosure according to law, many times to rely on enterprise self-discipline, and many listed companies are difficult to consciously information disclosure.　　Yelin said that if the listed company violates the Information disclosure obligation, if the shareholders ' interests are harmed, the shareholders can also bring civil action. "But in China, the SFC to the listed companies to carry out administrative penalties are very strict conditions, and only a very few cases, the relevant people will be held criminally responsible." And in the actual operation of shareholders through civil litigation to the listed companies are also very difficult to claim. In this case, the illegal cost of the enterprise is lower. "Yelin said.