Xiao Yongming, the richest man in Qinghai, was banned from the market and fined 900000 yuan

category:Finance
 Xiao Yongming, the richest man in Qinghai, was banned from the market and fined 900000 yuan


In the evening of December 2, Zangger Holdings (000408. SZ) disclosed that due to the problem of falsely increasing operating revenue and operating profit, the company received the letter of decision on administrative penalty issued by Qinghai Securities Regulatory Bureau on December 1, and Qinghai securities regulatory bureau decided to order the company to make corrections, give a warning and impose a fine of 600000 yuan. Meanwhile, Xiao Yongming, the companys actual controller, was banned from entering the market for five years and fined 900000 yuan.

According to the above-mentioned decision on administrative penalty, illegal matters of Zangger holdings include the virtual increase of operating revenue and operating profit. Through the way of carrying out the false trade business, the company falsely increased the total profit of 128 million yuan and 477 million yuan (including relevant other income) in 2017 and 2018, which resulted in the false records of the companys 2017 and 2018 financial statements.

The illegal matters of Zangger holdings also include the virtual increase of receivables and prepayments. Through the way of carrying out the false trade business, the company increased the prepayments by 241 million yuan and 281 million yuan in 2017 and 2018 respectively, accounting for 3.11% and 2.99% of the total assets disclosed by the company.

In addition, Tibet Tibet Tibet Tibet Venture Capital Group Co., Ltd. and its related parties, the controlling shareholder of Tibet Tibet Tibet Tibet Tibet Venture Capital Group Co., Ltd. and its related parties, took up a total of 2.214 billion yuan of Tibet Tibet holding capital by non operational use of the advance payment of false trade business and the receivables of potash fertilizer sales business. In this regard, Tibet Tibet holding failed to disclose the above matters in a timely manner as required, and was not included in the 2018 semi annual report and 2018 annual report Dew.

The decision on banning market entry issued by Qinghai securities regulatory bureau not only punished Xiao Yongming, the actual controller of cangge holdings, but also warned Wu Weidong, the director of cangge holdings, and Liu Wei, the chief financial officer, and fined 200000 yuan respectively; Cao Bangjun, Xiao Yao, Wang Jubao, Zheng Jufu, Wang Weiguo, Yao Huanran, Qi Zhaoying, Shaojing, Hou xuanming, Li Guangjun, Jiang Xiuheng, Fang Li Zhang Shengshun gave a warning and fined 30000 yuan respectively.

According to the public information, in January 2016, Golmud zangge potash Co., Ltd. successfully borrowed 8.939 billion yuan to become the second share of potash, and Xiao Yongming, the controller, took this opportunity to become the richest man in Qinghai Province. However, the good times are not long. After the listing, there are many problems such as financial fraud, violation of credit and investment rules, and occupation of funds by controlling shareholders. On September 3, 2019, Xiao Yongming was forced to resign as the legal representative of Zangger holdings due to suspected illegal occupation of funds of listed companies.

On the evening of October 23, Zangger holdings released the self inspection results of the controlling shareholders fund occupation and other matters. According to the announcement, the non operational capital occupied by the controlling shareholder of Zangger holdings is about 2.214 billion yuan (principal), during which 50.3257 million yuan (principal) has been returned. As of the completion of debt service, the occupied balance is about 2.164 billion yuan (principal), and the total principal and interest is 2.262 billion yuan.

After combing the performance reports of nearly four years after the backdoor of Zangger holdings, it can be found that from 2016 to the third quarter of 2019, the net profit of Zangger holdings attributable to shareholders of listed companies totaled 3.091 billion yuan, but as of the end of the third quarter of 2019, only 40 million yuan of monetary capital was left on the companys books, compared with the monetary capital balance of 1.733 billion yuan in the annual report when the company completed the restructuring in 2016, and the disappeared of Zangger holdings The net profit is related to the capital occupation of its controlling shareholders.

After accounting adjustment for the above financial fraud, the net profit attributable to the parent company of Zangger holdings in 2018 was RMB 850 million, and the net profit deducted from the non parent company was RMB 820 million, failing to fulfill the performance commitment at the time of restructuring.

Source: interface news Author: Chen Huidong editor in charge: Wang Xiaowu Gu NF