Huarong Department granted 350 million entrusted loans to Haikou United Agricultural commercial bank, the prosecution guarantor of Xianfeng Department

category:Finance
 Huarong Department granted 350 million entrusted loans to Haikou United Agricultural commercial bank, the prosecution guarantor of Xianfeng Department


In November 2016, at the request of the borrowers joint venture company, Huarong Investment Company entrusted Huarong Xiangjiang Zhangjiajie branch to issue a entrusted loan of 350 million yuan to the joint venture company. At that time, the joint venture company not only provided pledge guarantee with the 120000000 (120 million) shares of Haikou United Rural Commercial Bank held by it; Haikou United Rural Commercial Bank also issued the irrevocable guarantee letter to Huarong Xiangjiang Zhangjiajie branch to provide guarantee.

Huarong stepping on thunder pioneer: less than 130 million

According to the statements of the parties in the court and the analysis and authentication of the evidence submitted by the parties, Zhangjiajie intermediate peoples Court confirmed the following basic facts of the case:

On November 16, 2016, Huarong Investment Company, Zhangjiajie branch of Huarong Xiangjiang and joint venture company signed the entrusted loan contract, Agreement: (I) according to the entrusted loan agency agreement signed by Huarong Investment Company and Zhangjiajie branch of Huarong Xiangjiang in November 2016 and at the request of the borrowers joint venture company, Huarong Investment Company entrusted Huarong Xiangjiang Zhangjiajie branch to issue a entrusted loan of RMB 350 million (i.e. RMB 350 million) to the joint venture company, with a term of 36 months, From November 16, 2016 to November 16, 2019.

uff082uff09 The interest rate of the entrusted loan is 8% of the annual fixed interest rate, which remains unchanged during the loan term. The entrusted loan under the contract shall bear interest on a daily basis and be settled quarterly. If the borrower fails to repay the loan principal and interest on schedule, the trustee shall have the right to charge the penalty interest at the rate of 0.05% per day based on the loan interest rate of this contract and the default amount and the default period according to the written instruction of the trustor.

uff085uff09 The borrower shall bear all expenses incurred by the principal or the agent for the realization of the contractual creditors rights, including but not limited to legal fees and other expenses.

After that, Huarong Xiangjiang Zhangjiajie Branch issued an entrusted loan of RMB 350 million to the joint venture company according to the contract. On October 31, 2019, due to the failure of the joint venture company to pay the interest of the third quarter of the year as agreed, Huarong Xiangjiang Zhangjiajie branch, according to the instructions of Huarong Investment Company, issued a notice of (loan) early maturity to the joint venture company, requiring it to repay the loan principal and interest in advance within three working days after receiving the notice. As of September 20, 2019, the balance of principal and interest of the entrusted loan of the joint venture company is RMB 130 million and RMB 2632774 respectively.

On November 14, 2016, Haikou United Rural Commercial Bank issued an irrevocable letter of guarantee to Huarong Xiangjiang Zhangjiajie branch, which promised the following contents: (1) Haikou United Rural Commercial Bank provided joint and several liability guarantee for all obligations of the debtor united venture company under the entrusted loan contract, The guarantee covers the loan principal and corresponding interest, default interest, compound interest, liquidated damages, attorneys fees, travel expenses and other expenses related to the realization of creditors rights. uff082uff09 This guarantee is independent, continuous, irrevocable and unconditional, and is not affected by any agreement or document signed between the debtor and any unit or individual, and will not change due to any change in the debtors fraud. uff083uff09 The creditor has the right to directly recourse to the guarantor, without the creditor first recourse to the borrower. Even if the borrower or a third party provides security or material security for the borrower, the creditor has the right to choose to recourse the guarantor in advance. uff084uff09 The creditor shall exercise the secured creditors rights against the guarantor and shall not be bound by any order of performance of the secured liabilities.

On November 16, 2016, Huarong Investment Company entrusted Huarong Xiangjiang Zhangjiajie branch to sign the pledge contract with the united venture company, which provided pledge guarantee for the principal, interest, compound interest, default interest, liquidated damages, loss of damages and expenses to realize the creditors rights and pledge rights with the 120000000 shares of Haikou United Agricultural and Commercial Bank held by the joint venture company. On January 20, 2017, both parties handled the pledge registration in Hainan Administration for Industry and commerce.

Court: the entrusted loan contract and the irrevocable letter of guarantee are legal and effective

Zhangjiajie intermediate peoples court holds that the entrusted loan contract signed by Huarong Investment Company, Zhangjiajie branch of Huarong Xiangjiang bank and united venture company is legal and effective. If the joint venture company fails to repay the loan principal and interest in accordance with the contract, it has constituted a breach of contract. It shall repay the loan principal, interest and penalty interest to Huarong Investment Company, and shall bear that Huarong Investment Company is Expenses related to the realization of claims. The share pledge contract signed by Zhangjiajie branch of Huarong Xiangjiang bank and united venture company is legal and effective, and the pledge registration has been handled, and the pledge right has been effectively established. Its legal consequences should belong to the entrusting party Huarong Investment Company, which has the right to be paid in advance for the realization price of 120000000 shares. The irrevocable letter of guarantee issued by Haikou United Rural Commercial Bank to Zhangjiajie branch of Huarong Xiangjiang bank is also legal and effective. Haikou United Rural Commercial Bank shall bear joint and several guarantee liability for the debts under the above-mentioned entrusted loan contract.

The judgment of Zhangjiajie intermediate peoples court is as follows: first, the defendant United Venture Group Co., Ltd. repaid the plaintiff Huarong (Fujian pilot Free Trade Zone) Investment Co., Ltd. loan principal of 130 million yuan, and from November 4, 2019, the default interest will be calculated and paid according to the standard of 0.05% of the day to the day when the principal and interest are paid (the interest will not be calculated and paid according to 8% of the annual interest rate and the corresponding compound interest), September 21, 2019 During the period from November 3 to November 3, the interest shall be calculated and paid at the standard annual interest rate of 8%, and the interest in this period shall be compounded at the standard of 0.05% of the day from November 4, 2019;

2u3001 The defendant United Venture Group Co., Ltd. paid the plaintiff Huarong (Fujian pilot Free Trade Zone) Investment Co., Ltd. a total of 2632774 yuan of interest calculated to the end of September 20, 2019, which was compounded at the rate of 0.05% per day from September 21, 2019 to the end of payment;

3u3001 The defendant United Venture Group Co., Ltd. paid the plaintiff Huarong (Fujian pilot Free Trade Zone) Investment Co., Ltd. 220000 yuan of attorneys fee for realizing the creditors rights;

4u3001 The defendant Haikou United Rural Commercial Bank Co., Ltd. shall be jointly and severally liable to the plaintiff Huarong (Fujian pilot Free Trade Zone) Investment Co., Ltd. for the aforesaid debts of the defendant United Venture Group Co., Ltd;

5u3001 The plaintiff Huarong (Fujian pilot Free Trade Zone) Investment Co., Ltd. has the priority to be compensated for the pledge provided by the defendant United Venture Group Co., Ltd., that is, the realization price of 120000000 shares owned by the defendant Haikou United Rural Commercial Bank Co., Ltd.; VI. refute other claims of the plaintiff Huarong (Fujian pilot Free Trade Zone) Investment Co., Ltd. Zhangjiajie intermediate peoples court also said that the above payment shall be completed within 15 days from the effective date of this judgment. The case acceptance fee is 704963.87 yuan, and the litigation preservation fee is 10000 yuan, which shall be jointly borne by the defendant United Venture Group Co., Ltd. and the defendant Haikou United Rural Commercial Bank Co., Ltd. If you are not satisfied with the judgment, you can submit a petition to the court within 15 days from the date of service of the judgment, and submit a copy according to the number of the other party, and appeal to the higher peoples Court of Hunan Province. This article is from Wang Xiaowu, editor in charge of economic report in the 21st century_ NF

5u3001 The plaintiff Huarong (Fujian pilot Free Trade Zone) Investment Co., Ltd. has the priority to be compensated for the pledge provided by the defendant United Venture Group Co., Ltd., that is, the realization price of 120000000 shares owned by the defendant Haikou United Rural Commercial Bank Co., Ltd;