The suspension of sailin Auto: back pay, separation of senior executives 3 billion yuan financing shelved?

category:Finance
 The suspension of sailin Auto: back pay, separation of senior executives 3 billion yuan financing shelved?


Many ordinary employees have also filled in the resignation application form due to various considerations such as being not optimistic about the companys capital and operation. The scene of queuing for formalities looks like today is like the last working day. Many people worry that, sooner or later, all the colleagues in the human resources department will leave, and no one can go through the formalities at last.

Before the large-scale turnover, as Wang Xiaolin said in an internal email before, Jiangsu Celin was unable to pay employees normally. Shanghai branch also has internal staff to report that the companys salary in May was late to the account, and social security was not paid normally.

And a year ago, sarin had a lot of scenery. Last summer, sarin held a huge brand conference at the birds Nest stadium in Beijing. At that time, the new Le Mans version of sarin S7, its flagship model, appeared together with Hollywood movie superstar Jason Statham and a number of international racers, setting off a high-profile super running style in the birds nest.

Behind this, sarin is still a star project of local government. In order to introduce sailin, Rugao municipal government provided all-round services, especially early financial support. Public information shows that Rugao state-owned enterprise Nantong Jiahe technology investment and Development Co., Ltd. (hereinafter referred to as Nantong Jiahe) is the largest shareholder of Jiangsu sailin.

However, Celins domestic progress was not as expected, and the financing was hindered in the later stage, which led to the company being forced to wean when it did not obtain hematopoietic capacity. Wang Xiaolin said in an internal email that the 3 billion yuan of financing capital originally agreed with investors should be put in place step by step in May this year, but was put on hold by investors.

Wang Xiaolin said that the reason why investors put aside 3 billion yuan of capital contribution was mainly because of Qiao Yudongs destruction. He falsely accused and directly called investors, leading investors to decide to put aside their investment before the government makes the investigation conclusion.

Qiao Yudong, a former legal officer of Jiangsu sailin, reported that Wang Xiaolin had invested in shares with false technology at the end of April this year, resulting in a huge amount of state-owned capital being sold in disguised form. At present, the relevant situation is still under investigation.

Chaos

More and more grass-roots employees are forced to think about leaving because of the salary arrears and the resignation of senior managers.

But no one can solve these problems. Executives leave almost collectively, and administrative affairs are in chaos like the companys business. For various reasons, the company has not paid employees back pay. For employees, it takes courage to leave at this time. The current automobile industry environment is not good, and whether to find a suitable home has become a problem for many people.

On the afternoon of June 22, Frank Sterzer, vice president of Rugao factory in Jiangsu Province, held a staff communication meeting in the lobby on the first floor of the Sales Department of Shanghai office. He was not the direct person in charge of the Shanghai office, but as one of the few senior managers in China and on the job, he believed that he had the responsibility to communicate with the staff in a timely manner.

Frank Sterzer said he had not got exact information about when the Shanghai office would be closed, but he would inform everyone as soon as he knew. At the same time, he also promised to ensure that Rugaos human resources department has the authority to deal with the resignation of Shanghai employees this month. At present, Rugaos relevant team is relatively stable, and he hopes that you can reduce the concern that the subsequent resignation will not be dealt with.

The above-mentioned Shanghai office staff told our reporter that in mid May, they could feel the tightening of the companys capital chain, the business trip budget was compressed, and his work was forced to stop. Outside Shanghai, Rugaos situation is similar. Frank Sterzer admits that 70% of Rugaos employees are currently working from home.

A Shanghai office employee asked how to arrange the employees who remained in the company after the closure of the Shanghai office building? Frank Sterzer said the arrangement would be more flexible, and the remaining employees could choose to work at home or in Rugao, but he cautioned that Rugao plant may face the problem of water and electricity supply in the future.

The direct reason for the suspension is that there are problems in the capital chain. On the one hand, Salins account has been frozen by the supplier, on the other hand, the companys own operating capital has been in a hurry.

Wang Xiaolin said in an internal email that the 3 billion yuan capital that had been negotiated would be put in place step by step in May this year, but because Qiao Yudong falsely accused and directly called investors, investors decided to suspend the round of investment temporarily.

At present, due to Qiao Yudongs report becoming a national media event on April 27, and after that, he directly called the investors (some employees told Qiao Yudong that the financing would be in place in May and told Qiao Yudong the contact information of the investors), the 3 billion capital originally scheduled to be in place in May was put on hold. Wang Xiaolin stressed the matter again in another internal email.

However, Qiao denied this statement, saying that he was not clear about the 3 billion yuan financing and was not able to contact the so-called investors. This unnecessary accusation made him doubt whether the financing was real.

Jiangsu sailin has five shareholders in total. Except for Nantong Jiahe, the major shareholder, the other four are all foreign-funded enterprises funded by technology (reported by Qiao Yudong as false technology investment). Among them, Nantong Jiahe has provided 3.342 billion yuan of equity investment for Jiangsu sailin. Although the company has tried to introduce external shareholders for many times, none of them has taken shape.

From various statements, the investor may be a new investor. However, some analysts also pointed out that this might be Wang Xiaolins direct pressure on Rugaos state-owned assets in order to avoid it.

One detail is that Wang Xiaolin said in an email that he and the companys management repeatedly sought state-owned shareholders to ensure the wages of employees, which to some extent implied that state-owned shareholders were still the only one who could solve the problem of capital. However, the state-owned shareholders replied that during the working groups investigation of Qiao Yudongs report, the state-owned shareholders did not provide funds.

Disputes between shareholders make things more difficult. Frank Sterzer said in the exchange meeting that there are three solutions to the problem of employees back pay. One is that each shareholder can return to the negotiation table to unseal the companys account; the other is that the company transfers and the new owner needs to be responsible for the employees in the company or leaving the company; the third is to close the company, go bankrupt and liquidate, and the income will be used to pay the employees back pay.

But all solutions require shareholders from all sides to sit at the negotiating table. Frank Sterzer said, but now he hasnt heard anything about it.

(author: Peng Suping editor: He Fang)

Four months after the outbreak, Ma Huateng is still the richest man in China. Huang Zhengs wealth is growing fastest. The national development and Reform Commission has allocated 3.5 billion yuan from the central budget to support Hainan free trade ports national network information office in interviewing 10 online live broadcast platforms such as Huya and douyu. Source: editor in charge of economic report in the 21st century: Wang Xiaowu_ NF