Revealing The Loss Of Hundreds Of Millions Of State Assets In Hebei'S Cotton Group (Three)

Government responsibility should not be shirk.

In cotton

The prosecutor said in court that

It is reported that although foreign acquisitions have been approved by the government for business licenses and carry out annual inspection, they have not been approved by the Ministry of Commerce and have not handled foreign exchange accounts through the approval of the State Administration of foreign exchange.

In 2004, when Hongkong Asia textile company negotiated with the listed company's China strategy group, the other side sent accountants and lawyers to do due diligence. It was considered illegal for Hongkong Asian textile to purchase the cotton group without approval.

After knowing Zhu Zhilin, he immediately wrote his resignation, saying that the chairman had quit. After that, he had never been to the cotton group.

Two years later, the government told Zhu Zhilin that takeovers were legal.

Since then, Hongkong Asia spinning has introduced China Textile Industry and trade.

Does the business license mean that the acquisition is completed?

According to Zhu Zhi Lin, who is familiar with the law of foreign investment in M & A, "according to the Provisional Regulations of foreign investors on the acquisition of domestic enterprises, foreign investors should be established, and foreign investors should pay the full consideration within 3 months from the date of issuance of the business license.

After the approval of special circumstances, all the consideration can be paid within 1 years.

Foreign exchange funds can't come in and can't pay the price. In other words, I have never owned the cotton group.

Land sales, resettlement workers and so on should still be reported to the SASAC and the government. Foreign businessmen can not do anything.

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In 2003, according to the merger agreement between the cotton group and the Asian textile company registered in the British Virgin Islands, the 100% equity interest was sold at zero price, and the whole package was sold by the Asian textile company through the "whole package sale", and the enterprise was pformed from a state-owned enterprise to a wholly foreign-owned enterprise.

According to the staff's reflection, at the time of restructuring, according to the management of the cotton group, the management depicted a bright future: separating high-quality assets from overseas listing, and buying 3 to 5 domestic textile enterprises on the platform of cotton, striving to achieve annual sales of 1 billion 500 million yuan in 5 years, and make it a flagship enterprise in China's textile industry.

Management has repeatedly assured that "foreign enterprises will continue to pay employees' five risks and one gold" as our former state-owned enterprises do. If foreign enterprises do not recognize this, we can not talk to him at all.

This is confirmed in the contract. Please rest assured. "

But 5 years later, employees found that although the wages section showed that the pension portion of the old age insurance and provident fund should be paid normally by month, but from the housing provident fund management center, since April 2004, the enterprise has not paid the provident fund to employees. Since 2004, employees have never received the receipt of pension insurance.

In addition to pension insurance and provident fund, workers have also been in arrears of economic compensation. The commitment to invest about $50 million in three years after the merger has not been implemented. What worries workers is that they may also face a large number of layoffs.

At the end of March 2009, thousands of employees walked to Beijing on a collective basis.

In April 2009, Wang Lijuan was suspended and subsequently arrested for allegedly abusing his power by state-owned company personnel.