Category: Money tips Release Date: 2006-06-29
Trapped in the shares of China Petroleum & Chemical (386, hk hereinafter referred to as Sinopec) pipeline dispute, the Czech-US energy (702, hk) oil transportation business has been a dead end. Successively detonated mines, because in the past 120 million yuan of debt owed to banks unable to pay, Czech Republic, the actual controller of the U.S. energy Regal Sun Tian-gang, want to through this, "Xian Rentiao" type of equity trading, to a mere 42 million yuan price, to settle the historical bad debts
September 9, Shi Yutian suspension and resumption of the Czech Republic, the U.S. Energy issued a public notice, held by independent persons Xing Jing Hong-Chang group, nearly 42 million Hong Kong dollars to acquire the U.S. energy major shareholder of Czech Republic - Czech-US China Co., Ltd. (hereinafter referred to as China Czech-US) All rights. The operating oil pipeline transportation and city gas-based industry, private listed companies, its Chairman of the Board, Sun Tian-gang in "Forbes" China's richest people in Xian Shen.
Sun Tian-gang withdraw The story goes back on July 28, 2004, China Czech Republic United States and Israel's own 999 shares of 99.9% of total shares as collateral for bank loans to 120 million yuan. China, Czech Republic, Czech Republic, the United States the United States is Hong Kong Group Co., Ltd. (hereinafter referred to as Czech Republic, the United States Group) of the intermediate holding company to 54.85 percent controlling stake in listed companies - Czech-US energy.
Due to their inability to repay the loans, August 29, 2005, the banks sell the mortgages to Hongchang group shares the money withdrawn from circulation nearly 42 million yuan. Czech-US Group Chairman, Sun Tian-gang will be held by the 1% stake in US-China Czech Republic to one U.S. dollars the price sold to Hong-Chang group.
At this point, the Czech-US ownership structure changed, Hongchang Group holds 54.85%, 41.48% held by the public: Kuo-ting (Czech-US energy executives) hold 0.10%, and Sun Tian-gang holding will fall to 3.57%. The letter to become minority shareholders. August 23, Sun Tian-gang had already announced his resignation as Czech Republic, the United States Energy Board Chairman and Board of Directors.
Hongchang group will also further proposed a general offer - 0.0362 yuan per share, to acquire the remaining stake, the Czech-US energy conversion will also be on this club. Czech-US Energy main oil pipeline business, previously the President of the United States rely on the original Ren Jie Chen Chu (Chu, founder of the company Sinopec Star, Star's operations under the jurisdiction of Xinjiang), access to exclusive Tahe oil export pipeline contract, monopoly operators to bring silver roll.
In 2004, due to other repair Sinopec Oil Transportation Pipeline, the Czech-US energy to lose the original non-oil pipeline. 2 case from Hong Kong to reach the Beijing Supreme Court, the Czech Republic, near-paralysis of the U.S. energy operations throughout the year a net loss of 52.7 million yuan, Zhu Zhen also abandoned GMC energy huff.
So far the story seems very clear, the Czech-US Energy's core business due to contract disputes, performance twilight, a chain reaction will lead to financial chain tension, and Sun Tian-gang forced helplessness, sells assets.
But that is not so simple, in July, when the United States Vice-Chairman Guo Ren Jie Ting said: Sinopec and China will be a lawsuit commenced proceedings in Beijing in August. The Ciyi success or failure will be the only opportunity for Czech America back from the dead. Sun Tian-gang at this critical juncture the company changed hands for others, people may feel confused.
The Hongchang group behind the acquisition seems to be turning a hidden capital Rubik's Cube.
Suspected diversion of Dafa Like all capital, operation, buyer attendance is always low-key mystery. The acquirer - Hongchang Group background is also very vague, According to the announcement message, is a registered in the British Virgin Islands offshore company. The only holders of the company, Ms. Xiao-Jing is a criminal, he worked in Jilin Economic and Trade Commission nearly 16 years.
"Financial Times" Personnel from the Jilin Economic and Trade Commission was informed that Ms. Xing for many years to serve on the committee in the Marketing Division in 2001, left to move to Shenzhen in 2004 for the formal separation procedures.
The source told the "Financial Times": "Xing Jing normally unknown, there is no so special." Annual income of civil servants in Jilin City is less than 5 millions of dollars, Xing Jing raise tens of millions of acquisition funds, almost fairy tale.
As a shell company, who behind the banker in the end. Jilin Economic and Trade Commission have a phrase they lay bare the secret "lover Xing Dao Shi road is very wide, a large company in Hong Kong for veterans, Jilin's natural gas business is under the auspices of his hand."
Xing Jing energy, from her "very competent" her husband Zhang Yu-ping. And Yu-Ping is the Czech Republic, group vice president of the United States, served as chairman of Kyrgyzstan Lin Haoyuan Gas Co., Ltd. Prior to serving in Jilin city. Czech-US Group's gas business in the Northeast basically by him.
This is also not difficult to explain, announcements described, criminal Xiaojing in Mainland North-East region has many years of experience in property and investment in energy projects, and accumulated a wide range of networks. Xiao-Jing and the Czech Republic, the United States through the criminal relationship between the Group seems to be able to see a possible hypothesis: Hongchang group behind the controller is the Sun Tian-gang, Sun Jie of China by pledging the United States, 120 million yuan from the bank to obtain loans. But maturity does not fulfill our agreement. Bank in order to avoid losses, can only be secured stake sale. Sun With Hongchang group, a very low price buy their core assets in exchange between the left and right hands, easily get to the old account.
Case decide the future In essence, no matter how the maneuvers Sun Tian-gang, with Sinopec's lawsuit winning or losing is going to determine their ability to continue to play a fundamental. Notice, the Czech Republic, the U.S. Energy said the litigation and the Sinopec has been started in Beijing, the company lawyers that the outcome of the proceedings are likely to benefit the company. Czech Republic, the United States has been making litigation as a last straw of.
Czech-US oil pipeline business is the main beneficiary of energy sources. Czech-US energy depends on the United States holding company of Xinjiang pipeline of new business, in 2001, 2002 and 2003 years respectively tanker income of 107 million, 1.32 billion and 112 million respectively, accounting for 53% turnover, 73% and 62 %.
In 2003, Sinopec adjust the strategic objectives, and to establish their own new oil pipeline by the end of 2003, Sinopec from Tahe to Kuqa about 70 km long pipeline put into use. At this point, the new US-Czech-US energy, enough to eat this pipeline, tanker revenue in 2004 fell to 43.689 million yuan.
Czech Republic, the United States when he was director of the energy Guo Ting said: Sinopec, the oil to the United States in the amount of stars, just to maintain the basis of the pipe is not scrapped, but daily operations are loss-making. In October 2004, the Czech-US agreement in violation of the ground transportation will Sinopec to resort to the courts.
The latest news is that both parties on June 15 had a first exchange of evidence, and on July 15 a second exchange of evidence, in August ready for trial.
Sinopec pipeline aside disputes, the Czech-US Group's other business not operating properly, have become once again an important reason for the capital maneuvers.
Since 2002, Sun Tian-gang's attempts to develop new petrochemical business, but all failed. Czech-US Group and the establishment of fertilizer plants in Ningxia Ningxia Toyotomo Chemical Co., Ltd., invested 56 million yuan, due to poor management during the year in 2004 out of a joint venture. At the same time, its in Jilin, Sichuan and other places of the gas pipeline project have also not been effective gains. Czech-US Group's real estate development projects, but also trapped cash flow problems.
As of September, the Czech Republic there are 103 million loans to the U.S. energy to expire. Czech-US energy assets and liabilities rate of 52%, short-long-term loans of up to 403 million. 1.2 from 2002 stock price fell to 0.05 HK dollar, loss of blood transfusion function, reduced to junk stocks.
Capital maneuvers, and perhaps makes the Sun Tian-gang got respite, but the ultimate fate of the Czech Republic, the U.S. energy will still hinge on the actions that a Rope.
