Category: Money tips Release Date: 2006-03-31
As private enterprises, Skyworth encountered difficulties, certainly more difficult to solve than the state-owned enterprises, so need to think of more ways, and many solutions to problems are not transparent, this is the private enterprises of the "original sin", people sigh of sound laws of Hong Kong the same time, private enterprise development can only be "original sin" laments the
Over the past few six years, Skyworth Digital Holdings Limited (Skyworth Digital: 0751.HK) former Chairman of the Board Stephen Wong, the total will lead Skyworth open up a new situation, making this private enterprises, and the background rich state-owned enterprises side by side strong competitors in China's color TV set out.
And the next six years, Stephen Wong may have to spend in prison. July 13, the Hong Kong Eastern District Court Stephen Wong and his brother Huang Skyworth Department of Health and conspiracy to steal money to conduct the sentencing, two of conspiracy to defraud involving more than 50 million Hong Kong dollars and other four convicted were sentenced to imprisonment for sixå¹?
If this decision becomes final, which means Stephen Wong will be lost within 10 years, served as director of Skyworth Digital Holdings qualifications. Hong Kong stocks Zhou Ji told the Observer, "Financial Times", under the relevant Hong Kong law, convicted of a listed company after the expiry of the sentence within four years can no longer directors.
Leaving Stephen Wong's Skyworth Take your company's money considered as a "steal" do? Hong Kong court to determine the result is positive.
After a year and a half long ordeal, things are heading towards the direction of Skyworth wants to see developed.
July 7, Stephen Wong of Hong Kong Eastern District Court decision on charges has been set up, the verdict came out, Skyworth Skyworth Group headquarters in the Mainland, quickly issued a public statement saying the ruling would not impact on the company's operations. The analysts also pointed out that after a year and a half to adjust, Skyworth Group's management structure has adapted to the situation there is no Stephen Wong, so the impact of yellow crime was no greater than November 30, 2004, when the incident has just occurred.
At that time, Stephen Wong, and Skyworth Digital several senior executives, was in Hong Kong jointly called "difficult path" action was arrested for misappropriating 4800 Hong Kong-listed Skyworth Digital I million.
A listed company is already a public company, even if the entrepreneur is not that it can be for its own material. Stephen Wong occupied by the company due to payment convicted, only in places like Hong Kong, the implementation of imposing harsher penalties will occur. Improve the corporate governance structure, right at this time is no longer insignificant Skyworth stereotyped, Skyworth Stephen Wong also welcome to leave the era of professional managers of governance.
Private enterprises of original sin? The final ruling, smashing the previous Huang Hongsheng and his attorney on the case with the optimistic estimate.
Hong Kong Eastern District Court's ruling that Stephen Wong, and Huang-sheng, in the November 1, 2000 to October 2004 31, conspiracy, and Wang Peng Lo to his mother, stealing a network of companies belonging to Skyworth more than 2.2 million Hong Kong dollars funds and another sum of money belonging to Skyworth Digital, involving amounts of more than 48 million Hong Kong dollars. In addition, Stephen Wong has also been accused of January 2, 2001 to June 27 period, conspiracy to Lo to steal a part of Skyworth Group, the amount of 50 million Hong Kong dollars.
For the allegations, Stephen Wong has submitted evidence that the funds used to reward those who help Skyworth tide over the difficulties related to, but was not court admissible, so to obtain convictions.
All along, Stephen Wong is not only the Skyworth Group's big boss, but also the spirit of the enterprise is almost idol. "The verdict of guilt, it is difficult by the hearts of our employees." Skyworth an employee privately on the "Financial Times" said. According to the sources, Huang Hongsheng since the bail out, the Hong Kong office on a daily basis to work, but over the past year did not get a penny of wages. "He is the heart of enterprise, how could it tens of millions of dollar embezzlement it, to say he would have more than worth that much." The employee said.
Incriminating two versions of For that sum of money involved in the whereabouts of the current from Skyworth, as well as people around there are two versions of interpretation.
First, the defense version of the word recognition Stephen Wong. Skyworth since its early days, once believed to survive OEM Panda Group, Stephen Wong repeatedly approved by the then chairman of Panda Group, Chen Xiangxing help. In particular, in 2000, the famous "Lu Jianghua banish" incident. At that time, Skyworth marketing boss Lu Jianghua leave, take away more than 100 sales of the backbone, making Skyworth's sales force almost to a standstill. At the same time, the upstream raw material vendors refused to supply Skyworth, Skyworth severe barrier, is Chen Xiangxing appear, on their own personal connections and prestige to help obtain CPT Skyworth tide over their difficulties.
His defense said that the funds are mainly used to pay for Chen Xiangxing and others "consultants" commission. However, Hong Kong Eastern District Court held that Stephen Wong, etc. to provide a variety of evidence is not convincing, and has forged a suspect.
Skyworth insiders believe that the Hong Kong court's decision is "to use existing laws, apply the development environment in the Mainland a few years ago." The Skyworth insider on condition of anonymity due respect, as private enterprises, Skyworth encountered difficulties, certainly more difficult to solve than the state-owned enterprises, so need to think of more ways, and many solutions to problems are not transparent, this is the private enterprises "original sin." He said that the sound at the same time lamenting laws of Hong Kong, but also for the development of private enterprises can only be "original sin" laments the.
While another version of the explanation is that Stephen Wong family misappropriated funds, investment real estate business. Skyworth a joint venture with property developers, Hainan Island, Sanya Skyworth Hong Zhou Real Estate Development Co., Ltd. to jointly develop Hainan's largest real estate project "Time Coast," Some media reported that the project investment of 2 billion yuan, Skyworth invested 10.5 billion, Hong Zhou invested 950 million yuan, joint venture, compared with 51%: 49%. The Stephen Wong was charged with misappropriation of funds from November 2000 to April 2003, it is also the preparation of the project pre-construction period.
In fact, Stephen Wong has just been arrested earlier, Skyworth convened media briefing on the area, there have been Skyworth executives in private on the "Financial Times" as his starting point the accused more than 48 million yuan, "Asset quality is very good , investment income is also true that if the return of listed companies is not a bad thing. "
Link: Stephen Wong Biography Stephen Wong, now 50 years old, was born in Hainan, graduated from high school in 1973, Stephen Wong, queue-jumping in Limu Mountain of Hainan Province, his calendar to try hard, often encourage each other to Pavel Korchagin famous.
College entrance examination in 1977 to resume his college entrance examination as the resumption of the first post-college students, were hired in South China Institute of Technology Department of Radio Engineering.
In 1982, Stephen Wong was assigned after graduating from college in the South China Power Import & Export Company, and became the youngest ever in the company's executive vice president, administrative level of the deputy department director.
In 1988, Stephen Wong first resign his post, to the Hong Kong Venture Capital. In 1989, Stephen Wong to raise 50,000 yuan, incorporated in Hong Kong Skyworth company, which produces remote control.
In 1991, with technology shares Skyworth HONG KONG means the group of the elite invited to join the same year, Skyworth household appliances in Germany, its first orders for an overseas exhibition.
1993 Skyworth to enter the domestic market, and Shenzhen, China color TV Corporation, China National Electronic Component Corporation joint venture Skyworth-RGB Electronics Co., Ltd..
In 1997, Skyworth Group's sales reached 2.5 billion yuan; in 1998 into the color TV industry, the top four.
In 1999, Skyworth successful introduction of foreign venture capital 30 million U.S. dollars. In 2000, the Hong Kong main board listed Skyworth successfully raised funds to nearly 10 billion yuan.
The next few years, Skyworth China's color TV industry has experienced a baptism of the market price war, withstood the industry reshuffle and restructuring of the crisis, China's color TV industry's only surviving private enterprises.
November 30, 2004, Hong Kong jointly launched the "difficult path" operation, including Huang Hongsheng, including the arrest of several Skyworth Digital executives. Stephen Wong in connection with the Huang family, other members of the conspiracy to embezzlement of funds of listed companies, totaling more than 5000 million. During the next year and a half, Stephen Wong has been mentioned several times together, and eventually the two sessions of this month, was found guilty and sentenced to six years in prison.
Every success in the enterprise, while Stephen Wong individuals also received a certain social prestige and political status. In 1997 he was elected member of the Shenzhen Municipal Political Consultative Conference in 1998 was elected member of the CPPCC Guangdong Province, Shenzhen City was awarded an honorary citizen. In 2000 as the Standing Committee of Shenzhen Municipal Political Consultative Conference. In addition, Stephen Wong was elected in early 2003 for the Tenth CPPCC National Committee.
