Jingu Trust Suing 32 Companies Over Single Trust

Jingu Trust is in the process of suing 32 small and medium enterprises. More suits could be coming because of the 92 SMEs that received loans from a trust that matured in August 2013, only 20 have paid back in full. Investors were paid their money at settlement.

21st Century Network ( microblogging ) the trust industry has entered a "troubled times."

21st Century Network to get exclusive broke the news, "Kanaya · Sunflower SME Development Trust Scheme No. 3," China Jingu International Trust Co., Ltd. (hereinafter referred to as "Jingu Trust") issued (hereinafter referred to as "Sunflower 3"), although known as "already payment ", but has to Jingu Trust disputes brought a large area.

Public information, "Sunflower 3" was established in August 2012, the total funds raised 272.35 million yuan, structured products, including a scale of 115.25 million yuan, the scale of the second phase of 157.1 million yuan, for a period of 12 months expected annualized rate of return of 9% -10% for small and medium enterprises in Taizhou, Zhejiang Province, to grant credit.

Trust announcement shows that the program has been the priority of the interest in full settlement. However, due to the significant investment and business risks, Jingu Trust has plans to guarantee the secured party Capitel court.

21st Century Network exclusively learned that the plan cast 92 SME loan principal and interest is only paid off more than 20. The remaining companies, a number of enterprises bankrupt, closed down or sealed by the court. Informed sources, Jingu Trust will continue to prosecute violations over 30 SMEs. The default number of family businesses in the end, is still unknown.

The final loss of trust scheme, whether it is borne by the secondary principals, or borne by the Trust, is currently a mystery.

The defendant companies have canceled

Gold Rubber Co., Ltd., Taizhou Union (hereinafter referred to as "gold-linked rubber") is one of the more than 30 companies which were Jingu Trust accountable for. The company's legal representative Li Xiaoqin and the Guarantor have become Jingu Trust's Responsibility objects.

21st Century Network obtained documents show Jingu Trust has signed with the United Rubber Gold "loan contract" contract Jingu Trust loans to the United Gold Rubber 3.5 million yuan for the purchase of materials, loan period from September 6, 2012 to August 5, 2013, the borrowing rate of 1.28% per month, paid monthly, one-time pay off the principal when the loan period to expire. Capitel guarantees joint liability guarantee.

September 2012, Jingu Trust based on "loan contract" agreement will be 3.5 million transferred to the United Gold Rubber bridge rural cooperative banks in accounts opened to fulfill the obligations of lending.

During loans repaid only associated gold rubber January 20, 2013 before interest, after the expiration of the borrower, and Li Xiaoqin Capitel guarantee nor assume security responsibilities.

Business information, linking Golden Rubber was founded in July 2009 with a registered capital of 210 million yuan, the main rubber, manufacture and sale of plastic products, legal representative for Li Xiaoqin. Currently operating status display has been canceled.

21st Century Network access business information found associated gold rubber in December 2012 by resolution of the shareholders will be dissolved by the Trade and Industry Bureau for deregistration.

In other words, the company got the borrower after only three months, it has been canceled. Whether this is due to operational difficulties, or man-made hoax?

Need to prosecute 32 companies

Jingu Trust "Sunflower 3" invested 92 SMEs in breach of United Gold Rubber is not alone.

According to insiders broke the news, 92 SME loan principal and interest is only paid off more than 20. In yet pay off the principal and interest of the enterprise, the closure of more than 10 enterprises, bankruptcy and liquidation, sued the court, companies are also many accounts seized. Including the United Rubber, including gold, Jingu Trust will continue the prosecution failed to repay principal and interest totaling 30 SMEs. The source said that with the passage of time, the number of business problems might rise further.

Trust information, "Sunflower 3" Phase established in August 8, 2012, a total of 115.25 million yuan to raise funds, a total of 43 signed copies of the trust contract, the second phase was founded in the same year on August 27, a total of 157.1 million yuan to raise funds of the trust contract signed 47 copies, two raised funds totaling 272.35 million, Bank of Shanghai Pudong Development Bank Yuhuan Branch.

The program is structured products, the priority trust funds for 217.9 million yuan, the secondary share from Zhejiang Yuhuan SME management company with its own gold subscription, the proportion of priority and secondary structure of 8:2. Secondary Companies registered capital of 10 million yuan, the priority of the trust does not meet the expectations of the benefits of investment risk obligation to provide a full complement of secondary investors.

"Sunflower 3" A type of investment amounting to one million -299 million, is expected annualized rate of return of 9%, Class B investment threshold of 300 million or more, the estimated annual rate of return of 10%.

In addition to the plan sponsor Capitel Taizhou, Taizhou and letters as well as guarantees Investment Co., Ltd. and Taizhou, Zhejiang 江鼎隆 guarantee Yuan Long company limited by guarantee.

Accordance with the Trust plans, all trust loans issued by the Trust selected security agencies to provide joint liability guarantee, bear the risk of the trust funds. During the Trust loan, the project team will be stationed in the project site, field investigations, until all the trust loan is completed.

Public information is also displayed, Taizhou Capitel Guarantee Investment Co., Ltd. and Taizhou, Zhejiang Yuan Rong guarantee 江鼎隆 company limited by guarantee and warranty liability balance of these three guarantees a total of nearly 300 million yuan.

As of the end of 2011, Jingu Trust net assets of 1.498 billion yuan, net profit of 242,838,700 yuan.

Trust announcement shows everything is normal

Mere announcement Jingu Trust Management disclosed, and there are potential risks do not see signs of any item.

After "3 Sunflowers" was established, Jingu Trust in September 2012, January 2013, June 2013, and the liquidation announcement Disclosure announcement in August 2013, respectively.

In 2012 the first phase of management announcements, announcements deadline to the occasion, "Sunflower 3" has Taizhou area 85 SME loans, worth a total of 270.75 million yuan, currently various lending business, in good standing guarantee good condition. Trust fees paid during the quarter 73.9603 million.

2012 Second manage announcements, announcements deadline to the occasion, "Sunflower 3" has Taizhou area 87 SME loans, loans worth a total of 280.25 million yuan, currently various business loans, credit good condition, guarantee good condition. Trust fees paid for the quarter was 2.037 million yuan.

First quarter of 2013 management report, as of announcements on the occasion, the program has 92 small and medium enterprises in Taizhou, Zhejiang Province, loans, loans worth a total of 289.75 million yuan, currently various lending business, in good standing, guarantee good condition. Trust fees paid during the quarter 2,014,600 yuan.

The report also shows that the settlement then everything normal. August 2013, Jingu Trust announced that "Sunflower 3" priority of the interest has been fully settled trust, the trustee discharged its obligations in respect of matters listed in the notice of liquidation of the Trust.

The announcement also revealed that the trust plans a surviving 365 days, from 8 August 2012 to 7 August 2013, the priority beneficiaries of 42 people, has been assigned a priority of the trust beneficial 10,108,000 yuan. The Trust plans two surviving 346 days, from 27 August 2012 to 7 August 2013, the priority beneficiaries of 46 people, has been assigned a priority of the trust beneficial 137,337,000 yuan.

However, in some calm and restraint text behind risk simmering, an event of default continues to ferment.

Business information, Jingu Trust currently registered capital of 2.2 billion yuan, the controlling shareholder of China Cinda Asset Management Co., Ltd. 92.29% stake.

Jingu Trust sued on breach of contract regarding SMEs, 21st Century Network ( microblogging ) call Jingu Trust, front forwarded to the relevant person in charge refused, "Sunflower 3" landline trust manager Ji Yuan is also no answer. 21st Century Network will continue to follow up the matter reported.

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