2014-09-08

Rehypothecated Assets A Problem Everywhere

The steel trading nightmare and copper trading scandal are not isolated incidents. All over the Yangtze river delta, there are signs that many commodity industries have used similar tactics to defraud banks and P2P lending platforms. The latest case involves the paper industry.

From 21st Century. Google Translation under the fold.
银行陷动产质押漩涡 钢贸融资“魔咒”疑再现


Recently, the Shenzhen Hongling billion in venture capital exposed the bad incident caused an uproar in the industry, the borrower Paper traders and third party logistics and warehousing of goods suspected of taking a partner platform using duplicate mortgage loan funds, causing the platform 4 Paper Project Overdue loans and record the history of the industry's largest P2P bad record. According to informed sources, in addition to huge losses suffered outside the platform, a number of banks due to the above problems involved in the whirlpool repeated pledge, pull back exactly one involving multiple participating financial institutions, traders, logistics side, the supply chain upstream and downstream enterprises, etc. trade finance chain.

Currently repeated pledge by the logistics warehouse receipt, warehouse receipt financing litigation false, UNPROFOR and other factors caused by frequent, but also dramatically increases the risk of their personal property financing and the like, in the Yangtze River Delta steel trade circles concentrated outbreak of "illegal financing crisis" is accelerating spread gradually to the field and there is paper, commodities such as copying trend. Expert analysis, chattel mortgage financing situation existing in the country missing practice and the legal system, the complex intertwining of interests between banks, logistics and warehousing companies, escrow companies, trading companies, once the responsibility of vaguely defined, the distribution of benefits is not all, it will have difficult to control credit risk.

P2P one hundred million yuan for bad uncover Paper trader "fraud."

Last week, Shenzhen Hongling risk venture capital initiative exposed its platform involving an amount of up to 100 million yuan of loans overdue items may trigger trade shock. Although the platform is responsible for the digestion platform claimed the investment risk by way of advance advance principal and interest, but the market's concerns about the continuing fermentation. Seemingly impregnable risk control has suffered corporate borrowers and third-party collusion scam, it is precisely Paper traders pull behind the outbreak of the crisis in the industry as well as personal property caused by repeated pledge trade finance "black hole", hidden in the water Under the icebergs are gradually surfaced.

According to reports, loan platform that triggers an important factor in bad debt crisis stems from a number of large paper traders in Guangzhou emerging industry crisis, falling profits, capital chain tension and other operating difficulties highlight the responsible person in the company has been "lost Union "state, involving more than 1 billion yuan in arrears, the number of banks involved. Informed sources have revealed that due to the relatively smooth trade finance paper last year, this year there are a number of banks, private financial institutions and net mortgage lending large sums of money to the paper platform traders, this will trigger a chain effect earthquake Paper industry fear. It is understood that in the event of the above one hundred million yuan of bad debts, has seven loans to banks and other P2P network platform above the relevant Paper traders had suffered implicated lend funds, the risk of default events may continue for the outbreak.

"The bad debt problem mainly lies in the chattel mortgage, the platform for property transfers have clear procedures, including personal property and the borrower companies signed the transfer agreement, and third party logistics warehousing company signed an agreement to repurchase and core enterprise security contract signed As a safeguard After Receipt issued warehousing companies, risk control departments also conduct search the library to check for confirmation, but the information is relatively closed collateral, if the goods upstream business, the core security companies, warehousing units deliberately series to cash in loan funds, it is difficult to avoid the risk. "platform risk control department is responsible for the above considered, the paper traders in connection with the loan program warehousing, logistics companies conspire to repeat the goods mortgaged to banks Piandai, despite similar reference bank strict risk control mode, but it is still hard to avoid moral hazard borrowers.

In addition, the borrower corporate identity projects above overdue loans there are many doubts, so this incident suspicions. Public information, initiate borrowing 4 Guangdong Pulp & Paper companies are members of the Exchange, the actual control of its core businesses and downstream enterprises above Paper actual control association. Insiders analyzed that does not rule out a paper companies through affiliate relationships, the possibility of simultaneously to banks and private lending platform borrowing and lending of funds obtained by repeating the mortgage of the same goods, but among financial institutions is likely due to inability Property sources clearly belongs suffered Piandai.

According to the familiar pattern of supply chain chattel mortgage industry analysts, in the case of the above-mentioned paper project Piandai, Paper companies before the need for borrowing by the logistics business valuation and assessment issued proof, and then signed by the platform-related loans and pledge contract , and then by the logistics company for cargo acceptance pledge, then the platform only loans. In these sessions, logistics enterprises assess qualifications and core business loan guarantees strength to become an important guarantee security, storage and logistics operations once the process of risk, loan funds will be problems.

Repeat obtain funds pledge class steel trade circles crisis or spread

Since last year, the steel ring to interconnect mutual trade, goods repeat the pledge in the form of financing and financial arbitrage commercial disputes arising from the gradual rise, relevant statistics show that last year, Shanghai courts accepted the steel trade dispute cases loans of about 3700, an an increase of approximately 5.5 times. Today, more and more signs that the risk of such chattel mortgage financing once popular in the Yangtze River Delta steel trade industry is accelerating the spread, and copied to among other industries Paper and commodities and other fields. This year in June, Qingdao Port happen traders using the same batch of alumina and copper products, and warehousing companies conspired repeated pledge of warehouse receipts issued by banks to obtain loans to the event. It is understood that there are more than 10 banks involved in the local commodity trade finance business, a number of banks in the financing of 10 billion yuan, the impact is huge. Another foreign banking institutions involved have said it would suspend part of the mainland to provide new financial financing.

In fact, cargo pledge financing involving many aspects, interests and other characteristics of the chain complex to be used to obtain funds uncommon circumstances, such as multiple warrants issued against the same batch of goods, issuing false receipts at zero transaction basis, or In Bonded cargo idling, etc., arbitrage model emerging, which are involved in the operation chattel mortgage loans in exchange for illegal operations in varying degrees. When the deterioration of the macroeconomic environment, industry conditions decline, when carried out in the form of chattel mortgage financing mode will lose market arbitrage, risk capital strand breaks will also erupted.

"In the chattel financing, risk control team and platform models are strictly refer to the process of banking institutions, pledge of warehouse receipt financing required documents and information have strict management aspects, but the problem is that the platform does not own logistics warehouse, you need to pledge The cargo left in the third party logistics warehousing unit, which produces asymmetric information space. previous Yangtze steel trade financing problem lies in the repeated mortgages, did not think paper trading industry is also the same problem, and now the platform shall be chattel mortgage is not fully stop the project. "person in charge of these P2P platform to showcase China Securities Journal reporters after the signing of its previous pledge agreement from the borrower to get stamped with the official seal of the enterprise warehouse inventory pledged goods, admits it is chattel mortgage financing risk control the difficulty is too high, resulting in huge losses suffered platform.

Check out the aforementioned paper borrowing program, the borrower companies display their qualifications good background information, "loan company is a member of the Guangdong Pulp Exchange, the registered capital of 40 million yuan, the main products involved in the work of a variety of paper products used in the local market share a higher rate, the annual sales income of about 700 million yuan, the goods stored in the custody of a professional third-party logistics company, its downstream customers with annual sales of nearly 2 billion yuan big. "In the industry view, chattel mortgage lending sector financing is often based primarily on the core business of credit, according to the authenticity of the background and supply chain core enterprise level trade credit to evaluate the credit qualifications of enterprises, to provide financing to support the core business and the downstream, the risk assessment methods traditional risk assessment methods difficult. Some companies have excellent background in the event of a crisis management will tend to advantage by the previous credit qualification guarantees for large cargo lap pledge financing, once the overdue bad debts, its impact was also expanding.

Commercial bank risk control analysis, whether it is paper or steel trade and industry, as many companies large body mass, a huge demand for loans, lucrative, bank loans or net profit growth platform in order to ensure its loan support will relatively aggressive, but easy to overlook the risks which exist. For businesses, the use of chattel mortgage financing repeat the relatively low cost, can take advantage of arbitrage techniques lucrative capital investment, capital flows and so on. "The taking of the funds pledged by the way storage warehouse repeat mode is easy to copy, which disputes frequently, mainly due to lack of financial institutions on the industry risk estimates for apparent lack of ability to pay or guarantee beyond the ability of enterprises to provide a large number of loans, triggering a sudden jump in non-performing assets. "

Improve information chattel mortgage registration system to crack the dilemma of financing

From Shanghai steel trade circles financing crisis, Qingdao Port loan dispute to today's non-ferrous metals traders Paper Piandai storm, frequent cases of illegal trade financing, no doubt a reflection of the many problems currently exist chattel mortgage financing. By chattel mortgage financing risk concentration of influence, many banks began to tighten the business, as much as possible to reduce or increase lending requirements for such loans, corporate finance affected to some extent, but also have a certain impact on the warehousing industry operators.

"If the storage unit did not fulfill its responsibility and corporate conspiracy or illegal financing, warehouse management aspects only difficult to identify problems, such goods can be transferred between different warehouses, warehouse proved to be cost and so on, to lend financial institutions are not possible to do 24 hours surveillance. "familiar chattel mortgage financing business warehousing industry sources, the current legal definition of acceptance of responsibility for the company's warehouse is not clear, the majority of domestic warehousing unit is small and scattered, the management system is not standardized, issued by warehouses to customers Single difficult to understand when the goods pledged state financial institutions are also difficult to pass ownership status authoritative information platform for the verification of the goods, which resulted in the occurrence of repeat mortgage.

Meanwhile, the relevant legal system relating to the registration information is missing chattel mortgage, etc., but also to supply chain companies, warehousing and other goods repeat mortgage industry, forged receipts leave space. According to a law firm analysts, the current domestic "Property Law" Despite the clear existing inventory and will be used as collateral, but did not specify whether the chattel mortgage registration publicity and who should establish registration publicity platform, a very serious problem of asymmetric information between the bank and the bank, bank and corporate information with each other fragmented, resulting in duplicate mortgage, illegal financing events. In the event of a legal dispute to determine ownership of the pledge and pick the right will become very difficult and complicated.

Above bank believes that, in order to reduce the risk of chattel mortgage business, mainly lies in the bank's internal risk control management to achieve refinement, build a strict regulatory framework between departments, air traffic control personnel to be familiar with the supply chain financing and related systems, and to take effective process to find the library and ask the business department in charge of these operations will be strictly for the record, a clear pledge origin and ownership status of the goods, in order to prevent repeat violations of mortgage financing appears.

To crack the chattel mortgage financing difficulties, the Shanghai Banking Association in March of this year, announced the country's first information platform formally launched chattel mortgage banking operation, mainly to resolve false receipts and repeat these two types of chattel mortgage pledge loopholes, and through the whole risk management and control processes, reduce credit risks. According to sources, China Banking Association, China Warehousing Association and other organizations have jointly prepared "savings and loan guarantee third-party management practices" documents, and submitted to the National Standards Committee for approval. The document is mainly a clear responsibility under the supervision and monitoring mode escrow companies, to clarify the legal status of the bank, the borrower, escrow between enterprises, thereby promoting inventory financing to carry out banking business.

It is close to the regulators related to expert advice, in addition to multi-interest financial institutions, warehousing companies, supply chain and other markets to balance the needs of enterprises outside the game, third-party warehousing company regulatory platform to build, chattel mortgage financing fill the legal system is the solution to the current position, etc. Financing difficulties fundamental recommendations to improve the institutional environment chattel mortgage financing, including a complete legal system of chattel mortgage; establish Internet-based, unified national chattel mortgage registration system; developed for third-party access and regulatory qualification standards and insurance systems .

Repeat obtain funds pledge class steel trade circles crisis or spread

Since last year, the steel ring to interconnect mutual trade, goods repeat the pledge in the form of financing and financial arbitrage commercial disputes arising from the gradual rise, relevant statistics show that last year, Shanghai courts accepted the steel trade dispute cases loans of about 3700, an an increase of approximately 5.5 times. Today, more and more signs that the risk of such chattel mortgage financing once popular in the Yangtze River Delta steel trade industry is accelerating the spread, and copied to among other industries Paper and commodities and other fields. This year in June, Qingdao Port happen traders using the same batch of alumina and copper products, and warehousing companies conspired repeated pledge of warehouse receipts issued by banks to obtain loans to the event. It is understood that there are more than 10 banks involved in the local commodity trade finance business, a number of banks in the financing of 10 billion yuan, the impact is huge. Another foreign banking institutions involved have said it would suspend part of the mainland to provide new financial financing.

In fact, cargo pledge financing involving many aspects, interests and other characteristics of the chain complex to be used to obtain funds uncommon circumstances, such as multiple warrants issued against the same batch of goods, issuing false receipts at zero transaction basis, or In Bonded cargo idling, etc., arbitrage model emerging, which are involved in the operation chattel mortgage loans in exchange for illegal operations in varying degrees. When the deterioration of the macroeconomic environment, industry conditions decline, when carried out in the form of chattel mortgage financing mode will lose market arbitrage, risk capital strand breaks will also erupted.

"In the chattel financing, risk control team and platform models are strictly refer to the process of banking institutions, pledge of warehouse receipt financing required documents and information have strict management aspects, but the problem is that the platform does not own logistics warehouse, you need to pledge The cargo left in the third party logistics warehousing unit, which produces asymmetric information space. previous Yangtze steel trade financing problem lies in the repeated mortgages, did not think paper trading industry is also the same problem, and now the platform shall be chattel mortgage is not fully stop the project. "person in charge of these P2P platform to showcase China Securities Journal reporters after the signing of its previous pledge agreement from the borrower to get stamped with the official seal of the enterprise warehouse inventory pledged goods, admits it is chattel mortgage financing risk control the difficulty is too high, resulting in huge losses suffered platform.

Check out the aforementioned paper borrowing program, the borrower companies display their qualifications good background information, "loan company is a member of the Guangdong Pulp Exchange, the registered capital of 40 million yuan, the main products involved in the work of a variety of paper products used in the local market share a higher rate, the annual sales income of about 700 million yuan, the goods stored in the custody of a professional third-party logistics company, its downstream customers with annual sales of nearly 2 billion yuan big. "In the industry view, chattel mortgage lending sector financing is often based primarily on the core business of credit, according to the authenticity of the background and supply chain core enterprise level trade credit to evaluate the credit qualifications of enterprises, to provide financing to support the core business and the downstream, the risk assessment methods traditional risk assessment methods difficult. Some companies have excellent background in the event of a crisis management will tend to advantage by the previous credit qualification guarantees for large cargo lap pledge financing, once the overdue bad debts, its impact was also expanding.

Commercial bank risk control analysis, whether it is paper or steel trade and industry, as many companies large body mass, a huge demand for loans, lucrative, bank loans or net profit growth platform in order to ensure its loan support will relatively aggressive, but easy to overlook the risks which exist. For businesses, the use of chattel mortgage financing repeat the relatively low cost, can take advantage of arbitrage techniques lucrative capital investment, capital flows and so on. "The taking of the funds pledged by the way storage warehouse repeat mode is easy to copy, which disputes frequently, mainly due to lack of financial institutions on the industry risk estimates for apparent lack of ability to pay or guarantee beyond the ability of enterprises to provide a large number of loans, triggering a sudden jump in non-performing assets. "

Improve information chattel mortgage registration system to crack the dilemma of financing

From Shanghai steel trade circles financing crisis, Qingdao Port loan dispute to today's non-ferrous metals traders Paper Piandai storm, frequent cases of illegal trade financing, no doubt a reflection of the many problems currently exist chattel mortgage financing. By chattel mortgage financing risk concentration of influence, many banks began to tighten the business, as much as possible to reduce or increase lending requirements for such loans, corporate finance affected to some extent, but also have a certain impact on the warehousing industry operators.

"If the storage unit did not fulfill its responsibility and corporate conspiracy or illegal financing, warehouse management aspects only difficult to identify problems, such goods can be transferred between different warehouses, warehouse proved to be cost and so on, to lend financial institutions are not possible to do 24 hours surveillance. "familiar chattel mortgage financing business warehousing industry sources, the current legal definition of acceptance of responsibility for the company's warehouse is not clear, the majority of domestic warehousing unit is small and scattered, the management system is not standardized, issued by warehouses to customers Single difficult to understand when the goods pledged state financial institutions are also difficult to pass ownership status authoritative information platform for the verification of the goods, which resulted in the occurrence of repeat mortgage.

Meanwhile, the relevant legal system relating to the registration information is missing chattel mortgage, etc., but also to supply chain companies, warehousing and other goods repeat mortgage industry, forged receipts leave space. According to a law firm analysts, the current domestic "Property Law" Despite the clear existing inventory and will be used as collateral, but did not specify whether the chattel mortgage registration publicity and who should establish registration publicity platform, a very serious problem of asymmetric information between the bank and the bank, bank and corporate information with each other fragmented, resulting in duplicate mortgage, illegal financing events. In the event of a legal dispute to determine ownership of the pledge and pick the right will become very difficult and complicated.

Above bank believes that, in order to reduce the risk of chattel mortgage business, mainly lies in the bank's internal risk control management to achieve refinement, build a strict regulatory framework between departments, air traffic control personnel to be familiar with the supply chain financing and related systems, and to take effective process to find the library and ask the business department in charge of these operations will be strictly for the record, a clear pledge origin and ownership status of the goods, in order to prevent repeat violations of mortgage financing appears.

To crack the chattel mortgage financing difficulties, the Shanghai Banking Association in March of this year, announced the country's first information platform formally launched chattel mortgage banking operation, mainly to resolve false receipts and repeat these two types of chattel mortgage pledge loopholes, and through the whole risk management and control processes, reduce credit risks. According to sources, China Banking Association, China Warehousing Association and other organizations have jointly prepared "savings and loan guarantee third-party management practices" documents, and submitted to the National Standards Committee for approval. The document is mainly a clear responsibility under the supervision and monitoring mode escrow companies, to clarify the legal status of the bank, the borrower, escrow between enterprises, thereby promoting inventory financing to carry out banking business.

It is close to the regulators related to expert advice, in addition to multi-interest financial institutions, warehousing companies, supply chain and other markets to balance the needs of enterprises outside the game, third-party warehousing company regulatory platform to build, chattel mortgage financing fill the legal system is the solution to the current position, etc. Financing difficulties fundamental recommendations to improve the institutional environment chattel mortgage financing, including a complete legal system of chattel mortgage; establish Internet-based, unified national chattel mortgage registration system; developed for third-party access and regulatory qualification standards and insurance systems .

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