2014-08-29

Outside Audit Lowers Hunan Trust Collateral From ¥1.4 Billion To ¥0.5 Billion

Doubtful that Hunan Trust is the only firm overstating its assets.......

湖南信托公告曝光 抵押估值降为5亿
Recently, because of China Chen future information management project breach into the vortex of public opinion Hunan Trust, in August 26 issued a second announcement.

Although the announcement said, will actively promote substantial risk treatment projects, but Hunan Trust said that after the assessment of collateral that the collateral valuation at 500 million yuan or more, which also means that the valuation of Hunan Trust's announcement to overthrow its value due diligence reports provided $ 1.4 billion said. In this regard, the "Daily Economic News" reporter contacted Hunan Trust, Hunan Trust, said all the announcement, did not respond.

In addition, the "Daily Economic News" reporter learned from investors, investor Hunan Trust has proposed a new solution.

Investors said the realizable collateral doubts

August 14, Hunan Trust issued on Huachen future information management projects first announcement, Hunan Trust claimed that he was just the channel side of the project and put all the responsibility to collect only 0.2 percent of state trust management side, to distance themselves from their responsibilities .

After the first announcement, has been questioned many investors and the media. In the August 26 release of the second announcement, Hunan Trust attitude changed, no longer mention channels.

Investors Lu on the "Daily Economic News" reporter, said, "China and Hunan Trust Chen future contracts is that they took their company's seal, went Guoyuan Trust sign, and this point is to overthrow the Hunan Trust said he is the channel argument. "

The second announcement mentioned Hunan Trust said it commissioned a professional evaluation agency collateral items were carefully evaluated, considered a conservative valuation of collateral in 500 million yuan or more.

However, due diligence reports, Hunan Trust's assessment of the collateral value of 14 billion yuan, which means the overthrow of Hunan Trust own due diligence to assess the report.

"This shows the authenticity of Hunan Trust due diligence investigation report, the valuation of their own due diligence investigation report will be overturned on notice." Zhang said investors "Daily Economic News" reporter.

In the second announcement, Hunan Trust also raised realized on the disposal of collateral issues. In this regard, Mr. Lu told reporters, "I personally went to Longyan seen that piece of land, the land surrounding the project is not completed on schedule is not developed, and according to local Longyan upset, Hunan Trust to 500 million yuan if the price of disposal So no one is willing to take the disk, so the idea of ​​Hunan Trust provided the current situation is difficult to achieve. "

Hunan Trust propose new solutions

Reporters learned that the person in charge of a surname Yang in Hunan Trust to investors, Mr. Zhang's phone, providing a new idea, the first payment of interest, then a rigid payment.

Zhang on the "Daily Economic News" reporter, said Yang Hunan Trust proposed by several financial institutions involved in the management fee to withdraw, investors have to pay interest due, "After solving the interest of investors , give them 10 months to deal with collateral and restructuring, to achieve the realization of collateral. "

In addition, Yang Zhang Hunan Trust also said, "If the 10-month period can not be resolved, it would give them two months to complete if we can not, then let five financial institutions share a commitment by any financial institutions to launch a collection of trust, let a single disk access Trust Trust this collection before, to achieve a rigid honor. "

According to the reporter, Hunan Trust and another four are actively in talks, "mainly Hua Chen future have to agree, but this too requires Hua Chen Hua Chen future major shareholders to agree to the trust, otherwise rely solely on the strength of future Hua Chen can not be achieved. "Zhang told reporters.

Hunan Trust for proposed solutions, Mr. Zhang told reporters that "the program can still talk, but this time we can not accept investors, time is too long, we can not afford."

In addition, Zhang also told reporters that the first is that the five financial institutions should recognize their responsibilities, but they are not publicly acknowledged, so the idea to implement some distance, "Of course, if you make that several Hunan Trust financial institutions to accept this solution, we do not oppose, but the time is not too long, the purpose of our investors is to get their principal and interest due as soon as possible. "

The proposed new program Hunan Trust, Trust insiders Huang Yong on the "Daily Economic News" reporter, said, "At present, the Trust rigid single payment no precedent, Hua Chen future information management project is now a single trust, investors require Hunan Trust conducted Rigid cashing difficult to implement, but the establishment of a collection of Hunan Trust provides trust, then the rigid payment is feasible, of course, this requires the consent of Hunan Trust four other financial institutions. "

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