Source: Western Network|
Editor: Beibei

The picture shows Shanxi coal merchant Xing Libin

Shanxi Coal boss 7 million married daughter Zhu Jun Zhou Tao hosted the Spring Festival Gala

Shanxi Coal boss 7 million married daughter Zhu Jun Zhou Tao hosted the Spring Festival Gala

It is reported that at 17 am on the 10th, Xing Libin, the former richest man in Liulin in Shanxi and the actual controller of Shanxi Liansheng Group, will be sued in Hong Kong. For the general public, you may not have heard of coal boss Xing Libin, but the 7000 million married daughter incident must have been "like thunderous". From the "spending money" of marrying a daughter to the burden of debt and the ensuing litigation, the loneliness of this Chinese-style "local tyrant" has also brought infinite sighs to the world.

3 million unsolved debt dilemma assets may be frozen again

According to Sing Tao Daily, Xing Libin, the owner of Shanxi coal mine and chairman of the board of directors of Liansheng Group, who spent 2012 million yuan to marry his daughter in 7000, was recently sued by Industrial Bank's wholly-owned subsidiary Industrial Financial Leasing Co., Ltd. in Hong Kong High Court. Alleged that a lawsuit was filed against Xing Libin and his wife in a court in the Mainland, requiring the High Court to issue an order to prohibit the two from disposing of assets in Hong Kong.

According to reports, the original complainant is Industrial Financial Leasing Co., Ltd. According to information, its business mainly provides financing services for industries such as electricity, steel and coal. Industrial Financial alleged that because the company was in the People’s Court of Tianjin Economic and Technological Development Zone, filed a commercial lawsuit against two respondent Xing Libin and his wife Li Fengxiao, and requested the court to prohibit the two from handling and transferring their assets in Hong Kong, pending the relevant The verdict of the case. The applicant company requires assets that need to be prohibited, including shares of Shougang Resources owned by two persons or held through Xing’s company, and the Belgravia property on South Bay Road in Repulse Bay held by Li, and the amount of assets handled by Xing is restricted. Up to 2 million yuan; at the same time, the two are required to declare assets worth 3.35 yuan each locally and overseas. Data show that as of December 1, 2013, Xing Libin still held 12% of Shougang Resources shares, approximately 20 million shares. Calculated according to the closing price as of January 4.95, if you cash out, you can get nearly 2.62 million yuan.

In fact, prior to this, due to the continued decline in coal prices and other reasons, the Liansheng Group, where the richest man in Lu Liang belonged, had already been struggling to make ends meet, with a debt of tens of billions nearly collapsed, and the news of "getting into debt distress" had also spread. On November 2013, 11, the People's Court of Liulin County held a press conference and announced that it would officially accept the reorganization applications of 29 companies including Shanxi Liansheng Energy Co., Ltd. and its subsidiaries. According to data released by the Liulin County People’s Court, Liansheng Group’s financial liabilities are close to 12 billion yuan, its financial expenses remain high, and its debt solvency is severely lacking. Not only that, since 300, Liansheng Group has also faced many debt problems such as arrears of taxes, employee pension insurance, engineering funds, materials and equipment payments, and more than 2013 private companies have guaranteed guarantees with Liansheng Group. The relationship involves more than 10 billion yuan in credit funds. According to another report, a material entitled "Report on Liansheng Financing and External Guarantees" shows that as of the end of September 200, the total external financing of the company was 2013 billion yuan, of which the balance of bank loans exceeded 9 billion yuan; the balance of trust loans More than 268.07 billion yuan. Liansheng’s current creditors include the China Development Bank, a number of listed banks and financial institutions including trust companies (some of them are branches in Shanxi Province or Taiyuan). Another document named "Liansheng Debt Restructuring Framework Plan" shows that the company has a total debt of 153 billion yuan, including 73 billion yuan for financial institutions and 320 billion yuan for private financing.

After the news of the reorganization was made public, many financial institutions such as banks, trusts, and local governments involved in it were greatly surprised. It is reported that 14 financial institutions, including the China Development Bank, jointly reported the situation to the Shanxi Provincial Party Committee and the Provincial Government, requesting the government to coordinate the reorganization of Liansheng. After that, the Shanxi Provincial Finance Office convened the Shanxi Provincial Banking Regulatory Bureau, the Taiyuan Central Branch of the People's Bank of China and 14 financial institutions to hold relevant coordination meetings. At the meeting, the creditor bank had asked Liansheng Group to withdraw its application and requested the government to investigate Liansheng's reorganization.

It is reported that Liansheng's application for reorganization happened suddenly and did not communicate with any creditors. According to the provisions of the Enterprise Bankruptcy Law, there are two situations in which an enterprise applies for reorganization: the debtor or creditor directly applies to the people’s court for reorganization of the debtor; if the creditor applies for bankruptcy liquidation of the debtor, the people’s court accepts the bankruptcy application and declares Before the debtor goes bankrupt, the debtor or the contributor whose capital contribution accounts for more than 1/10 of the debtor’s registered capital may apply to the people’s court for reorganization. In August 2013, Xing Libin also vowed to refute the rumored debt crisis, saying that everything was normal for the company, accounting for more than 8% of Liansheng Group’s total assets of 90 billion yuan, liabilities of 506 billion yuan, and debt ratio. More than 315%. Xing Libin said that this ratio is within the normal range.

It is reported that Xing Libin, chairman of the board of directors of Liansheng Group, is trying to reach a settlement agreement with creditors, hoping to directly realize asset reorganization, debt reorganization and corporate reorganization. If it fails, the Shanxi provincial government will deal with the matter again in accordance with legal procedures.