On August 24, the Yinchuan Intermediate People’s Court opened a public hearing in accordance with the law, the defendant Baota Petrochemical Group Co., Ltd., and the defendants Sun Hengchao, Sun Peihua, Wang Gaoming, and Mi Rongrong committed bill fraud. The defendant Baota Petrochemical Group Finance Co., Ltd., The defendants Huo Yan, Liu Xuemei, Huang Jianfei, Chen Chen, Xue Xiaopan, Cui Xiangchen, Zhu Weifeng, Chen Zhengjiang, and Lin Meicheng were guilty of issuing financial tickets in violation of regulations, the defendants Huo Yan and Xue Xiaopan were guilty of bribery of non-state employees, and the defendant Zhu Weifeng was guilty of working in non-state workers. The case of personnel bribery.
The prosecutors allege that since 2013, the Pagoda Group has begun to experience large-scale losses. The defendant Sun Hengchao, as the chairman, knew that the group was not eligible for the establishment of a financial company. In order to solve the problem of Pagoda Group’s shortage of funds, Huo Yan was still arranged. And others are preparing to establish a financial company.
In April 2016, the Finance Company was established.
In order to achieve the purpose of financing for the Pagoda Group, the defendant Sun Hengchao instructed the finance company to verify and issue electronic bank acceptance drafts with no real trading background, knowing that the Pagoda Group suffered huge losses, insolvency and insolvency. For financing, the defendants Sun Peihua, Wang Gaoming, and Mi Rongrong, under Sun Hengchao’s instruction, implemented the issuance of electronic bank acceptance bills without real trade background, provided required value-added tax invoices, and actively issued corresponding materials. The defendants Huo Yan, Liu Xuemei, Huang Jianfei, Chen Chen, Xue Xiaopan, and Cui Xiangchen, as the general manager of the defendant’s financial company, violated regulations and cooperated with the defendant Zhu Weifeng and other bill intermediaries, knowing that the electronic bank acceptance bill business handled without a real trading background , Still be reviewed and issued.
From April 2016 to October 31, 2018, the finance company reviewed and issued 49,522 electronic bank acceptance bills with no real trade background, with a face value of 28.46 billion yuan. By the time of the case, there were 27064 unpaid bank acceptance bills, unpaid The amount is 17.129 billion yuan.
During the period, the defendants Huo Yan and Xue Xiaopan also accepted bribes of more than one million yuan from the defendant Zhu Weifeng and others.
The trial time is expected to last 5 days.
According to data, Baota Petrochemical Group is a large domestic petrochemical enterprise group headquartered in Beijing, founded in 1997. With total assets of 68.5 billion yuan in 2016 and 15,000 employees, it ranked 318th among the top 500 Chinese companies in 2017, 98th among the top 500 private enterprises, and 24th among the top 500 Chinese chemical companies.
In addition, the Pagoda Group owns a number of industrial group companies and one A-share listed company Pagoda Industry.
According to the China Fund News, since May 2018, the issue of Pagoda’s bills, a private petrochemical giant, has become public. A large number of bills accepted by Pagoda Finance Company cannot be cashed when they expire. Pagoda tickets have become a “hot” network in the ticket circle. Red ticket".
In July 2018, the Pagoda Finance Company issued an announcement, acknowledging that “due to work errors, the risk control and payment issues were not strictly coordinated, resulting in customers holding pagoda bills failing to pay as scheduled”. The announcement also gave the redemption arrangements for overdue bills in the fastest one week and the slowest 40 days.
Due to multiple debts due in November 2018, Baota Group and Sun Hengchao were also listed as untrustworthy executors twice. Then, on December 18, 2018, the Yinchuan Procuratorate decided to approve the arrest of eight suspects including Sun Hengchao. Among them, Sun Hengchao, Chairman of Baota Petrochemical Group Co., Ltd., was suspected of bill fraud; Deputy General Manager Liu Xuemei, General Manager of Finance Department Wang Gaoming, Deputy General Manager of Finance Department Mi Rongrong, former General Manager Huo Yan, and former Deputy General Manager of the company Seven people including the manager Chen Chen, Huang Jianfei, and the former company’s credit manager Xue Xiaopan were suspected of issuing financial tickets in violation of regulations.
It is worth noting that the experience of Sun Hengchao, the actual controller of the Pagoda Group, is also legendary.
Public information shows that Sun Hengchao was born in March 1960 in Zhongwei City, Ningxia. He studied in the Law Department of Northwest University of Political Science and Law in 1979. Private International Law, etc.
It is understood that in 1993, Sun Hengchao left the university to "go to the sea" and founded a business company. In January 1997, he acquired the small refinery of Nanliang Farm, which was on the verge of bankruptcy, and established Yinchuan Pagoda Chemical Auxiliary Co., Ltd., and gradually established a huge Pagoda Group. In just 20 years, Pagoda Group has quickly formed a leading private enterprise in Ningxia with more than 100 subsidiaries, 200 refueling stations, 15,000 employees, and more than 66 billion assets.
In addition, in 1999, Sun Hengchao initiated the founding of Yinchuan University (ie Yinchuan Energy College) and served as the principal for a long time. The school has more than 20,000 teachers and students on three campuses, making it the largest undergraduate college in Ningxia. one.
Sun Hengchao has twice won the throne of "Ningxia's richest man". In 2010, Sun Hengchao became the richest man in Ningxia for the first time with 2.4 billion assets; in the 2016 Hurun Report, Sun Hengchao ranked 626 with a net worth of 6 billion, and once again became the richest man in Ningxia.
