The prosecution's allegations against Wang Sanyun's bribery case include two criminal facts that Wang Sanyun provided assistance to Ye Jianming's subordinate companies through Hu Huaibang, who was the chairman of the Bank of Communications and the Chairman of the China Development Bank at the time.
The bribery case of Wang Sanyun was opened today (October 11, 2018) in the Zhengzhou Intermediate Court, Henan Province. In the related report of CCTV, it appeared that Wang Sanyun accepted China Huaxin Energy Co., Ltd. (hereinafter referred to as China Huaxin)The graphic evidence of bribery by chairman Ye Jianming includes two allegations that Wang Sanyun helped Ye Jianming's companies through Hu Huaibang, who was chairman of Bank of Communications and China Development Bank at the time.Hu Huaibang, 63, resigned as chairman of CDB last month.
Wang Sanyun, who was the vice chairman of the Education, Science, Culture and Health Committee of the National People's Congress before the incident, is 65 years old (born in December 1952).In January, he served as the governor of Anhui Province. In December 2011, he was transferred to the secretary of the Gansu Provincial Party Committee. In April 2017, he joined the National People's Congress as the deputy director of the Education, Science, Culture and Health Committee. Three months later, he was dismissed and investigated.According to the indictment of Zhengzhou City Procuratorate in Henan Province, from 1993 to 2017, Wang Sanyun took advantage of his positions as Secretary of the Liupanshui Municipal Party Committee of the Communist Party of China, Guizhou Province, Deputy Secretary of the Guizhou Provincial Party Committee, Governor of Anhui Province, and Secretary of the Gansu Provincial Party Committee.Convenience conditions for the formation of authority or status, through the behavior of other national staff in their positions, to provide assistance to relevant units and individuals in matters such as investment in banks, project contracting, and job promotion, and to illegally accept the above-mentioned units and individuals directly or through specific related partiesThe property given by individuals is equivalent to more than 66.85 million yuan.
When Wang Sanyun served as the deputy secretary of the provincial party committee in Guizhou, Sichuan, Fujian, and Anhui provinces, he had close contact with some bosses. Whenever he went to work, there were always bosses who followed him. Wang Sanyun took advantage of his position to obtain projects and passProvide assistance in matters such as approval, accept money, real estate, and valuables such as jade, calligraphy and painting.Among them is Ye Jianming, a businessman from Nanping, Fujian.(For details, please refer to the cover story of Caixin Weekly Issue No. 19, 2018, Gansu's corruption storm)
In 2011, in order to obtain the shell resources of listed companies, Ye Jianming contacted Wang Sanyun, then governor of Anhui Province, through the introduction of Li Guangjin, a former member of the Standing Committee of the Fujian Provincial Party Committee and former political commissar of the Fujian Provincial Military Region, who served as the executive chairman of the Huaxin Public Welfare Foundation after retirement.Successfully backdoored Anhui Huaxing Chemical Co., Ltd. (hereinafter referred to as Huaxing Chemical, 002018.SZ).In July 2012, Shanghai Huaxin International Group Co., Ltd. (hereinafter referred to as Shanghai Huaxin), the main operating and financing platform of China Huaxin, invested 1.971 billion yuan to subscribe for a 60% stake in Huaxing Chemical, and changed its name to Huaxin International.
Around September 2017, Ye Jianming was invited to explain the situation because of Wang Sanyun's fall.On March 1, 2018, Caixin exclusively reported that Ye Jianming, chairman of the board of directors of CEFC China, was investigated, and revealed his political and business relationship network, revealing CEFC China’s rapid expansion from Fujian to Shanghai to become the largest private energy company in ChinaFamen - letter of credit revolving cash + trade flow and state-owned enterprise lending + trade business trading model, that is, cooperate with a large number of peripheral companies that share shares or guarantee each other and state-owned enterprises that hope to expand their revenue as soon as possible, and serve as upstream and downstream trade.Through multiple left-handed and right-handed trading business transactions to expand the flow, obtain greater credit permission, and recycle cash, many transactions are even completely false transactions.
In the process of CEFC China's rapid expansion into the world's top 500 through fictitious trade, China Development Bank has played an important role: since at least 2014, CDB has become CEFC's most important lending bank.As of March 2014, as the financing entity of China Huaxin, Shanghai Huaxin has obtained a total of 21.723 billion yuan in bank credit, and China Development Bank has provided 16.44 billion yuan, accounting for 75.68% of its total credit.By the end of September 2017, Shanghai Huaxin had received a total of 61.64 billion yuan in credit from 17 banks, of which China Development Bank had provided a credit line of 42.074 billion yuan, accounting for 68.25% of the total, and 38.53 billion yuan had been used.
The footage of Wang Sanyun accepting bribes from Ye Jianming disclosed by the CCTV news program includes two pieces of evidence. One is evidence that Wang Sanyun helped Shanghai Huaxin acquire shares in Bank of Hainan through Hu Huaibang, the chairman of the Bank of Communications at the time, and the other is evidence that Wang Sanyun helped Shanghai Huaxin acquire shares in Bank of Hainan through the State Development Corporation.Hu Huaibang, the chairman of the bank, provided evidence for the help of Hainan Huaxin, a subsidiary of CEFC China, in obtaining a comprehensive credit line of US$4.8 billion from China Development Bank.The specific content of these two criminal facts is not yet known.Hainan Bank was established in August 2015. Shanghai Huaxin and Bank of Communications are among the promoters, holding 12% and 10% of the shares respectively.
Hu Huaibang, who just turned 63 years old, is from Luyi, Henan Province. He is the second batch of college students who resumed the college entrance examination after the Cultural Revolution. He graduated from the Department of Economics of Jilin University in 1982 and taught at Shaanxi University of Finance and Economics. In March 1997, he was transferred from the vice president of Shaanxi University of Finance and Economics.Executive Vice President of China Finance Institute, in June 2000, Hu Huaibang was transferred to the Vice President of the Chengdu Branch of the People's Bank of China, and then successively served as the President of the Xi'an Branch of the People's Bank of China, Director of the Work Department of the China Banking Regulatory Commission, Secretary of the Disciplinary Committee of the China Banking Regulatory Commission, and China Investment Co., Ltd.The chairman of the supervisory board of the responsible company, transferred to the party secretary and chairman of the Bank of Communications headquartered in Shanghai in September 2008.In April 2013, he succeeded Chen Yuan as the second chairman of the China Development Bank since its establishment in 1994.
According to a Caixin reporter’s investigation, China Huaxin obtained a loan from China Development Bank, and the earliest one can be traced back to August 2013.In 2011, Huaxin Yangpu Oil Reserve Base held a groundbreaking ceremony in Hainan, but due to lack of funds, until August 2013, CDB provided a crucial loan of 2.44 billion yuan for the first phase of Yangpu Project (accounting for its project80% of the total investment), the Yangpu reserve base was able to officially start the next month.Since then, this oil reserve base has been a must for Ye Jianming to show CEFC’s strength to outside doubters. It not only provides excellent fixed assets for CEFC to obtain more financing, but also endorses its future oil and gas stories.
In addition to project loans, the main business cooperation between China Development Bank and CEFC is letter of credit trade financing. In 2014, Shanghai CEFC’s L/C issuance amount in China Development Bank was 14 billion yuan, which rose rapidly to 30 billion yuan in 2015.In an interview with Caixin in 2017, Li Yong, the person in charge of Shanghai Huaxin, introduced that Huaxin’s trade financing with China Development Bank is that Hainan Huaxin, a subsidiary of Shanghai Huaxin, pledges and transfers accounts receivable to CDB.
CDB's support for CEFC was also a convincing business card for Ye Jianming when he introduced himself.In an interview with a Caixin reporter in 2017, Ye Jianming said: CDB’s support is not available to ordinary private companies, so we are not just businessmen, but serve the national strategy.
In CEFC's foreign acquisitions in recent years, China Development Bank is also regarded as the backing of China CEFC.In February 2017, Abu Dhabi National Oil Company (ADNOC) announced that it would transfer a 4% stake in Abu Dhabi Onshore Operations Company (ADCO) and onshore oilfield development projects to CEFC China for US$900 million.Li Yong once told a Caixin reporter that the investment in the Abu Dhabi project from acquisition to final investment is about 1.8 billion US dollars, and CDB will provide 80% of the project loan.
In September 2017, CEFC announced the acquisition of a 14.16% stake in Rosneft for US$9.1 billion. In October of that year, Ye Jianming revealed to Caixin reporters that the Rosneft project was also seeking project loans from China Development Bank..However, after Ye Jianming was investigated, the acquisition was terminated on May 4 this year./p>
After China CEFC's bubble burst, its debt problem has become the focus of attention of all parties. At present, many bonds have substantially defaulted.According to the information disclosed by the Shanghai Stock Exchange, as of the end of January 2017, the loan balance of Shanghai Huaxin reached 114.526 billion yuan.By the end of this year, Huaxin has tens of billions of bonds due, including a 2015 first-phase medium-term note (15 Shanghai Huaxin MTN001) issued by Shanghai Huaxin in November 2015 with China Development Bank as the lead underwriter.
According to the data, the 2 billion yuan raised by the note will be used for Hainan Huaxin to repay the loan of the Hainan Branch of the China Development Bank, which will expire in November this year.In April this year, China Development Bank, as the largest creditor, took the lead in convening the China Huaxin Credit Committee.
On the afternoon of September 27, 2018, the China Development Bank held a cadre meeting. Zhao Huan, the 55-year-old former president of the Agricultural Bank of China, served as the secretary of the party committee and was nominated as the new chairman. Hu Huaibang retired when he reached the age.In March 2018, Hu Huaibang was elected as the chairman of the sixth board of supervisors of the China Banking Association.■
