Guangdong Yuanfang Investment Co., Ltd., a subsidiary of China Private Enterprise Cedar Holdings, has been filed for investigation and punishment for suspected illegal absorption of public deposits.Zhang Jin, the public security organs, has taken criminal compulsory measures on Zhang Jin, the actual controller of the major criminal suspects and the actual controller of Cedar Holdings.
According to Caixin.com, the Huangpu Branch of the Guangzhou Public Security Bureau issued a announcement on Sunday (May 7) that the public security organs have extracted relevant data involved in the case and have commissioned professional institutions to conduct independent appraisal and judicial audit.The relevant assets involved in the case have been seized, seized, and frozen.Currently, the case is under further investigation.
Public information shows that Zhang Jin is 51 years old. He is a native of Ningxiang, Hunan. He studied undergraduate in the Department of Finance of Shenzhen University.
According to Zhang Jin, his first bucket of gold comes from the capital market.He invested in real estate and also invested in China's first venture capital: Shenzhen SME Entrepreneurship Investment Co., Ltd.
In 1997, Zhang Jin founded Cedar Holdings in Guangzhou.The company started with trade financing. The fields involved in large commodities, supply chains, chemical industries, real estate, etc.
The operating income of Cedar Holdings in 2015 was 59.3 billion yuan (RMB, the same below, about S $ 11.353 billion).However, the company's operating income began to move rapidly the following year, soaring to 157 billion yuan, ranking first in Guangzhou's private enterprises.In 2017, Cedar's revenue continued to grow at a high speed to 221 billion yuan.In July 2018, Cedar Holdings ranked among the "Fortune 500" and has been on the list for four consecutive years.
It is reported that Cedar Holdings has grown rapidly because the company is engaged in financing trade.The so -called financing trade refers to the reality of leaving financing through the name of trade between enterprises.In reality, some trading companies lack sufficient credit and difficult to obtain financing from financial institutions.Therefore, they use fictional trading turnover with good credit companies, and use bills that have traded in transactions with these good companies for financing.This has greatly increased the operating income and inventory on the book of related companies.
In addition to obtaining financing from financial institutions through this method, Cedar Holdings has also established many wealth management companies to issue financial products to the outside world.accounts receivable".
Since April 2021, the wealth management products under Cedar Holdings have been overdue, but at that time, Cedar can pay interest on time; in January 2022, Cedar acknowledged that it was unable to pay interest.Caixin.com quoted authoritative channels and disclosed that the size of Cedar's wealth management product "Blasting Thunder" is about 20 billion yuan.After Cedar's "thunder", many small and medium creditors hope to get back the principal through petitions, appeals and other means.
In May 2022, many executives of Cedar Holdings were investigated by the Guangzhou Economic Investigation Belt, including Zhang Jin.Caixin.com quoted people familiar with the matter and revealed: "At that time, at least 20 executives were taken away, and many people came out after asking." The person familiar with the matter also said, but Zhang Jin was always in control.In February 2023, the investigation direction of the investigation was specifically to each financial planner of Cedar, and the direction pointed to the illegal absorption of public deposits.
The official officially announced his sentence, and he was taken away from him in May 2022, a whole year.A person close to the Guangzhou Municipal Government said: "The consideration at that time was that if Zhang Jin could repay the money within a period of time, then according to the relevant policies, maybe he could be exempted from criminal punishment."
This is thisPeople who are close to the Guangzhou Municipal Government also said, "Cedar has so long, and now there should be a saying", and said that in the past month, Guangzhou has launched a new round of transaction investigations between local state -owned enterprises and Cedaron and Cedar."It is necessary to determine how much pits have been stepped on by local state -owned enterprises" so that relevant departments can take the next step.
