Yantai Spandex Fraud Behind The Listing Of Nearly 200 Million Profit Of 40 Million Bonus - Yantai

Yantai Spandex profit of 40 million dividend nearly 200 million senior subordinated loans with high dividend

Reporter on the depth of investigation "of Yantai Spandex suspected forged" birth certificate "fraudulent listing" Once published, shocked the market, the Shenzhen Stock Exchange has also made an emergency suspension of its treatment. However, the reporter found by dialysis, Yantai Spandex listing process exists not only in the fraud, something wrong with the related party transactions with the exception of the dividend, the same people criticized.

Insider told reporters reveal their deeper meaning, value-added for a larger stake in Yantai Spandex management in the company prior to listing, loans to buy a controlling shareholder of Yantai Spandex Spandex Group equity, repayment pressure heavier.

Something wrong with the related party transactions

The one hand, prior to listing, will own property Lease To the controlling shareholders, the controlling shareholder of the company to pay rental fees to gloss over performance, on the other hand, in the market, it not only no reason to reduce the "Prospectus" payable to disclose the controlling shareholder of the real estate leasing costs, and then spent by Yantai Spandex controlling shareholder money to buy property and land. Recently, its major shareholders of Yantai Spandex Yantai Spandex Corporation (urethane group) between a series of related transactions, is amazing.

2009 4 27, Yantai Spandex issued a public notice, intended to be the price of 17.1542 million yuan to buy the controlling shareholder of Yantai Spandex Group Zone I-2 at 20,846 square meters plot of land with 11,280 square meters property, and the company one of the items to raise funds, "1000 tons / year PPTA Industry Chemical industry Process ", from the implementation of a change of venue to the new land purchases.

People doubt this is a move. Yantai Spandex because in June 13, 2008 prospectus, its IPO "Prospectus" means: Spandex Group and Yantai Spandex first in order to avoid competition in the same industry, all operating assets are loaded Yantai Spandex. In 2006, the polyurethane group project due to additional aramid paper had to rent land and plant in Yantai Spandex.

If you own real estate group spandex, why would anyone want to rent property Yantai Spandex? The Yantai Spandex what need to buy the controlling shareholder of the property, and to raise funds to change the project site? Moreover, Yantai Spandex purchase of land property of the minor procedure is not yet complete.

Yantai Spandex, said: "1000 tons / year PPTA industrialization" is a listing of the company in 2008 when one of two fund-raising projects, plans a total investment of 250 million yuan. Originally planned to build in the Emei Mountain Road is located in the western industrial park (Yantai Development Zone, J-1 cell). After the pilot project's technical exploration, the company found that the production of para-aramid high requirements for the steam system, west zone for not building its own steam boiler, it is difficult to meet the PPTA Industry technical requirements. In addition the company has a steam boiler plant east, the other existing utilities such as air compressors, refrigeration machines can also be part of the PPTA project to meet the technical requirements. Can meet the capacity expansion of PPTA 3 to 5 times the requirements.

by: gaga

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