Securities and Regulatory Commission talks to Chengzheng Rare Earth
2017-01-10 09:18:25 [Print]
Chengzheng Rare Earth announced that China Securities and Regulatory Commission Jiangxi Securities Regulatory Bureau talked with the company) due to illegal occupation of funds, false information disclosure and inaccurate information disclosure of public transfer statement.
According to the announcement, the president Lai Chengming and the general manager Wang Xiujiao occupied company’s fund balance of around RMB4.32 million up to early 2015. In 2015, Lai totally occupied around RMB14.07 million, and Wang occupied around RMB95.22 million. The related company-Ganzhou Chengda Rare Earth High-tech Materials borrowed RMB3 million from Chengzheng Rare Earth on July 3, 2015. The above capital occupation should perform procedures for examination and approval, but Chengda Rare Earth didn’t state these issues timely and completely.
In addition, Chengda Rare Earth still had a loan of around RMB30.34 million up to the date when it provided the public transfer statement), but it didn’t disclose these issues in the statement.
Jiangxi Securities Regulatory Bureau decided to talk with Chengzheng Rare Earth considering this issue. Chengzheng Rare Earth accepted this decision and will not apply for administrative review or institute legal proceedings.
According to the announcement, the president Lai Chengming and the general manager Wang Xiujiao occupied company’s fund balance of around RMB4.32 million up to early 2015. In 2015, Lai totally occupied around RMB14.07 million, and Wang occupied around RMB95.22 million. The related company-Ganzhou Chengda Rare Earth High-tech Materials borrowed RMB3 million from Chengzheng Rare Earth on July 3, 2015. The above capital occupation should perform procedures for examination and approval, but Chengda Rare Earth didn’t state these issues timely and completely.
In addition, Chengda Rare Earth still had a loan of around RMB30.34 million up to the date when it provided the public transfer statement), but it didn’t disclose these issues in the statement.
Jiangxi Securities Regulatory Bureau decided to talk with Chengzheng Rare Earth considering this issue. Chengzheng Rare Earth accepted this decision and will not apply for administrative review or institute legal proceedings.
