china.com finance and economics, June 4 (reporter Yanshan Lukai) recently, the official website of the Central Commission for Discipline Inspection disclosed that Liu Jian, general manager of foreign trade trust, is currently under supervision and investigation for suspected serious violation of discipline and law, which is less than five months since he was approved to take office at the end of January this year. The new general manager was checked shortly after taking office. For the foreign trade trust with a decline in net profit in 2020, the test may have just begun
on June 2, the discipline inspection and supervision group of China Sinochem Holdings Co., Ltd. and the Shandong Provincial Supervision Commission reported that Liu Jian, member of the Party committee and vice president of the financial business department of China Sinochem Holdings Co., Ltd., Secretary of the Party committee and general manager of China Foreign Economic and Trade Trust Co., Ltd., was suspected of serious violation of discipline and law, At present, it is under the discipline examination of the discipline inspection and supervision team of Sinochem Holdings Co., Ltd. and the supervision and investigation of the supervision committee of Dezhou City, Shandong Province
according to the bulletin, Liu Jian was born in June 1966 in Yiyang, Hunan Province, with a university degree. He began to work in August 1988 and joined the Communist Party of China in December 1987. In 2003, he served as the deputy general manager of the insurance Department of Sinochem Group, and then successively served as the general manager of the insurance Department of Sinochem Group, secretary and general manager of the general Party branch of Sinochem Group Finance Co., Ltd., member of the Party committee and vice president of the financial department of Sinochem Group, chairman of Sinochem Group Finance Co., Ltd
in November 2020, Liu Jian not only continued to serve as a member of the Party committee and vice president of the financial business department of Sinochem Group, but also served as the party secretary and general manager of foreign trade trust and the chairman of Sinochem Finance Co., Ltd. China.com finance and economics noted that in the 2020 annual report of foreign trade trust, Liu Jian's position change was also mentioned several times. According to the disclosed information, the sixth shareholders' meeting in 2020 passed a resolution agreeing to elect Liu Jian as a director of Foreign Trade Trust; At the 15th meeting of the seventh board of directors in 2020, Liu Jian was approved to be the general manager of foreign trade trust. At the same time, the annual report also disclosed that on January 25, 2021, Beijing Banking and Insurance Regulatory Bureau approved the qualifications of Liu Jian, general manager and director
in addition, China netfinance noted that on the day Liu Jian was investigated, Fu Jianjun, former deputy general manager of Sinochem Group Finance Co., Ltd., was also monitored and investigated for suspected serious violations. For the above-mentioned incident of senior executives being investigated, an insider told china.com finance that the specific situation is not clear, but the two have been involved in the financial intersection of Sinochem Group for a long time, and they may be related to each other at the same time. Similarly, china.com finance interviewed the other party about the impact of Liu Jian's investigation on the foreign trade trust. As of press time, the reporter had not received a reply from the other party. The public response of Foreign Trade Trust shows that at present, the responsibilities of the general manager of the company are temporarily performed by the chief economist Shuai Lixin
public information shows that the full name of foreign trade trust is China Foreign Economic and Trade Trust Co., Ltd., which was established in September 1987; In October 2019, after the company completed a new round of capital increase, the registered capital has reached 8 billion yuan; At present, Sinochem Group holds 100% of the foreign trade trust through Sinochem capital and SINOCHEM finance
in 2020, the revenue of Foreign Trade Trust reached 3.089 billion yuan, a year-on-year increase of 10.76%; In the same period, the net profit decreased with the increase of revenue, with a decrease of 20.73%, and finally recorded only 1.42 billion yuan. During the reporting period, operating expenses rose sharply,
from 442 million yuan to 1.249 billion yuan, an increase of more than 1.8 times, which became the main reason for encroaching on the profit space of foreign trade trust. Among them, the sharp rise in asset impairment losses has become the main reason for the sharp rise in operating expenses. The data showed that during the reporting period, foreign trade trust had an asset impairment loss of 661 million yuan, and the loss increased five times year-on-year. Statistics show that asset impairment loss refers to the loss formed by the enterprise's provision for asset impairment. It belongs to the profit and loss account in accounting, which will affect the net profit. However, china.com finance and economics found that the relevant data of foreign trade trust in 2020 rose both in terms of the scale of inherent assets and the scale of trust assets
in terms of inherent assets, foreign trade trust recorded a total assets of 19.404 billion yuan in 2020, which is similar to the steady increase of inherent assets of most trust companies, with a year-on-year increase of 5.38%. In terms of trust assets, in recent years, under the background of continuously controlling the channel business and reducing the total scale of trust assets, and it has become an industry trend for trust companies to reduce the scale of trust assets, the data of Foreign Trade Trust rose against the trend. As of December 31, 2020, the company recorded total trust assets of 675.129 billion yuan, a significant increase of 51.45% compared with 445.765 billion yuan at the beginning of the period. The reason for the sharp rise in the data is that china.com finance and economics interviewed the other party and did not receive a reply before publishing
in addition, China netfinance noted that in addition to the overall goal of reducing the total scale of trust assets in recent years, reducing the scale of "channel business" with shadow banking characteristics has always been the focus of supervision. From the perspective of the application of foreign trade trust assets, the single trust asset data and passive transaction management trust data as a measure of the scale of "channel business" have increased to varying degrees. Among them, the scale of single trust assets increased from 66.873 billion yuan to 77.513 billion yuan, an increase of 15.91%; The scale of passive affairs management trust increased from 139.743 billion yuan to 159.417 billion yuan, an increase of 14.08%. In this regard, industry experts told china.com finance that the above data rose sharply, reflecting that trust companies have carried out more channel business
now, the result of Liu Jian's investigation is uncertain, and it is unclear whether the management of foreign trade trust will face adjustment. In the future, China netfinance will continue to pay attention to how the foreign trade trust will deal with the above unknowns and achieve its goal of achieving high-quality development
(responsible editor: Yi Wei)
source of this article: China Network