In recent years, the loss of state-owned assets in chemical companies has become a recurring issue, often linked to off-exchange transactions. A notable example occurred in March 2003, when Chen, the legal representative of a phosphate fertilizer plant in Xiangfan City, established a private company before the enterprise’s restructuring. Without any formal entry into the state-owned asset restructuring process, Chen sold the factory's assets at an undervalued price and then repurchased them for his private company, later reselling them at a profit. This manipulation led to the misappropriation of 6.31 million yuan in state-owned assets.
There are various techniques used in off-exchange transactions that result in the loss of state-owned assets. These can be categorized into five main types:
First, "ambush tactics" involve hiding or concealing state-owned assets during the assessment process, avoiding proper valuation. Second, "airborne methods" refer to inflating costs by falsely setting aside liabilities or expenses, thus reducing net profits. Third, "kicking the ball" occurs when officials use their power to undervalue state assets, which are then purchased by specific individuals or entities. Fourth, "karate-style" transactions involve leveraging authority without actual investment, directly appropriating state assets. Lastly, "blindness tactics" include fraudulent reorganizations or fake contracts to secretly transfer state assets and change their ownership status.
To address these issues, the General Office of the Hubei Provincial People's Government recently issued the "Several Opinions on Strengthening the Supervision of State-Owned Property Rights Transactions." The policy mandates that all state-owned property rights in the province must be managed under the supervision of the State-owned Assets Supervision and Administration Commission (SASAC). When transferring state-owned property rights, companies must submit a "property rights transaction certificate" from an approved trading institution. Additionally, industrial and commercial departments require approval documents from SASAC and a "state-owned property rights change registration form" before processing any changes.
For unapproved off-exchange transactions, the supervisory authorities have the right to halt such activities immediately. If the transaction has already been completed, the SASAC will not register the change, and the industry and commerce authorities will refuse to update the records. Furthermore, responsible individuals may face investigations and accountability measures.
Sunlighting these transactions is essential to safeguarding state-owned assets. Transparent processes and strict oversight are key to preventing further losses and ensuring the integrity of public resources.
Mobile Station,Mobile Crusher Station,Mobile Crushing Station,Mobile Crushing Station Equipment
Jiangsu Zhongyou Machinery Co.,Ltd , https://www.jszycr.com