Huafang Textile Restructures Or Is Called To Stop Lending Dispute, Disclosing Scandal

Asset restructuring is imminent, Huafang spin But suddenly he was deeply involved in a protracted loan dispute.

On October 17, Huafang Textile released the "Announcement on the Progress of Planning for Major Asset Restructuring", saying that the company and relevant parties are actively promoting various work.

On the previous October 16, Huafang Textile issued a suggestive announcement on the progress of the lawsuit: the company recently received the Notice of Responding to the Action (2013) SSSZ No. 466 from the Jiangsu Higher People's Court (hereinafter referred to as the Jiangsu Higher People's Court). Its content is "Zhangjiagang Huatian New Material Technology Co., Ltd. (hereinafter referred to as Zhangjiagang Huatian), Xiao Zhaoya and your enterprise loan dispute case, (the other party) rejected the civil judgment (2012) SZSZZ No. 0565 issued by the Intermediate People's Court of Suzhou City, Jiangsu Province (hereinafter referred to as Suzhou Intermediate People's Court), and applied to the Jiangsu High Court for retrial and has accepted it."

This news cast a shadow on the above-mentioned asset restructuring of Huafang Textile. Whether the loan dispute can be resolved smoothly will directly affect the progress of the company's restructuring.

New evidence shows that the company is accused of bribery

According to the previous announcement of Huafang Textile, the loan dispute between the company and Zhangjiagang Huatian has already been finally adjudicated. Why is there a new wave at this time? The reporter learned that Zhangjiagang Huatian and Xiao Zhaoya had new evidence, so they applied for retrial.

Huafang Textile's announcement shows that, Zhangjiagang Huatian and Xiao Zhaoya now "The judge in charge of the first and second instance of this case accepted the bribery of Huafang Textile, and there were cases of favoritism, fraud, and perversion of the law; the key evidence submitted by Huafang Textile to the court - the 'loan agreement' was forged; the loan facts identified in the first and second trials did not exist; the first and second trials seriously violated the procedures, and should be revoked; there was new evidence, enough to prove that there was no Huafang at all The fact that Textile claimed that the former Huatian Company had borrowed money was enough to overturn the original judgment. " Put forward a request for retrial for facts and reasons.

So, did Huafang Textile bribe the judge and forge the loan agreement?

No one answered the phone calls made by the reporter to the Secretary Office of the Board of Directors of Huafang Textile yesterday, and the mobile phone of Qin Daqian, the actual controller of Huafang Textile, was turned off.

"Obviously, Zhangjiagang Huatian is well prepared. If there is no strong evidence or new evidence, the Jiangsu Provincial High Court will not easily accept such a final case." A lawyer in Jiangsu told the reporter that if Huafang Textile really committed the act of "bribery and forgery" in the above announcement, "The possibility of its major asset restructuring is extremely small, and the CSRC will certainly let Huafang Textile deal with the loan dispute before restructuring."

In the previous announcement, Huafang Textile did not have enough preparation for the sudden change of this case.

On August 12, 2013, Huafang Textile issued a suggestive announcement on the progress of the implementation of the judgment results of litigation matters, which showed that: "According to the final judgment results of Suzhou Intermediate People's Court, the defendant Zhangjiagang Huatian should return the plaintiff Huafang Textile's loan principal of 12014291.74 yuan and the fruits of 303426.13 yuan. As of the announcement date, the company has not received this amount."

The reason is that Huafang Textile stated at that time that "at present, Zhangjiagang Court is still in the process of implementing the above cases, and is in the stage of evaluating Zhangjiagang Huatian's seizure equipment."

Is there any loan?

The story of the loan dispute between Huafang Textile and Zhangjiagang Huatian goes back four years. On November 26, 2009, the holding subsidiary of Huafang Textile, Jiangsu Litian New Energy Technology Co., Ltd. (holding 70%, hereinafter referred to as Jiangsu Litian), invested to establish Zhangjiagang Huatian, with a registered capital of 10 million yuan. Its main business scope includes the research, development, production and sales of lithium ion electrolyte. In order to solve the financial difficulties of Zhangjiagang Huatian Company, on January 13, 2010, Jiangsu Litian held a board meeting to study and decide that it agreed to increase the registered capital of Zhangjiagang Huatian from the original 10 million yuan to 50 million yuan. Among them, Jiangsu Litian increased its contribution to Zhangjiagang Huatian to 35 million yuan, accounting for 70% of its registered capital after the capital increase.

Within half a year, Jiangsu Litian's contribution to Zhangjiagang Huatian was transferred to Huafang Textile's direct investment in Zhangjiagang Huatian.

On July 7, 2010, the second meeting of the fifth board of directors of Huafang Textile agreed to the above transfer decision. After the completion of the transfer, the shareholders of Zhangjiagang Huatian became Huafang Textile and Xiao Zhaoya, an individual shareholder, of which Huafang Textile contributed 35 million yuan, accounting for 70% of the registered capital; Xiao Zhaoya contributed 15 million yuan, accounting for 30%.

The market investors had expected Zhangjiagang Huatian to bring profits to Huafang Textile, but Zhangjiagang Huatian has brought a lawsuit to the listed company so far.

According to the announcement of Huafang Textile, "Since July 2010, Zhangjiagang Huatian has borrowed from Huafang Textile for production and operation needs. As of July 31, 2011, the actual balance of principal and interest of Zhangjiagang Huatian's borrowings from Huafang Textile was 17250468.04 yuan."

On October 9, 2011, Zhangjiagang Huatian suddenly notified Huafang Textile to refuse to repay the remaining principal and interest of the loan of 12797962.94 yuan, and demanded to return the deposit of 4 million yuan and to cancel the equity pledge agreement signed by Xiao Zhaoya and Huafang Textile. In the end, the two parties will face each other in court.

In July 2012, Zhangjiagang Huatian lost the first trial, and the court ruled that it should return the plaintiff Huafang Textile's loan principal of 12014291.74 yuan and fruits of 303426.13 yuan.

In September of that year, Zhangjiagang Huatian appealed to the Suzhou Intermediate People's Court because he did not accept this judgment. The final result is that the Suzhou Intermediate People's Court rejected the appeal of Zhangjiagang Huatian in the final judgment in April 2013 and upheld the original judgment.

Now, Zhangjiagang Huatian points out that the loan agreement of Huafang Textile is forged, and he once bribed the judge. Has this dusty loan ever happened? If so, why does Zhangjiagang Huatian appeal again and again to safeguard its own rights and interests? If it does not exist, does Huafang Textile dare to forge the loan agreement and "defy the public"?

The lawyer told the reporter that the Jiangsu Provincial High Court will hear the case next week, and I wonder if there will be a real answer.