The risk of the much-anticipated Saudi Arabian huge loss project was passed on to China Railway Construction Corporation (hereinafter referred to as “China Railway Construction Corporationâ€) by China Railway Construction [5.94 0.34% shares]. This means that due to the serious defects in the risk prevention of China Railway Construction, the loss of overseas investment will be “burdened†by the final shareholders. Bicycle Tail Light,Rear Bike Light,Led Tail Light For Bike,Danger Light For Bike Ningbo Alite Lighting Technology Co.,Ltd , https://www.alite-tmwt.com
The reason why the author wants to say a few words about this is not to pick the thorns of China Railway Construction, but to think that this situation is universal and must be taken seriously. In the early stage of the listing of state-owned enterprises, in order to reach the so-called listing financial requirements, most state-owned enterprises have adopted the practice of divesting non-performing assets and bad assets to newly established companies or group companies to ensure compliance with the financial and accounting requirements of the listing. Successfully listed. In order to successfully go public, the excellent state-owned assets were taken into the stock market for investment speculation. From the market, a large number of stock market speculators, international investment banks, behind-the-scenes manipulation, interest transfer, and shady traders were fattened. From the inside of the company, the leadership still Those people, when they went public, became the top leaders, general managers, presidents, etc., not only overnight, but also several times and dozens of times their salary, holding millions or even millions of high salaries, and their job consumption plummeted. It is also necessary to hold a share name in management buyout. On the other hand, a large number of non-performing assets that have been stripped out and financial bad debts that affect the successful listing are paid by the state. Who is the country? In the end, the people will pay for it.
What is puzzling is that some state-owned enterprises have made good financial reports, and they have continued to make domestic business mistakes and investment mistakes to the group companies and continue to pay the country. What is even more puzzling is that overseas investment mistakes and losses are also divested to the group companies, or the country is still paying. Behind the listing of state-owned enterprises and the beautiful transcripts after listing, the country continues to pay the bills, and ultimately the price of the people's continuous payment. This price is really too big. In fact, some of the so-called group companies are completely empty shells. They are looking for a way for listed companies. In order to subsidize the country, apply for compensation for their subsidiaries, and pay for losses, it is a bridge for subsidiaries, especially listed companies. of. This is something that has been characterized by China for many years. It reflects the deformed path of the reform, restructuring, and listing of state-owned enterprises. It can also be seen how deep the black holes of Chinese state-owned enterprises, central enterprises and monopoly enterprises.
China Railway Construction invested in Saudi Arabian light rail project losses have long been rumored, but did not expect the current loss to reach 4.148 billion yuan. First of all, this huge loss cannot be passed on to the parent company, China Railway Construction Corporation. It must be undertaken by China Railway Construction Corporation of the listed company and publicly disclosed. Otherwise, it is an illegal act to violate the provisions of the Securities Law on information disclosure. There should be legal liability for misleading investors.
Secondly, in accordance with the Interim Measures for the Supervision and Administration of Foreign-owned Assets in Central Enterprises and the Interim Measures for the Administration of Foreign-owned Property Rights in Central Enterprises, which have just been issued by the State-owned Assets Supervision and Administration Commission of the State Council, this huge overseas investment loss, the relevant responsible persons of the company should be held accountable according to law. Of course, we should fully listen to the statement of China Railway Construction, and should give full consideration to political and diplomatic reasons. However, according to the report, the most fundamental reason is that “the company signed the “Saudi Meghassa to the Mugodasa Light Rail Contract†with Saudi Arabia at the time, “very sloppy, did not conduct a full investigation, the details of the contract. nothing. At the beginning of this large project, China Railway Construction did not conduct a comprehensive assessment of the risks of the project, nor did it “report major issues in a timely manner.†If it is true, it should be held accountable. It may be considered as strengthening the state-owned enterprises. The first shot of the overseas investment mistakes and losses are strictly pursued.
Finally, the SASAC, the National Audit Office and other departments should quickly investigate and sort out the details of the divestiture of non-performing assets to the head office before and after the listing of state-owned enterprises, and finally let the state pay the bills, and strictly control the loss of investment operations and corruption caused by dereliction of duty and dereliction of duty. Investigate. At the same time, things like the empty shell group head office should be cleaned up, so that the listed company can truly take up all of its own business responsibility, and truly become an independent legal person who undertakes the business results.
In short, the confused accounts of state-owned enterprises, central enterprises, and monopoly enterprises can no longer spread. This huge black hole must rely on the system and the law to block it as soon as possible. Never look at the country and ultimately the people’s hard-earned money is so squandered and was so lagging in the pockets of a few people.
Yu Fenghui: China Railway Construction Saudi Arabia project has a huge loss, the country should not pay