Due to violations by independent directors, in January this year, Northwest Chemical (000791), which announced that its 2004 performance would increase significantly, suddenly announced that it would lose 60 million yuan to 90 million yuan. The company’s stock will face warnings of delisting risks, and thus exposed China’s securities. The market has implemented the first independent director violation case in the past four years since the independent director system was implemented.
According to the information disclosed by Northwest Chemicals, Northwest Chemicals Co., Ltd. and its holding subsidiary Lanzhou Yushen Pharmaceutical Co., Ltd. have provided 30 million yuan of loans to Gansu Dechang Investment Co., Ltd., the actual investment control of independent director Wu Changxia since 2003. The guarantee and guarantee for the loan of RMB 60 million is a serious violation of related party transactions. In order to cover up the violation of the facts, Wu Changxia registered the legal representative of Gansu Dechang Investment Company as 'He Junhui'. The accounting firm’s audit considered that Northwest Chemicals and its subsidiaries had contingent losses on the two guarantees.
According to regulations, personnel providing financial, legal, and consulting services for listed companies or their affiliates may not serve as independent directors; independent directors should resign if they appear to be involved in transactions with listed companies; independent directors do not personally attend board meetings three times in a row ? 糜啥 糜啥 糜啥 糜啥 崽崆ç‰å•¥ 崽崆ç‰å•¥ 崽崆ç‰å•¥ 崽崆ç‰å•¥?
When Chang Cheng Investment and Northwest Chemicals appeared related transactions, Wu Changxia did not disclose his relationship with Johnson Investment. Since April 21, 2003, Wu Changxia has not attended the Northwest Chemicals Board of Directors for two consecutive years, but Northwest Chemicals's board of directors still did not propose to the general meeting of shareholders to replace Wu Changxia's independent director.
Industry insiders believe that the 'Robber Independent Director' incident exposed by the Northwestern Chemical Industry has once again become a target of public criticism for the independent director system that has been questioned. The supervision of independent directors has become a new issue faced by management.
Another source said that in addition to 90 million non-compliance guarantees, Northwest Chemicals and Wu Changxia's company also has entrusted loans, entrusted financial management and other services. It is understood that Gansu Securities Regulatory Bureau has now stationed in the Northwest Chemical Company and investigate the case.
According to the information disclosed by Northwest Chemicals, Northwest Chemicals Co., Ltd. and its holding subsidiary Lanzhou Yushen Pharmaceutical Co., Ltd. have provided 30 million yuan of loans to Gansu Dechang Investment Co., Ltd., the actual investment control of independent director Wu Changxia since 2003. The guarantee and guarantee for the loan of RMB 60 million is a serious violation of related party transactions. In order to cover up the violation of the facts, Wu Changxia registered the legal representative of Gansu Dechang Investment Company as 'He Junhui'. The accounting firm’s audit considered that Northwest Chemicals and its subsidiaries had contingent losses on the two guarantees.
According to regulations, personnel providing financial, legal, and consulting services for listed companies or their affiliates may not serve as independent directors; independent directors should resign if they appear to be involved in transactions with listed companies; independent directors do not personally attend board meetings three times in a row ? 糜啥 糜啥 糜啥 糜啥 崽崆ç‰å•¥ 崽崆ç‰å•¥ 崽崆ç‰å•¥ 崽崆ç‰å•¥?
When Chang Cheng Investment and Northwest Chemicals appeared related transactions, Wu Changxia did not disclose his relationship with Johnson Investment. Since April 21, 2003, Wu Changxia has not attended the Northwest Chemicals Board of Directors for two consecutive years, but Northwest Chemicals's board of directors still did not propose to the general meeting of shareholders to replace Wu Changxia's independent director.
Industry insiders believe that the 'Robber Independent Director' incident exposed by the Northwestern Chemical Industry has once again become a target of public criticism for the independent director system that has been questioned. The supervision of independent directors has become a new issue faced by management.
Another source said that in addition to 90 million non-compliance guarantees, Northwest Chemicals and Wu Changxia's company also has entrusted loans, entrusted financial management and other services. It is understood that Gansu Securities Regulatory Bureau has now stationed in the Northwest Chemical Company and investigate the case.
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