Luzhou Laojiao's 150 million deposits only recovered 20 million, and 500 million deposits were found to be abnormal

Beijing News (Reporter Wang Ziyang) On March 27, Luzhou Laojiao issued an announcement showing that the company and the Agricultural Bank welcomed the new bank's 150 million yuan savings deposit contract dispute has been finalized, and the company has now recovered the Changsha deposit case involving contract disputes. 2023.99 million yuan. In fact, in addition to the deposit, Luzhou Laojiao also had 350 million deposits that had been "missing." However, Luzhou Laojiao also launched technical transformation at the same time, raising funds by issuing bonds to enhance the core competitiveness of enterprises.

150 million deposits are missing

On April 15, 2013, Luzhou Laojiao and the Agricultural Bank of China Changsha Yingxin Sub-branch signed four agreements including the Agricultural Bank of China Unit Agreement Deposit Agreement. Later, according to the agreement, Luzhou Laojiao remitted the company's deposit account opened at the Agricultural Bank Welcome Branch by a total of 200 million yuan through online banking in four times. The Agricultural Bank Welcome Branch issued a deposit certificate and statement to the company.

On April 23, 2014, after the first deposit of 50 million yuan expired, Luzhou Laojiao returned the deposit and the corresponding interest through ordinary depositors. On September 25, 2014, the company's remaining 150 million yuan deposits matured. The next day, the financial staff of Luzhou Laojiao was informed by the Agricultural Bank Welcome Branch when transferring funds that the company's account no longer had the funds and could not be transferred on time.

After much coordination and many consultations, no results. Luzhou Laojiao stated that the company has decided to safeguard the rights and interests of the company by legal means. It will bring a lawsuit to the Sichuan Higher People's Court on this matter and will follow up the Sichuan Province High People's Court. announcement.

According to this announcement, the criminal case involved in the dispute over the savings deposit contract between Luzhou Laojiao and ABC Welcome Sub-branch was confirmed by the Hunan Higher People's Court for the final amount of RMB 14,942,500, which was later decided by the Hunan Higher People's Court in the first instance. For losses that cannot be recovered through criminal enforcement procedures, the Agricultural Bank Welcome Branch will bear 40% of the compensation liability, the Agricultural Bank of China Changsha Hongxing Sub-branch will bear 20% of the compensation liability, and the remaining losses will be borne by the company.

Public information shows that the four suspects colluded with each other and used a series of methods such as false purchase and sale contracts, forgery of Luzhou Laojiao Company and bank seals, and forgery of bank deposit slips to defraud Luzhou Laojiao Company of bank deposits of over 100 million yuan for high profits. Profits such as lending and buying real estate.

Nearly 300 million deposits have not been recovered

It is worth noting that after 150 million deposits were found missing, Luzhou Laojiao checked the deposits again and found that 350 million yuan was abnormal. During the investigation, it was found that the company's deposits at the Industrial and Commercial Bank of China Nanyang Zhongzhou Branch and other two places were abnormal. The two deposits were 150 million yuan and 200 million yuan, respectively, totaling 350 million yuan.

Among them, the deposit of RMB 150 million due on December 31, 2014, ICBC Zhongzhou Sub-branch refused to pay due to the deposit being frozen by Nanyang Public Security Organs, and refused to show the freezing procedures. After negotiations failed, Luzhou Laojiao said it would protect legal rights through legal channels. Regarding another 200 million yuan deposit that was abnormal, Luzhou Laojiao said that the relevant case investigation and asset preservation work was in progress. At that time, the public security organs had preserved assets exceeding 120 million yuan.

Among the 200 million yuan deposits, in April 2015, Luzhou Laojiao recovered 100 million yuan and the corresponding interest. In June 2018, it recovered 80.459 million yuan. In May 2019, it recovered 9.8 million yuan again. A total of 195 million yuan was recovered one after another. The deposit dispute with ICBC Zhongzhou Sub-branch involved 150 million yuan. In May 2019, Luzhou Laojiao announced that the criminal case had been concluded and the civil case had been reopened.

In the third quarterly report for 2019, Luzhou Laojiao stated that the company's savings deposits of 500 million yuan in three places, including the Agricultural Bank of China Changsha Welcome Branch, and the Industrial and Commercial Bank of China Nanyang Zhongzhou Branch, involved contract disputes. Combining the state of public security organs' asset preservation and professional legal opinions issued by lawyers, the company made provision for 200 million yuan in bad debts for contract dispute deposits of 500 million yuan.

As of September 30, 2019, Luzhou Laojiao had recovered a total of RMB 21,259,997 for three savings contract disputes. The case is still in the state of civil litigation. As the case progresses, the amount of bad debt provisions may be adjusted.

Raise 4 billion yuan for technological transformation

Although some of the deposits in Luzhou Laojiao could not be recovered, in order to enhance the company's core competitiveness, Luzhou Laojiao is actively carrying out technical reforms. On July 18, 2019, Luzhou Laojiao was approved by the China Securities Regulatory Commission's "Shenzhen Licensing [2019] No. 1312" document, and the company was approved to publicly issue corporate bonds not exceeding RMB 4 billion (including 4 billion). This bond is issued in installments, of which the initial issue size is 2.5 billion yuan, which was issued and listed on the Shenzhen Stock Exchange on September 4, 2019; on March 11, this year, Luzhou Laojiao issued a second bond.

The total amount of funds to be raised in this issue of bonds does not exceed 1.5 billion yuan. After the raised funds are received, they will be invested in the brewing engineering technical transformation project (second phase project), the information management system intelligent upgrade construction project, and the Huanghua brewing base cellar. Purchase of sealing device and purchase of supporting equipment for koji making at Huanghua Brewery Base.

On March 13th, Luzhou Laojiao replied on the investor interactive platform that the brewery engineering technology transformation project in the company's debt fundraising and investment project is planned to be completed and put into production in 2025. At present, the company is stepping up the progress of the project and strives to complete it in advance. Luzhou Laojiao believes that the fundraising will further enhance the company's core competitiveness, improve the company's operating performance, further expand financing channels and improve the financing system. Against the background of the current steady increase in consumption of mid- to high-end liquor and the continuous improvement of the company's own operating performance, the company has promoted technical transformation projects for brewing engineering, etc., to further enhance the company's core competitiveness and promote the realization of its strategic goals.

Industry insiders pointed out that the current overcapacity of the liquor industry is mainly focused on the overcapacity of low-end and middle-end liquor, and China's high-end premium base liquor has always been undercapacity. Pizhou Laojiao and other companies initiated technological reforms to pave the way for the high-end development of their products, to reserve high-end base wines in advance, and to prepare themselves for risk prevention.

Beijing News reporter Wang Ziyang picture source Oriental Fortune screenshot