The SASAC announced yesterday the "Interim Measures for Responsibility of Asset Loss of Central Enterprises (Draft for Soliciting Opinions)" to solicit opinions from the public. The draft of the Opinions stipulates that in the case of investment businesses such as stocks, futures, foreign exchange, and financial derivative instruments, where the management and management personnel of the central enterprises appear to be in violation of the rules and regulations, such as buying and selling stocks and bonds of the company and causing losses of assets, the responsible persons shall be held accountable.
These seven situations include: violating business or exceeding the scope of business; the risk control system has major defects; the source of funds in violation of the relevant state regulations; the use of corporate funds in the name of individuals engaged in investment business; illegal purchases and sales of the company's stock, bonds; Failure to perform prescribed procedures or unauthorized decision-making; other circumstances that do not result in loss of assets in accordance with regulations.
In addition to the financial investment business mentioned above, there are different violations in the process of enterprises purchasing products, selling products or providing services, capital management and use, investment decision and management, guarantee activities, asset transfer acquisitions and restructuring and restructuring. If the loss of assets is caused, the relevant responsible person will also be held accountable. Specifically, during the process of asset transfer, acquisition and restructuring, the enterprise management personnel of the enterprise shall, if the enterprise management transfer (accept) assets or property rights (equity rights), take the initiative to formulate a restructuring plan, designate an intermediary agency, determine the transfer price, and purchase price; Failed to comply with the regulations to clear assets, financial audits, and asset assessments; interventions or manipulations of capital verification, financial audits, and asset assessments resulted in false verification results; provision of false materials to intermediary agencies resulted in audits and evaluations that were not true; The price is converted into shares at a low price or is distributed to other units or individuals free of charge; transactions that fail to comply with regulations (except as otherwise provided for by the State) or unauthorized transfer of assets or property rights (equities) are not authorized; in the course of lease or contractual management of business assets, Unreasonably low-cost leasing or contracting; 9 cases of unreasonable transfer of assets or major businesses at unreasonable low prices or free of charge, resulting in asset losses, the relevant responsible persons will be held accountable.
In the management and use of funds, the draft of the consultation is also clear, if there are failures to use and dispatch funds in accordance with the regulations; exceed the authority or violate the authorization of the procedures, approve the capital expenditures; illegally borrow funds; in violation of relevant regulations, commission other institutions or individuals to engage in wealth management services, etc. If the behavior causes a loss in the assets of the company, it shall be investigated for the responsibility of the person responsible.
The draft of the draft stipulates that an enterprise shall specify the duties of the supervisory, auditing, financial, legal, and personnel departments in the accountability for the loss of assets. If an enterprise suffers any loss of assets, it shall take effective measures in time to reduce or recoup the losses; if major or special material losses occur, it shall report to the SASAC in a timely manner.
For the loss of assets incurred by the company, it shall be based on the investigation and verification, and determine the nature, circumstances and amount of the loss in accordance with relevant regulations. The amount of assets lost shall include the amount of direct losses and the amount of indirect losses. The amount of asset loss shall be determined in accordance with the records of the relevant accounting books and in accordance with the classification of the loss determined by the accounting. For assets that do not record in the accounting book or have a significant difference between the book value and fair value, the amount of asset loss shall be determined based on the fair value of the market price, replacement value, etc. No relevant facts or losses have been formed in the relevant transaction or event, but there is evidence that the factual loss will occur in the foreseeable future, and if the loss can be measured, it shall be deemed as an asset loss.
According to the Exposure Draft, corporate assets loss liability is divided into direct responsibility, supervisory responsibility, leadership responsibility and important leadership responsibility. In the context of accountability, if the company’s management and management personnel cause major or special material losses to the company due to violations of law and regulations, in addition to the determination of responsibility for other relevant persons in accordance with these Measures, the person in charge of the company’s management and the principal responsible person of the company shall bear the responsibility respectively. Responsibility for leadership responsibilities and important leadership responsibilities.
The draft of the consultations made it clear that penalties for those responsible for the loss of assets include economic penalties, administrative sanctions, and restrictions on bans. In any of the following seven situations, the relevant persons responsible for the assets loss shall be given heavy penalties: one is that the circumstances are bad or that the assets are lost several times; the second is the occurrence of asset losses, failure to take timely measures or ineffective measures, which leads to the continued increase of asset losses The third is to interfere with and resist the responsibility for the investigation of asset losses; the fourth is to hide or not report the company’s asset losses or report false reports or omissions; fifth is to force or instigate other people to violate the law and discipline and cause asset losses; six is ​​forgery, destruction, Hide evidence or prevent others from revealing reports and providing evidence; seventh is that other people should be punished severely.