Chemical fertilizer bibcock fraud 23 billion, was fined 7.55 million reap the consequences, the boss was the richest man in Linyi

2022-06-10 0 By

China has been a big agricultural country since ancient times. After ups and downs, the number of Chinese farmers has not decreased but increased continuously.Because agriculture is industrialized basically now, the agriculture that resembles Shandong province weifang city is machine-changed commonly.Farmers themselves at home to keep two acres and a half of the land, do not have to see who the face of life.In the autumn, machines come to harvest, and life is good.You know, crops need nutrients the most, so every spring and summer, the fertilizer industry is very profitable.In this year’s financial statements, China Securities Regulatory Commission investigation found that the fertilizer leader Kim Jong Da fraud as high as 23 billion, not that the production of chemical fertilizer fraud, but in every year’s financial statements fraud.After investigation by relevant departments, he was fined 7.55 million yuan.Wan Lianbu was born in 1965 in Linyi city, Shandong Province. His family was very poor.Although his father was a people’s teacher, teachers were not respected in those days.Not only that, father also suffers from a very serious illness, because of the increasing work of the mother, the body has been unable to support.As the eldest son wan Lianbu took on the responsibility of the family early, with several younger sisters, Wan Lianbu had to work while going to school.Even this did not affect his grades. In his spare time, his father always helped him with his lessons.Although the family was poor, the atmosphere was happy.Every night, my younger brother and sister would read and read at the table.One day after school, Wan Lianbu walked on the road to plow, saw a farmer uncle is playing with his kind of cotton.Wan Lianbu looked around and found that there was not a lot of cotton in the field, and even a vacant lot. He went to ask questions.Uncle said: “growing cotton is to need fertilizer, only American diamine can make cotton burbling appearance.But American diamine fertilizers are too expensive for us ordinary people to buy!”As Wan Lianbu listened to his uncle’s words, his heart ached, and a thought came to him.Why can the United States produce fertilizer that increases yields, but Not China?China has the largest number of farmers, so if chemical fertilizer is developed, there must be a large market.Not to mention how much money they will earn, first of all to help the farmers in the fields.Wan Lianbu went home happily, knowing what he should do in the future.Now is the time to study chemistry and try to develop fertilizers suitable for the Chinese people.Second, the fertilizer industry, become the richest man in Linyi dream in Wan Lianbu heart took root, he also know their future road should be how to go.After graduation, Wan Lianbu concentrated on studying in the fertilizer industry, because of insufficient funds.Wanlian step can only line recycling waste plastic and old rubber tire trading company.Those are nice names. The bad ones are recyclers.The job is not as easy as expected. It involves melting the recycled rubber, and the smell is very unpleasant.Although the work is not good to do, but for the road of chemical fertilizer pave the way.He amassed a fortune, and one day in 1998, a fortuitous opportunity led him into the fertilizer business.Wan Lianbu, a former farmer, got into the fertilizer business like a duck to water.First he knew what the old farmer needed, and second he knew what nutrients each crop needed.Not only that, he went to study in other places specially. At first, he just wanted to help farmers grow good crops.It started as a small fertilizer factory, but slowly grew into a company called Kim Jong Da. Wan brought in his younger sister to help him run the company.Wan Lian step by step to win the market, in 2010, the successful landing of the Shenzhen Stock Exchange.Engaged in the chemical fertilizer industry is compound fertilizer, slow and controlled release fertilizer, nitro fertilizer, water soluble fertilizer, biological fertilizer and other products research and development, production and sales.All the revenue comes from the fertilizer industry, and the production and sales of compound fertilizer have been in a leading position in China for many years.As of the third quarter of 2021, Kim Jong Dae has 34 percent investment control and Wan Has 28.72 percent, making him the largest shareholder of the company.In addition, Wan Lianbu also directly holds 7.18% of THE shares of ST Jinzheng, which means a total of nearly 17% of the shares of listed companies.On February 18, ST Jinzheng quoted 2.76 yuan per share, with a total market value of 9.069 billion yuan.By this calculation, Wan Lianbu’s stake is worth more than 1.5 billion yuan.The China Securities Regulatory Commission will assess the financial statements of enterprises every year. When Kim Jong Da should report the financial statements, Kim Jong Da does not submit the financial statements.Kim Jong Il turned over his financial statements after the commission became suspicious of irregularities in his accounts.As expected, the inspection committee knew the loopholes in the statements, but as the largest fertilizer company in China, it actually faked the accounts!From 2015 to the first half of 2018, Jinzheng and some of its subsidiaries in consolidated statements inflated their revenues by 23.073 billion yuan through fictitious contracts with suppliers, customers and other external units.The inflated cost was 21.084 billion yuan, and the inflated profit was 1.99 billion yuan, among which the inflated profit was 1.045 billion yuan in 2016 alone, accounting for 99.22% of the total disclosed profit in the period.Hundreds of millions of dollars in fake assets, and he cooked the books with his sister.When the numbers didn’t match, he found his sister and used her company to add false profits to his son.These sisters were aware of it, and the CSRC later found that Wan lian-bu and his sister had divided the funds into pools outside the company.The use of a fictitious circular system to repay the principal and interest of a loan is similar to the use of a POS machine to offset a credit card.Mr. Kim also worked with four banks to issue trade acceptances to seven fictitious trading companies in 2018.None of the accounts went through normal procedures, including fake bills amounting to 100 million yuan.In 2019, Kim Jong Il falsely reported the price of his fertilizer, raising the price of all products by 20 yuan.Although ordinary people bought at the same price as before, there was an extra 70 million yuan in false accounts on their books.These tricks were all investigated by the National Regulatory Commission, after the final calculation.Wan Lianbu these years book fraud 23 billion, after the court’s judgment, was fined 7.55 million.Think of once chemical fertilizer bibcock, finally actually end up so.Wan Lianbu was born in a poor family, but he never bowed to the fate. Through his own efforts, he established a fertilizer company and occupied a leading position in China’s huge market.Later, the more intense competition in the fertilizer industry, Wan Lianbu just embarked on the road of no return.In fact, wan Lianbu is not blinded by interest, as long as you make your own money and satisfied with the current life, it will not end up like this.In the end, not only his family, the number of fines is not small.The most important thing for Chinese people to do business is to be honest. I hope Chinese entrepreneurs can take this as a lesson and always remind themselves that honesty is the most important thing.