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All of a sudden! Two vice presidents of brilliance are investigated!

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)09/15 Report--

Following Qi Yumin, former party committee secretary and chairman of brilliance Automobile Group holding Co., Ltd., two senior executives of brilliance were investigated.

According to the Liaoning Provincial discipline Inspection Commission, Liu Tongfu, former vice president of brilliance Automobile Group Holdings Co., Ltd., and Liu Xuemin, vice president of brilliance Automobile Group Holdings Co., Ltd., are suspected of serious violations of discipline and the law, and are currently under disciplinary examination and supervision investigation by the Supervision Commission of Liaoning Provincial discipline Inspection Commission.

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Liu Tongfu: former assistant to the general manager of Dalian heavy Industry Group Co., Ltd., assistant to the general manager of Dalian heavy Industry Crane Group Co., Ltd., Deputy General Manager of Dahua Group Co., Ltd., assistant to the president of brilliance Automobile Group holding Co., Ltd. In June 2011, he was appointed member and vice president of the party group of brilliance Automobile Group holding Co., Ltd.; in December 2015, he was appointed member of the party committee standing committee and vice president of brilliance Automobile Group Holdings Co., Ltd.; in February 2016, he was appointed member of the party committee, director and vice president of brilliance Automobile Group Holdings Co., Ltd., and retired in October 2022.

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Liu Xuemin: he was the chief technician and assistant researcher of the General Office of the Dalian Municipal people's Government, the deputy director and director of the office of brilliance Automobile Group holding Co., Ltd., and the director of the Science and Technology Bureau of Dalian Economic and technological Development Zone. Member of the party group and deputy director of the administrative committee of Dalian ShuangD Port Industrial Park, party member of the Economic and Trade Bureau of Dalian Jinzhou New area, director of the Bureau of domestic Enterprises and Deputy Director of the Bureau of Economic and Trade. In November 2013, he was appointed Assistant to the President of brilliance Automobile Group Holdings Co., Ltd., and in April 2017, he was appointed Vice President of brilliance Automobile Group Holdings Co., Ltd.

Earlier, Qi Yumin, former party committee secretary and chairman of brilliance Automobile Group, was subjected to disciplinary review and supervision investigation on December 4, 2020 on suspicion of serious violations of discipline and law. On June 15, 2021, Qi Yumin was expelled from the Party. On July 24, 2021, the case of Qi Yumin suspected of accepting bribes, embezzlement of public funds, and abuse of power by personnel of state-owned companies was designated by the Liaoning Provincial people's Procuratorate and prosecuted by the Chaoyang people's Procuratorate to the Chaoyang Intermediate people's Court in accordance with the law. On May 6, 2022, the Supervisory Commission of the Liaoning Provincial Commission for discipline Inspection disclosed that from 1995 to 2019, Qi Yumin took advantage of his position to seek benefits for 39 people and received a total of more than 133 million yuan in terms of borrowing funds, contracting business, and obtaining the right to operate and sell. Qi Yumin also has other serious violations of discipline and law.

Data show that brilliance Automobile Group holding Co., Ltd. is a large vehicle manufacturing enterprise controlled by Liaoning SASAC, directly or indirectly holding and participating in four listed companies. and through its listed company brilliance China and BMW joint venture to establish brilliance BMW. At present, brilliance Group has three independent brands of China, Golden Cup and Huasong and two joint venture brands of brilliance BMW and Huachen Renault.

On November 20, 2020, the Shenyang Intermediate people's Court ruled to accept the creditor's application for the reorganization of brilliance Automobile Group Holdings Co., Ltd., which also means that the independent car company has officially entered the bankruptcy reorganization process. The ruling shows that brilliance Group has the situation that its assets are insufficient to pay off all its debts, and it has the bankruptcy reasons stipulated in the enterprise bankruptcy law, but at the same time, the group has the value and possibility of rescue, and the necessity and feasibility of reorganization. In March 2021, 12 enterprises, including brilliance Automobile Group, carried out substantive merger and restructuring.

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On August 2, Jinbei Automobile announced that it received a notification letter on the same day. Shenyang Intermediate people's Court has announced that it has approved the substantive merger and reorganization plan of 12 enterprises, including brilliance Automobile Group holding Co., Ltd., and terminated the reorganization procedures of 12 enterprises, including brilliance Automobile Group. Shenyang Automobile Co., Ltd. will become the indirect controlling shareholder of the company, and the actual controller of the company will be changed to Shenyang SASAC. The matter constitutes Shenyang Automobile's indirect acquisition of Jinbei Automobile.

Shenyang State-owned assets will participate in and lead the restructuring of brilliance Group this time, which will have a positive impact on the development of the local economy, employment and related industries, and can also help brilliance Group to solve operational difficulties and maintain the stability and development of the enterprise, so as to maintain the stability of local employment and related industrial chains, but how to continue to give full play to the advantages of leading enterprises in subdivision fields such as brilliance BMW and Jinbei Automobile, and invigorate the local automobile industry chain. Attracting more investment to promote local economic development is the next priority for Shenyang Automobile and Shenyang SASAC to consider.

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