People's Bank of China Annuls Three Financial Institutions in WuhanPeople's Bank of China Wuhan branch issued a notice to annul the three financial institutions of Wuhan Trust Investment Co., Wuhan Technology Trust Investment Co. and Wuhan International Lease Co. by taking over their business licenses and certificates as legal persona for doing financial business.The notice says that in view of the fact that the three firms violate seriously business regulations by failing to pay back debts on due. In order to maintain the stable financial order and defend the rightful interests of creditors, sanction as such was imposed on the above-mentioned financial institutions according to the Bank Law and relevant regulations of the central bank upon the approval of the People's Bank Headquarters. After the revocation of the three companies, Wuhan municipal government will organize a clearance team for the liquidation of the three companies. During the clearance period, the business department of securities and independent industrial company subordinated to these three institutions will remain in operation as usual. The debts of the legal capital and interests owing to natural persons incurred by the three companies are to be paid back in full and the details are to be announced by the clearance team afterwards. The notice did not mention in details the specific rules and regulations the three companies violated and the related value. After the release of the notice, a small number of creditors reacted but soon went away with the persuasion of the parties concerned. |
| People's Daily Online --- http://www.peopledaily.com.cn/english/ |