Recently, Ms. Wu of Chaozhou, Guangdong, reported to the 21st Century Business Herald that her ex husband, Chen XunXin, former supervisor of Chaozhou Sanhuan (Group) Co., Ltd., cashed out the shares before divorce and transferred all 270 million yuan of stock sale money to many people.
With the proceeding of the property division lawsuit, Chen XunXin and a number of third parties who were added to the case submitted to the court the pleadings that Chen XunXin held the shares of the listed company Sanhuan group and its holding company Chaozhou Sanjiang Investment Co., Ltd. (hereinafter referred to as Sanjiang Company) on behalf of the other 20 or 30 people. In the previous letter approval of Sanhuan group, it is clear that the equity of Sanhuan group and Sanjiang Company is clear, there is no dispute or potential dispute, and there is no phenomenon of holding any equity or shares on behalf.
What are the facts? On December 22, 2020, the people’s Court of Fengxi District of Chaozhou City made a civil judgment of the first instance, which did not directly determine the act of holding on behalf of the owner, nor supported Ms. Wu’s appeal for the return of the third party who received the proceeds from the sale of Chen XunXin’s transferred shares. The judgment finally held that Chen XunXin concealed part of the shares and had to return more than 8.7 million yuan of the stock discount of Ms. Wu’s Sanhuan group.
However, as for the verdict, Ms. Wu said, “the judgment of the first instance was based on Chen XunXin’s” confession “. At present, I have filed an appeal in accordance with the law. At the same time, I have reported Chen XunXin and his company’s suspected violations to the CSRC in real name.”.
After the divorce, it was found that the ex husband transferred 270 million yuan to others
Ms. Wu said that her ex husband Chen XunXin was the supervisor and director of the general office of Chaozhou Sanhuan (Group) Co., Ltd. (Sanhuan group), a listed company, and also served as the director and general manager of Sanjiang Company.
In May 2017, Ms. Wu and Chen Sunxin signed a divorce agreement, in which the couple’s common property was listed and divided. Chen Sunxin said: the number of shares he owns in Sanhuan group is 548000, and it is agreed that he will give Ms. Wu half of his actual individual shares. After going through the divorce procedure, Chen XunXin transferred 11 million yuan to Ms. Wu as the discount of half of her shares in Sanhuan.