I believe that most investors are no strangers to the famous "Zhangzidao scallop runaway" incident. In recent years, it seems that every once in a while, something will happen to the scallops in Zhangzidao, either running away or freezing to death and starving, which has aroused constant doubts in the market.
What the hell is going on?Behind this is the illegal disclosure of important information by the listed company.
Zhangzidao Group Co., Ltd. (hereinafter referred to as "Zhangzidao Company") is a listed company on the Shenzhen Stock Exchange. In 2016, in order to avoid the company's suspension of listing due to losses for three consecutive years, Wu Moumou, the former chairman and president of Zhangzidao Company, instructed the company's personnel to make a false "Record Form for Shellfish Harvesting at the End of the Month", reduce the area of Ezo scallop harvesting to reduce operating costs, and write off the scallops that no longer exist in some sea areas instead of writing off, and reduce non-operating expenses. The "2016 Annual Report" publicly disclosed by Zhangzidao Company inflated profits by 1more than 300 million yuan, accounting for 158 percent of the total disclosed profit in the current period11%γ
From the end of 2017 to the beginning of 2018, in order to be able to re-sow scallop seedlings in the concealed areas that had been harvested in 2016 but not recorded, Wu Moumou instructed the company's personnel to set up additional sampling points in the concealed sea area, fabricate false news about the death of scallops, and falsely write off and reduce the value of scallops in the harvested sea area, and the relevant personnel also inflated the fishing area and operating costs to write off the inflated profits in 2016. The "2017 Annual Report" publicly disclosed by Zhangzidao Company reduced its profit by 2more than 7.8 billion yuan, accounting for 38 percent of the total disclosed profit in the current period57%γ
From February 2018 to June 2020, Wu Moumou changed the implementation plan of the National Marine Ranch Demonstration Zone Project in the sea area of Dalian Zhangzidao Group without authorization, and instructed others to fabricate false materials to apply for a total of more than 2,400 yuan in national artificial reef construction subsidies. In addition, Wu Moumou and others also have criminal facts such as collusion in bidding, non-state functionaries, and bribery of non-state employees.
The Financial Times reporter learned from the Supreme People's Procuratorate that in the process of handling the case, the procuratorate accurately determined the criminal facts such as the inflated and inflated profits through the penetrating review of financial data, and recommended that the public security organs supplement the investigation and prosecute the criminal facts of fraud by Wu Moumou and others found that they should be severely punished in accordance with the law, and the criminal acts of defrauding state subsidy funds and non-state functionaries in the process should be punished concurrently. On January 20, 2022, the People's Procuratorate of Dalian City, Liaoning Province, filed a public prosecution against Wu Moumou and others in the Dalian Intermediate People's Court for the crimes of illegal disclosure of important information, fraud, collusion in bidding, bribery to non-state functionaries, and non-state functionariesγOn October 31, 2022, the Dalian Intermediate People's Court rendered a judgmentThe defendant Wu XX was sentenced to 15 years imprisonment and fined 920,000 yuan for the crimes of disclosing important information in violation of regulations, fraud, collusion in bidding, and offering bribes to non-state functionariesThe other 11 defendants were sentenced to fixed-term imprisonment ranging from 11 years to one year and seven months imprisonment (some suspended sentences were applied) and fined. After the verdict was announced, Wu Moumou and five others appealed. On May 25, 2023, the Liaoning Provincial High People's Court rejected the appeal and upheld the original judgment. Everybody is watching
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**: Financial Times client.Reporter: Ma Meiruo.
Editor: Yang Zhiyuan.
E-mail: fnweb@126com
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