In November 2023, the bank account funds of Wushenqi Mengda Mining Co., Ltd. (hereinafter referred to as Mengda Mining) were transferred more than 2 billion yuan due to a dispute over the transfer contract of prospecting rights.
On February 23, Yuanxing Energy (SZ000683, stock price 5.).88 yuan, market value 2199.2 billion yuan) announced that the company recently received the arbitration notice (2024) CIETAC Jing Zi No. 016053 (2024) for the capital increase and share expansion agreement case No. DC20240377 mailed by the China International Economic Arbitration Commission.
According to the arbitration notice, China Coal Energy (SH601898, stock price 13.).13 yuan, market value 17408.6 billion yuan) was arbitrated due to a dispute over a capital increase and share expansion agreement. China Coal Energy believes that the matter involves 233.1 billion yuan will be borne by Yuanxing Energy and Shanghai Zendai Investment Development Co., Ltd. (formerly known as Shanghai Zendai Investment and Development*** hereinafter referred to as Shanghai Zendai).
Daily Economic News previously reported ("Yuanxing Energy Shareholding Company Caught in a Transfer Contract Dispute to Make Up the Price Difference of Over 2.2 Billion"), on December 25, 2008, Wushenqi State-owned Assets Investment and Management Co., Ltd. (hereinafter referred to as Wushenqi State-owned Assets) transferred the prospecting rights of the No. 2 well field of the Narin River to Mengda Mining in accordance with the law. In 2013, the Audit Commission considered that the transfer was in breach of the relevant regulations and requested that the transfer be reassessed and the transfer price should be paid at the price difference. In 2016, the Wushenqi State-owned Assets Supervision and Administration Commission entrusted the appraisal agency to evaluate the fine investigation license for the prospecting rights of the No. 2 well field of Narin River, with a value of 234.5 billion yuan, and the transfer price of prospecting rights is 246.2 billion yuan, deducting the amount paid, Mengda Mining should pay the difference of 22$2.4 billion.
On November 10, 2023, the funds in the bank account of Mengda Mining were transferred11100 million yuan, including 10 million yuan for the difference in the transfer of prospecting rights at a low price$9.2 billion, as well as litigation costs, enforcement fees and interest. After the execution of the transfer, Mengda Mining has been executed to transfer the prospecting rights at a low price difference of about 222.3 billion yuan, and the difference has been executed.
But there is a debate about who should bear the money and related costs.
On December 10, 2009, Yuanxing Energy, Shanghai Zendai and China Coal Energy signed the Agreement on Equity Transfer and Capital Increase and Share Expansion (hereinafter referred to as the "Agreement"), stipulating that Yuanxing Energy would transfer its 51% equity interest in Mengda Mining to China Coal Energy. After the transfer of equity, China Coal Energy increased its capital and finally held 51% of the equity of Mengda Mining after the capital increase.
According to China Coal Energy, the reason for the dispute is that the price of various mining rights (including prospecting rights and mining rights) that should be paid by Mengda Mining to the ** resource management department or its investment and legal person after June 30, 2009 is that the original shareholders Yuanxing Energy and Shanghai Zendai shall bear all the price of various mining rights (including prospecting rights and mining rights) that should be paid by Mengda Mining after June 30, 2009, and if they fail to pay as agreed, they shall bear the liability for breach of contract.
However, on November 27, 2023, Yuanxing Energy announced: "The company is currently in the stage of communication and negotiation with Mengda Mining and other shareholders, and has not yet reached an agreement." ”
According to Yuanxing Energy, there may be the following results: 1Mengda Mining shall bear the difference in the transfer price of prospecting rights, and the company shall not be liable for compensation; 2.The company bears 18900 million yuan compensation liability; 3.Compensation for the amount between 1 and 2 above.
China Coal Energy argued that the agreement was "unanimously agreed upon by all parties", so the difference in the price of the prospecting rights and other expenses actually borne and executed by Mengda Mining, plus various late fees and liquidated damages, totaled 23The 3.1 billion yuan should be borne by Yuanxing Energy and Shanghai Zendai, and therefore the arbitration was initiated.
Yuanxing Energy said in the announcement: "Since this arbitration is currently in the acceptance stage and has not yet been adjudicated, the impact on the company's current or future profits is still uncertain." In 2023, the company has made an estimated liability of 96.4 billion yuan. ”
National Business Daily.