In our daily cognition, banks have a fairly sophisticated risk control system and a strict approval system, and it is very difficult to cheat banks. In that case, why would banks still be cheated, let's look at it in the context of this case.
Before analyzing why the bank will be cheated, we first need to figure out what the logic of risk management of inventory financing.
The risk management logic of inventory financing includes the logic of general financial risk management, but also because of its characteristics, with a specific set of risk management logic. Inventory financing risk management logic can be summarized in nine words "see clearly, manage, sell".
The key to inventory financing is commodity, risk management is basically centered around the commodity to start. "See clearly" refers to the commodities used for financing to do a good job, that is, to fully grasp the basic information of the commodity, mainly including the name, specifications, price, quantity, weight, storage conditions, appearance, characteristics, traits, and the main difference between similar goods and methods of differentiation, and so on. Why do we need to "see clearly"? The main purpose is to be able to timely detect the occurrence of substandard and counterfeit goods at the stage of commodity evaluation. To be able to in before the contract to a certain extent to eliminate the occurrence of fraud.
"Manageable" means that since the signing of the negotiation stage can effectively control the real-time status of the goods, the implementation of effective supervision of the goods, and after the signing of the goods to enjoy absolute control. After signing the loan agreement, the goods are generally stored in the third-party warehousing institutions, and at this time the financial institutions need to do is to cooperate with a reliable third-party organization *** with the supervision of the goods, real-time control of the goods in the warehouse, in and out of the warehouse and when and who has access to the goods and other circumstances. And financial institutions at this time should keep in mind that the owner of the goods is no longer the actual controller of the goods, before the repayment should be the owner of the goods and the goods to the maximum degree of isolation, which is also to avoid the goods were dropped or theft, shortages, disappearance and isolation of the owner of the goods and the risk of the goods of the most effective means of avoiding the goods and the goods of the situation of the occurrence of multiple loans. Many financial institutions believe that signing a loan contract to obtain control of the goods will be all right, in fact, this is just the beginning. Even with control, problems can still arise with the goods if they are not properly supervised.
"Sellable" means that in the event of default, the financial institution can dispose of the goods as quickly as possible to avoid or minimize losses. Of course, "sellable" is based on the premise of "visible and manageable". At the same time to sell also requires financial institutions to have a full understanding of the market, can be a general understanding of the current market supply and demand situation, price fluctuations and sales channels. Many financial institutions in the face of default, although they know that they can avoid or reduce losses through the disposal of goods, but the reality is that they often lack the ability to dispose of goods, resulting in the goods in the hands of the smash.
Clear risk management logic of inventory financing, we look at Industrial and Fuxin Bank fraud, it will be easy to know why they were cheated.
According to online information, the protagonist of this single case is called Liu Jiange, male, born on December 28, 1969 in Shenyang City, Liaoning Province, Han nationality, high school education, the former Department of Shenyang Honghui Copper Co.
October 2013 to April 2014, Liu Jiange as the legal representative of the Honghui company and Du Mousheng (at large) two people in the name of the Honghui company, with the prior purchase of 35,193.5 kilograms of zinc ingots pretending to be silver ingots as a pledge, fraudulently obtaining Fuxin Bank, Shenyang Branch, Shenbei Branch, and obtain a total of 160 million yuan of bankers' acceptances, through the LiMou5 will be discounted bills of exchange return! The amount owed to Li Mou5 and interest, etc., resulting in an actual loss of 80 million yuan to the bank.
December 2013 to June 2014, the defendant Liu Jiange and Du Mousheng in the name of Honghui company, with the prior purchase of 29273 kg of zinc ingots pretending to be silver ingots as a pledge, to fraudulently obtain a loan from the Industrial Bank of China Shenyang Branch and obtain a total of 115.3 million yuan of bankers' acceptances, resulting in an actual loss of 57.65 million yuan to the bank.
The testimony of several people involved in the case restored the whole case, but also revealed the real reason for being cheated.
According to the testimony of the manager of the marketing department of Shenbei Sub-branch of Fuxin Bank Shenyang Branch:
In October 2013, Du Mousheng, the actual controller of Honghui Company, applied for a comprehensive credit of 80 million yuan from the bank with a pledge of 34,000 kilograms of silver ingots, and after consideration and approval by the bank's audit and loan committee, Fuxin Bank's Shenbei Sub-branch signed a comprehensive credit agreement with Honghui Company and the highest amount of the guarantee contract. On April 9, 2014, our bank and Honghui company, Sinotrans on Honghui company pledged to our bank silver ingot inventory sampling, lending before our bank on the batch of silver ingot cut corner sampling, identified silver content of not less than 99.99%. On April 15 of the same year, our bank issued a promissory note with a total face value of 160 million yuan to Honghui Company, of which 80 million yuan was used as a deposit, and the credit to Honghui Company was 80 million yuan, which was agreed to be repaid on October 16, 2014. in September 2014, our bank found that Du Mousheng had left the country and lost contact with us, and later, Societe Generale Bank and CITIC Bank sued Honghui Company respectively, resulting in the silver ingots pledged to our bank being seized. silver ingots pledged to our bank were seized. After the maturity of the promissory note, Honghui Company has not returned the open amount of 80 million yuan. Now the bank has learned that the silver ingots are fake, so it reported to the public security organs.
According to the testimony of the employees of the business department of the Shenyang branch of Industrial Bank:
In January 2014, Honghui issued a promissory note of 70 million yuan from the bank with 29,000 kilograms of silver as a pledge, and in June of the same year, another promissory note of 45.3 million yuan was issued with a six-month term. After the maturity of the bill of exchange could not find the actual controller of Honghui Du Mousheng, has not yet returned the open amount of 57.65 million yuan. I and my colleagues in the company Yu Mou, Liu Mou 4, Min Mou in Sinotrans inspection of pledges, Honghui Liu Jiange, Liu Mou 2 was also present, Cao Mou and another person in the container responsible for cutting the corners, they said that there are sparks, let us look outside the container, so did not see the process of cutting the corners, we take the corners of the cuts they gave to the Chinese Academy of Sciences under the metal testing center to do identification. Later, the public security organs to find us that Honghui company may have fraud crime, so our bank on the Honghui company to provide the pledge silver re-appraisal, only to find that the pledge is actually zinc.
By definition, it is zinc or silver, careful sampling to do identification should be able to avoid being pitched, then the case, the bank employees are how in the dark?
According to the statement of the victim Gongmou, the process of inspection (pledge) is like this:
We randomly selected 3 silver ingots, by Honghui employees responsible for cutting. My coworkers want to pick up the fall on the ground cut corner, the other employee proposed cut corner temperature high, to be cooled down and then cut corner delivered to us to take pictures to save, this process by me and Bai Mou1 full supervision. On the same day we will be three cut horn to appraisal, test results for silver purity greater than 99%.
According to another victim Liu Mou1 statement:
June 11, 2014, I was introduced by Wang Haidong, in the Guanding company's office to see Du Mousheng, which wants to 13,527 kilograms of sterling silver as a pledge to me to borrow 30 million to the Guanding company, Honghui company as a guarantee, the interest rate of 2% per month, the period of three months. Du Mousheng told me that he was the actual owner of Guanding and Honghui, and that the loan was actually for his personal use. Du Mousheng showed me the silver ingots purchased from Huludao Qiangsheng Metal Co. On June 13 of the same year, I went to inspect the goods in the presence of Mr. Ding, Mr. Liu Jiange, Mr. Liu Mou2 and two workers from the other company. I took out a piece of silver ingot from the warehouse of Honghui company, Liu Jiange proposed to cut the silver ingot with a chainsaw to take the cut corner for identification, two workers back to me to cut the ingot. Liu Mou 2 said to me, "big brother, you to the outside site, do not avalanche you on the sparks." I went out a few steps, cut the corner of the workers and LiuMou2 will block me on the outside so did not see the cutting process.
According to the statement of the victim Zhang Mou 1:
The crown Ding company and Honghui company's actual controller Du Mousheng fraud me 50 million yuan, the crown Ding company's legal person is Ding Mou, Honghui company's legal person is Liu Jiange. 2014 May I was introduced to the Wang Haidong know Du Mousheng, which wants to 21,293.013 kg of sterling silver as a pledge to me to borrow 50 million yuan to the crown Ding company, Honghui company as a guarantor. , with Honghui as the guarantor, with an interest rate of 2% per month and a term of three months. I took out a piece of silver ingot from the warehouse, Liu Jiange proposed to cut the silver ingot with a chainsaw after taking the cut corner to do identification, two workers back to me to cut the silver ingot, Liu Mou2 said to me that cut the corner of the sparks did not let me go in, I did not see the cutting process. I take the cut corner to Liaoning province gem quality appraisal inspection center identification, identification results for the metal content of 99.9% silver. On July 15 of the same year, Du Mousheng did not pay interest to me also can not find its people, borrowed to Du Mousheng Liu Mou1 also can not find its people. We re-sampled the pledges stored in Sinotrans, and the appraisal concluded that zinc. It is possible that the silver ingots were dropped when the cut corners in Sinotrans.
Let's see how it was dropped.
According to the content of the ruling instrument, Cao Mou is Liu Jiange's employees, according to his testimony:
Beginning in 2013, Liu Jiange and Liu Mou2 successively find me to the company for sampling cut four or five times, the last cut 16 horns. They told me to cut the silver ingot, Liu Jiange also let me not ask more questions, according to their request to cut the horn. I cut the horns in the offices of Du Mousheng, Liu Jiange and Du Mousheng's secretary, Zhang Mou3. Liu Mou2 wanted me to try to cut the same horns each time, and the cut horns were taken away by Liu Mou2. I went to Sinotrans to cut the horn a few times, each time Liu Jiange, Liu Mou 2, Jin Zengfa and a person known as "Gao Mou 3" was present. A few days before each trip to Sinotrans, Liu Mou2 asked me to go to the company to cut the corners first, and then to Sinotrans to cut the corners. Liu Jiange in his office told me to follow the previous times in the company to cut the size of the corner cut, in Sinotrans cut the corner of the metal I found the cut metal is very hard, and the company cut the metal is not the same, LiuMou2 and Liu Jiange do not let me blindly ask. I cut the corner according to their requirements cut the size of the cut, each time almost finished cutting "GaoMou3" wearing gloves will cut the corner of the direct break down and thrown to the other side, I found that "GaoMou3" thrown on the ground of the corner of the metal and I cut on the spot is not the same, he threw it should be before I cut the corner of the company. He should have thrown the horn that I had previously cut in the company. The metal I cut at the Sinotrans site was harder and more greenish in color with black spots than the metal I had cut at the company. In the Sinotrans site no one noticed that the corner of the high so-and-so 3 thrown out of the metal is not the same as the metal I cut, Liu Jiange and Liu Mou2 do not allow me to talk more, I first cut the corner of the warehouse in Sinotrans found that the "high so-and-so 3" dropped the bag.
From the bank staff and several victims of the testimony, in fact, it is difficult to determine this batch of "silver ingots" is when the problem, but through the testimony of Honghui employees CaoMou we can know that in fact the beginning of this is a fraud, the so-called "silver ingots" is zinc. The so-called "silver ingots" were zinc. In hindsight, we would think that this is an obvious scam, the main reason why the bank fell into such a scam is because of the following points.
1. Honghui, as the owner of the goods, has carefully concocted a scam with moral hazard. Moral hazard is something that is determined by the subjective consciousness of people, it is difficult to detect and cannot be prevented.
2. Banks as funds, there is a lack of knowledge of the goods, collateral management failure, that is, not to do "see clearly, manage".
First of all, there is the problem of not being able to recognize the goods. Silver and zinc at first glance there is actually no difference, but as long as a little more carefully in fact, it is very good to distinguish (see the table below the main features of silver and zinc), especially the high purity of zinc and silver.
The main characteristics of silver and zinc
Silver
Zinc
Appearance
White and glossy
Silver-white with a slight bluish tinge
Density
10.49g/cm?
7.14g/cm?
Melting point
961.78°C
419.5°C
Other
Good ductility, soft texture
Harder texture
From the appearance of the silver is white with a glossy, whitish color, while the zinc is a silvery white with a slight blue tinge, which Cao said was greenish. The color of the subtle differences in addition to the impact of the light conditions or other factors may not be able to detect a moment. But the difference between the density of silver and zinc is still relatively large, that is to say, the same volume size of silver and zinc, the weight difference of 3.35 g. Weighing was the fastest and easiest way to distinguish zinc and silver, if the total weight must be, then the volume is certainly not the same, the simplest way to calculate the volume is to count the number of pieces, does not require too much human and material resources. There is also a common method we have seen in the TV series, with teeth, silver is soft, with a blunt instrument can leave traces, while the zinc is harder basically will not leave traces. There is also a method is actually very easy to do, because the melting point of zinc is relatively low, with ordinary alcohol lamp heating will become soft, while the silver basically will not change.
So with a little preparation, you can quickly determine the authenticity and eliminate fraud. Obviously the case of either Fuxin Bank or Industrial Bank employees involved did not do this. Many financial practitioners due to long-term rooted in the industry, may be very knowledgeable about the financial business related knowledge, but with the development of the financial industry, the types of financial products are also constantly innovating, so the need to master the knowledge also needs to be constantly updated, in addition to the financial knowledge, but also need to master the industry, trade, supply chain, product and other related knowledge. For inventory financing, the pre-loan not only to the owner of the goods to carry out a rigorous risk review, the goods should likewise have a full understanding of the goods, and the review of the goods sometimes with the owner of the goods as rigorous or even more stringent.
Secondly, there is the problem of collateral management failure. In the loan intention to repay the completion of this stage, the bank needs to implement effective management of collateral. The management of collateral involves two parties: the bank involved in the case and Sinotrans, a third-party warehousing company.
First, after the collateral is warehoused, the bank should keep the collateral under its own surveillance at all times so that the shipper is completely isolated from the collateral. But from the testimony of all parties, whether the collateral sampling or inspection, the owner of the goods are involved in the whole process, and in the sampling of this critical period, the bank even because of the so-called Mars did not make the sampling in their own full monitoring to complete, which gave Honghui company to create a favorable opportunity. As a matter of fact, for some goods with high value, the process of sampling to inspection not only requires the full participation of the capital side, but also requires the full recording of the video, which is one of them. Secondly, the bank should hire a qualified independent third party to complete the sampling to inspection process, rather than sending someone from the cargo owner to participate. It is because of this that zinc has been turned into "silver" over and over again, and these two points are the biggest management mistakes made by the bank.
Secondly, Sinotrans, as a third-party warehousing company, assumes the function of financial warehousing in inventory financing. Different from ordinary warehousing, financial warehousing is not only the storage of goods, but also with the capital side of the whole process of participation in the supervision of goods, that is to say, the warehousing side at this time to help the bank to realize the absolute control of collateral, in addition to the capital side of the party can not touch the goods. This can avoid problems with the goods and repeated pledges. Of course, the case of Sinotrans mentioned little, if Sinotrans this time with the bank signed the relevant financial warehousing agreement, then the Sinotrans also exists in a certain regulatory failure, if not, it can only be said that the bank lacks awareness of risk.
The last point is the disposal of collateral. In the case we can see that the collateral was seized by the police, so its disposal right belongs to who is not known. However, if the right of disposal belongs to the bank, zinc, although not as valuable as silver, proper disposal can also reduce losses to a certain extent.
Things have happened, the loss is unavoidable, can only say that this incident is another do inventory financing to many financial institutions a wake-up call, then how to prevent inventory financing risk, at least to do the following:
First, pay attention to the creditworthiness of the enterprise. Here the enterprise mainly refers to the borrowing enterprise and the third party supervision enterprise. One is to select the borrowing enterprise. Focus on the business ability and credit status of the enterprise, try to choose the main business is stable, internal management system is perfect and sound, management quality is high, no bad credit record of the enterprise, the strict implementation of the loan qualification access system. Second, selecting the right third-party supervisory enterprises. The credit status and asset status of the supervisory enterprise are directly related to whether the collateral can be effectively supervised. In the selection of supervisory enterprises, the following principles should be followed: strong asset strength; compliant operation in accordance with the law, strict internal management, good social credibility, no adverse records; a sound internal control system, experienced practitioners, specific supervision plans and programs; with the attitude and ability to undertake the supervision of the collateral and be responsible to the bank.
Second, fully understand the relevant information of the commodity. First, the ownership of goods should be strictly confirmed, only the ownership of goods belonging to the borrower can be pledged or mortgaged, for the illegal way to obtain the goods, can not be used as a pledge of goods. Second, the quality of the inventory should be comprehensively assessed. This includes whether the quantity, specifications, weight and appearance characteristics of the inventory are consistent with the descriptions in the submitted documents and information; whether the valuation of the goods faithfully reflects the market conditions; whether the fluctuation of the market price will affect the goods to be pledged or mortgaged; the difficulty of keeping the goods; and the future market sales of the goods. Goods that are unstable in nature, perishable, subject to wear and tear, subject to great fluctuations in market prices, and not subject to regular market demand cannot be selected as collateral, and goods of relatively high value need to be treated with caution. If one lacks knowledge of the goods, one can hire external experts to evaluate the goods. Thirdly, the legal relationship and rights and obligations of all parties should be clarified, and attention should be paid to the control of key links such as acceptance and confirmation of the goods, pledge of the goods, replacement and deregulation of the goods. Fourth, reasonably determine the value of the goods and the pledge (credit) rate. Determine the criteria for calculating the value of the goods, such as the lower of the purchase price or cost price of the goods, or the lowest market price in the region in the past six months. The amount of financing should be reasonably determined by taking into account the borrower's creditworthiness, credit limit, type and quality of pledged goods, market conditions, difficulty of realization and other factors.
Third, improve the inventory supervision measures. First, we must strengthen the business operation management and internal operation standardization management, can not appear in the case of similar sampling is not the whole process of monitoring, as long as it involves human contact with the goods, should be carried out under the supervision of the capital side. Secondly, give full play to the regulatory function of the third-party enterprise, sign a financial warehousing agreement with the warehousing enterprise, clarify the actual control of the goods, strictly implement the responsibilities and obligations stipulated in the regulatory agreement, maximize the isolation of the borrower from the inventory, and guard against the risk of the inventory being exchanged, stolen, and repetitively pledged or re-mortgaged. Thirdly, real-time information on inventory is mastered. Modern information technologies such as Internet of Things, blockchain, big data, etc. are introduced to establish an information collection and feedback system for inventory, which not only grasps the status of inventory in the warehouse, but also grasps the changing law of the market value and sales of the inventory, so as to effectively carry out real-time tracking and evaluation of the value of the pledged goods and the sales situation. Set up an early warning line, the possible risk of early warning, when the market price falls or inventory due to the reduction of the volume to the early warning line, according to the provisions of the agreement to notify the pledgor to increase the pledge and deposit, to avoid the loss of business. Fourth, the establishment of effective inventory disposal channels, once the default can efficiently dispose of inventory to avoid or reduce losses.
In recent years, inventory financing has been a common thing to be cheated, is just a change of goods for a different bank to be cheated, but a careful analysis of the reasons for being cheated found much the same. Why such events occur again and again, it is worth our reflection and deep thought. Many financial institutions because of these events are no longer do inventory financing business, but do not do inventory financing will not be cheated? Or is the problem of inventory financing? In fact, it is not. If the concept of risk control and risk control measures and their own knowledge is not up to date, even if not in inventory financing is cheated, but also because of other business is cheated. You think so?
Notes: Li Dana
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