In regulatory inquiries and LeTV sent two letters to urge, Jiayue Ting sister finally admitted that the current unable to fulfill the commitments of the loan to the listed company.
On November 10, LeTV Announcement Discussed Jia Yunting and Jia Yuefang's Reply Letter on Lending to Listed Companies. Due to the financial crisis in the second half of 2016 due to the non-listing system of LeTV and its own, the financial crisis continued in the first half of 2017, He added that he has already used all the proceeds from the shareholding reduction for the unlisted system and the debt repayments involved. Currently, he has been unable to continue to honor the promise of interest-free borrowing to listed companies and will not be able to fulfill his promise to increase the shares of listed companies.
'In my later financial situation allowed, I am willing to continue to borrow in accordance with this commitment to borrow more than the reduction of funds used by listed companies, post-loan behavior and the commitment of this loan has nothing to do, I voluntarily act.' Said.
Music Watch: Jiayue Ting sister has violated the promise
In May 2015, the hot stock market, GEM LeTV shares hit record highs in one fell swoop, Jiayue Ting suddenly thrown out at this time a reduction plan, promised to reduce the funds LeTV all lent to the company as a working capital , The loan period of not less than 60 months, and interest-free.
In the following month, Jia Yueting reduced the total number of music videos of 35.24 million shares to about 2.5 billion yuan and in the same year, in October of the same year, Jia Youting transferred 100 million shares to Xingen Fund and once again covered 3.2 billion yuan From 2014 to 2015, it twice lost its stake in the music video company and promised to lend 1,678 million yuan to the company.
However, these promises have not been honored. 2016 LeTV News revealed that the amount of videos borrowed by Jia Youting's siblings was 2.5 billion yuan and 1.4 billion yuan respectively. After half a year, the annual report shows that the company has repaid Jia Yueting and Jia Yuefang 2.086 billion yuan And 968 million yuan. The remaining borrowings are also fully paid in the first half of 2017.
According to the previous LeTV announcement, Jiayue Ting in the period of the loan is not entitled to take the initiative to recover the funds; if the company made the intention to repay in advance, subject to approval by the company's shareholders meeting, independent directors need to issue an independent opinion, Jiayue Ting to avoid the corresponding related party transactions vote.
Sept. 12, the Shenzhen Stock Exchange sent a letter to the Letv, asking LeTV and Jia Youting to explain in detail the time when the company repayd to Jiayue Ting. The amount of money , The reasons for the repayment, and whether there is any breach of the agreement and explain the reasons.
LeTV confirmed in reply that Jia Youting has reduced the maximum amount of funds lent to listed companies from 2015 to the date of 4,716 million yuan, and has paid off all of the funds. According to LeTV, the board of directors of the Company sent a letter to Jia Youting, reminding and requesting them to continue Fulfill the loan commitment .This is Jia Yueting resigned after LeTV all the jobs, the company for the first time publicly 'propaganda' Jiayue Ting, Prior to this, the outgoing CEO Liang Jun made it clear that 'we are now short of money.'
In September sent a letter reminding Jiayue Ting siblings to continue to perform their loan commitments a month later, the music video sent a reminder at the end of October this time, this time, LeTV got Jia Younting affirmative answer.In the reply letter, Jia Yunting shows two meanings, First, there is no money to lend to listed companies, it is even more unlikely to overweight, and second, waiting for money or will consider lending music Watch, but that is what happened, with no commitment before.
In the face of the non-payment of Jiayue Ting, LeTV network also concluded that 'Jiayue Ting, Jia Yuefang has committed itself to borrowing commitments' will disclose the progress of the matter in accordance with relevant laws.
Music Watch can be chased Jiayue Ting
Since Jia Yuetting's breach of commitment has become a fact, whether LeTV will pursue its liability for breach of contract? After all, the current financial status of LeTV is not optimistic about the third quarter results show that the first nine months of this year, total net loss of 1.6 billion yuan, total liabilities reached 17.4 billion yuan.
Lawyer Wang Zhibin of Shanghai Minglun Law Firm told AI Financial Services that if the listed company relies on such promises and makes fund arrangements accordingly, the listed company may pursue the losses due to the unrealized promises of the funds and the losses incurred by the latter Its contracting fault liability.
'There are not many cases of liability for contracting negligence, but publicly breach of loan commitment should be the first case.' Wang Zhibin lawyer said that listed companies can hold each other's contracting fault liability, but the difficulty lies in how to prove that due to lack of access to the specific At present, it is not possible to predict how much responsibility JIA Yunting will eventually have the liability, the ultimate responsibility for the scope and amount depends on the ability of the listed companies to prove.
Jia Yunting apologized to listed companies and investors for failing to fulfill his promise, but the loss of the company and many investors is not an afterthought.
According to the "Guidance for Listed Company Supervision No. 4 - Commitments and Fulfillment of the Actual Controllers, Shareholders, Related Parties, Acquirers and Listed Companies of Listed Companies", CSRC will make promissory notes based on the "Securities Interim Measures for the Supervision and Administration of the Integrity of the Futures Market "put the relevant information into a credit file and took regulatory talks on the parties involved in the promulgation, ordered a public statement, ordered a correction and issued a warning letter to identify the major decision-makers who promised the related parties as inappropriate listed companies Directors, supervisors, senior management and other regulatory measures.