Financial Supervisory Commission Investigation: Heku Investment Trust Scandal Revealed

2023-11-09 03:20:48

KMT legislatorWang HongweiA press conference will be held today at the Legislative Yuan to revealHekuLin Baiyu, chairman of the board of directors, and Lin Shiying, chief marketing officer, are suspected of receiving “Heku Investment Trust Six-Year Maturity Emerging Markets Bond Fund”, an overseas investment consulting firm. Insight (a subsidiary of Bank of New York Mellon) fully paid for a four-day and three-night trip to Japan, and they will not come back. Signing the contract within 10 days is a violation of corporate governance.Financial Supervisory CommissionAfter receiving the report, nothing was done.

Wang Hongwei said that she received a report that Lin Baiyu and Lin Shiying were hosted by a fund advisory company to Tokyo, Japan from November 26 to November 30, 2019. After returning to China, they signed the contract on December 9. A whistleblower reported this case to the Financial Supervisory Commission, but during the Financial Supervisory Commission’s investigation, a supervisor within Heku Investment Trust actually requested that the original signature be cancelled, and the Financial Supervisory Commission ultimately dismissed the case because there was no solid evidence.

Wang Hongwei commented that according to the response information from the Financial Supervisory Commission, whistleblowing letters were received on September 1, 2020, October 16, 2021, and January 26, 2022. The content was to report Lin Shiying’s acceptance of overseas investment consultant BNY Mellon. The investigation found no specific evidence of violations, which made the grassroots even more dissatisfied. This led to people from different departments of Heku Investment Trust to come forward to reveal that Heku had serious internal management problems and requested the Financial Supervisory Commission to restart the investigation. .

Wang Hongwei explained that in the past, Heku Investment Trust’s overseas investment consultants were dominated by Insight (a subsidiary of BNY Mellon) for a long time. Within 10 years, there were 6 funds out of 12, and almost 30 to 40 million yuan was spent on New York Mellon every year. Insight, a subsidiary of the bank, will save 14 million yuan from the three fund consultants that were terminated this year. Heku Investment Trust and Investment Research Office has long been very dissatisfied with the company.

Wang Hongwei said that at that time, it was reported that the “Heku Investment Six-year Maturity Emerging Markets Bond Fund” was regarding to sign a contract with Insight, which caused a stir at the grassroots level, and many manufacturers came to report and compare prices, including “Barings” and “Naissez-faire”. Natixis”, “Hong Kong Amundi” and other companies, and once planned to let the cheapest “American Baring Group” take over the case.

Wang Hongwei said that unexpectedly, on November 11, 2019, Heku Investment Letter approved Chairman Lin Baiyu and the marketing chief of BNY Mellon, Lin Shiying, to go to Tokyo, Japan from November 26 to 30, and the relevant food, accommodation and air tickets were all provided by BNY Mellon expenditures, other participants can also submit letters to the public account, and the real “entertainment” of the manufacturer will not be performed. Less than 10 days following Lin Baiyu and Lin Shiying returned to China, that is, on December 9, 2019, the “Heku Investment Six-year Maturity Emerging Markets Bond Fund” signed a contract with Insight (a subsidiary of Bank of New York Mellon). If there is a consideration relationship, will the financial regulator not investigate? Since the beginning of this year, frauds have frequently occurred in Heku-related subsidiaries, and former chairman Lei Zhongda has continued to rise. Whether these cases were suppressed by specific people, the Financial Supervisory Commission has turned a blind eye.

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