Fake Trusts

What's worse than finding out your trust is bust? Finding out the trust you bought is actually a fake: in some cases trust companies have been impersonated.

中粮信托被理财产品冒名 产品层层分销难寻“李鬼”

Recently, COFCO Trust is exposed face, "Li Gui." Number of third-party financial product sales information websites, promotional materials propaganda COFCO latest release of a product called "COFCO Trust - Chi Heng Capital Trust Scheme No. 1," products, its investment in the financial sector, the period of 24 months, to raise funds 150 million yuan. However, COFCO Trust announced that the section entitled "COFCO Trust - Heng Chi 1 Capital Trust scheme" COFCO Trust products are not issued by the trust.

Yesterday (May 28), COFCO Trust responsible person to the "Daily Economic News" reporter, said: "We are not No. 1, Chi Heng issued products, COFCO this matter very seriously."

By Li Yang Yi, chief analyst at the Trust, said non-trust in their company name as a "trust" the word often heard, but under the guise of genuine trust in the name of hair products, or head back to hear.

COFCO Trust deny someone's product offering

May 27, COFCO Trust posted on its website "on the 1st trust products Chi Heng false information statement with the announcement," said the section entitled "COFCO Trust - Heng Chi 1 Capital Trust scheme" trust products COFCO Trust is not the issue. Company has never initiated, sale or issue of the name "COFCO Trust - Heng Chi 1 Capital Trust scheme" trust products, nor consent or authorization of any third party agencies associated with this disclosure, product sales and distribution.

COFCO Trust, said the disclosure of individual sites "COFCO Trust - Heng Chi 1 Capital Trust scheme" relevant information and data with the company does not have any relationship with the fact that serious discrepancies, requirements related sites revocation and "COFCO Trust immediately - Heng Zhi 1 No. Capital Trust scheme "all relevant information and data, and immediately eliminate the adverse impact on market investors and companies.

Yesterday, an unnamed third-party money managers to the "Daily Economic News" reporter, said: "We received a phone COFCO Trust, the requirement to take down the information related to the project, the project has stopped selling."

Subsequently, the reporter found that the previously released through a third party finance company most relevant information is deleted, but there is still a third-party finance company can accept the project in advance.

Reporters get this product to customer's identity from a third party finance company referral information, "COFCO Trust - Heng Chi 1 Capital Trust scheme" Available data indicate prominently in the first row impressively issuer COFCO Trust, to invest in the field of financial markets, products for a period of 24 months and above, the issue size of $ 150 million. The expected rate of return of 12%, slightly higher than other similar types of trust products.

A third-party finance company in Shenzhen manager surnamed Zhang told reporters: "If the investment capital of 300 million yuan, is expected to gain up to 13%."

This reporter has learned, through the acquisition of funds to invest in the shares of the target company, or other forms of investments, gain control of the target company, then the target enterprise integration, restructuring and management, business improvement upon by the market, resale or management back share sale of its shares held by way of exit, access to capital gains. Available data from a single point of view, this product is a listed company merger products, and general financial trust products and there is no difference.

Reporters noted that "balance Chi 1" data appears in a partnership. An industry veteran, said: "This partnership is likely to be true promoters of the project had previously issued several similar projects, the promoters got their own projects and funds, by the name of a trust issue, trust fees charged by the channel. maturity funds agreed to return the status quo, the Trust does not assume payment risk, but trust not want to do such a project, because the ultimate investor recognition or trust, items appear once payment risk, trust companies can not control. "

Product Source and account information to be solved

For the source of these products, the aforementioned financial company in Shenzhen manager surnamed Zhang, said:. "Our company sells this product is part of the distribution, the underwriting is a third-party finance company in Shanghai circumstances we are not very clear."

Due to the layers of distribution, the reporter interviewed a number of third-party finance company to the top is not clear underwriting company in the end is which.

Li Yang said, "Currently, third-party finance company to get into the main channel for trust products underwriting and distribution of the two. Underwriting refers to the sale of the entire project obtained directly from the trust, which is the company's third-party financial circulation and distribution of speed requirements are relatively high, the domestic like Noah, constant day such a large third-party finance company underwriting the product more, and most of the third-party finance company can take layers of distribution model. "

Although the "No. 99" rules clear that prohibit non-financial institutions trust commissioned Recommend trust plans to prohibit non-financial institutions entrusted with providing consulting, advisory, intermediary, etc., directly or indirectly Recommend trust scheme, but due to market demand and regulatory missing, leading to a third-party finance company still crime against the wind.

"Trust commissioned a third party finance company consignment potential risks do exist, and can not control the sales process, and can not understand the real customer information if third-party finance company under the guise of trust in the name of illegal fund-raising, which will give customers and trust with be difficult to estimate the loss. "above the senior official said.

Preceding financial manager surnamed Zhang, said: "This product's sales process before there is a contract and specification, but not the special fund account COFCO Trust funds account for this product is currently in reservation status to be accepted after the Dragon Boat Festival. play money, the specific account information to (Dragon Boat) Festival to know. "