Financial Asset Management Co where provincial influential newspaper announcement, the relevant laws have not been clearly defined. In practice, practice is often the principal debtor local influential newspapers publish the relevant notice. The Supreme People's Court (2010People mention the word article)12Civil judgement, further clear: in the principal newspapers at the provincial level where the guarantor collection published contains content of the announcement, to use the guarantor has the legal effect.

Tianjin magnetic global Limited by Share Ltd
Guarantee litigation notice

2010-09-01       Source:Shanghai Securities News      

  Security code:600800Securities referred to as:STMagnetic card number: Pro10-016

  Tianjin magnetic global Limited by Share Ltd

  Guarantee litigation notice

  The board of directors of the company and the directors to ensure that the content of the announcement does not have any false records, misleading statements or major omissions, and the content of the bear the accuracy and completeness of the authenticity, joint and several liability.

  (a) the basic procedure

  Tianjin magnetic global Limited by Share Ltd (hereinafter referred to as"Our company") for Hainan hicard Co. Ltd. (hereinafter referred to as"Heikey company"Chinese) to the Bank of China branch in Hainan Province3900Million yuan loan to provide credit guarantee, the company is not in accordance with the contract heikey pay off the loan,2004Years6Month, China Bank branch in Hainan province and China XinDa Asset Management Co Haikou Office (hereinafter referred to as"XinDa Haikou Office") signed the "credit assignment agreement", to enjoy the creditor's right to XinDa Haikou office. XinDa Haikou office to the Haikou intermediate people's court and the Hainan Provincial Higher People's court and appeals, the court ordered the:"Haikou heikey company to do XinDa repayment of principal currency3900Million yuan and interest; XinDa Haikou office has the right of first refusal on collateral heikey company; Tianjin magnetic global Limited by Share Ltd bear joint and several liability of unable to repay the debt."The Haikou intermediate people's court and the Hainan Provincial Higher People's Court of first instance and second sentences are my company from liability. XinDa Haikou office to the Supreme People's Court of the people's Republic of China to apply for a retrial, the Supreme People's Court of retrial.

  The basic situation in our company2009Annual report.

  Our company received the "people's Republic of China Supreme People's court today ("2010People mention the word article)12No.. Our company cannot on judgment heikey debt part bear joint and several liability. The appeal court154900By my company burden139410Yuan, heikey company burden15490Element. This judgment is the final judgment.

  (two) may affect the lawsuit against the profits of the company profit for the period or after the period of

  The announcement date, the procedure does not result in the loss of my company property. Due to the Haikou intermediate people's court and the Hainan Provincial Higher People's Court of first instance and second sentences are my company from liability, it is not the guarantee provision expected liabilities. Our company will urge heikey company as soon as possible to liquidate assets to repay debt.

  (three) documents for reference

  1"The people's Republic of China, the Supreme People's Court ("2010People mention the word article)12No.

  Hereby announcement.

  Tianjin magnetic global Limited by Share Ltd

  The board of directors

  2010Years 8On 31Day

 

Annex:

One, the Supreme People's Court on the trial involving financial, management, acquisition of Asset Management Co

Some issues of applicable law in case the provisions of the NPLs of state-owned banks assets

(method 2001) release (No. 12)

     "Supreme People's Court on the trial involving financial Asset Management Co acquisition, management, disposal of non-performing loans of the state-owned banks assets of the case law applicable to a number of problems" provisions of the Supreme People's Court on April 3, 2001 the 1167th meeting of the judicial committee. It is hereby announced, shall enter into force as of April 23, 2001.

                                                             Two 00 year April 11th

        Article 1 Financial Asset Management Co office issued by the people's Bank of China receive"Financial institutions business license", and the administrative department of industry and commerce registration according to law, can be used as the subject of litigation in litigation.

     Article second The state-owned bank credit financial Asset Management Co, the people's court for the assignment of creditor's right before the original creditor banks have filed a lawsuit pending cases, according to the original creditor banks or financial Asset Management Co application will change as the subject of litigation claims of financial Asset Management Co.

     Article third Financial Asset Management Co to the litigation shall be governed by the defendant, the people's court at the domicile.

The original creditor banks and the debtor has jurisdiction agreement, if not in violation of the law, the contract continue to be valid.

     Article fourth The people's court for an order of payment to the financial Asset Management Co, it shall be accepted according to law. The debtor objection, in accordance with the provisions dealing with "PRC Civil Procedure Law" the seventeenth chapter.

     Article fifth The people's court for financial Asset Management CoFor property preservation, such as between financial Asset Management Co and the debtor creditor, according to the "PRC Civil Procedure Law" article ninety-second, the provisions of second, can not guarantee financial Asset Management Co.

    Article Sixth The state-owned bank credit financial Asset Management Co, the original creditor banks issued announcement or notice of assignment of the obligee's right in the national or provincial influential newspaper, the people's court may affirm the creditor to fulfill the "contract law" of the people's Republic of China in eightieth, the first paragraphThe obligation of notification.

    In the case of a debtor to the original creditor, creditor bank transfer fails to perform the obligation of notification on the grounds of defense, the people's court may be the original creditor banks summoned before the transfer of creditor's rights in the investigation, and ordered the original creditor banks to inform the debtor creditor's rights transfer facts.

     Article seventh The debtor fails to repay the loan, the original loan contract interest calculation method does not violate laws and regulations, the agreement is valid. No agreement or unknown, in accordance with the provisions of the people's Bank of China "RMB interest rate management regulations" interest and compound interest.

     Article eighth The people's court secured by a mortgage of maximum amount not specific claims specified, the original creditor banks transfer of the main creditor, creditor's rights transfer behavior can be identified.

     Article ninth The financial Asset Management Co collateral claims, can get to the creditor's rights mortgage rights in accordance with the law, the original mortgage registration remain valid.

     Article tenth The debtor in the credit assignment agreement, the notice of assignment of rights on the signature or signed the debt collection notice, interruption of prescription.The original creditorBankIn theThe national or provincialPublished influential newspaper announcement or notice of assignment of rights,A debt collection contentThe announcement or notice, the interruption of statute of limitations can be used as evidence.

    Article eleventh The term financial Asset Management Co including the legally established offices in various places.

     Article twelfth This shall only apply the relevant cases in the trial involving financial Asset Management Co acquisition, management, disposal of non-performing loans of state-owned banks in the formation of assets.

 

Two, the Supreme People's Court on the implementation of the "Supreme People's court"Article twelve"The judicial interpretation of "reply letter
(letter of law[2002]3No.)

XinDa, Huarong, the Great Wall, East Asset Management Co:
You in2001Years10Month15DayIssue"Letter from general report[2001]64No."On the implementation of the Supreme People's court"Article twelve"Judicial interpretation of letter. Through the research, we proposed the following reply letter problem:
On the basis of my courtyard "on some issues of applicable law cases concerning financial Asset Management Co acquisition, management, disposal of non-performing loans of state-owned banks in the formation of asset provisions"(Hereinafter referred to as the "Regulations")The provisions of article tenth, in order to maximize the national assets,Financial Asset Management CoInterrupt limitation which published in the national or provincial influential newspapers have collection content announcement or notice of assignment of the obligee's right, can be traced back to the financial Asset Management CoThe original creditor bank creditor's rights day;Financial Asset Management Co to undertake claims, can be in the newspaper to publish the collection notice way interruption of prescription(Rights advocate)Evidence. Litigation cases involving Asset Management Co to dispose non-performing assets, the"Jurisdiction"According to the "Regulations" implementation.

　　　　　　　　　　　　　　　　　　　　　 　 　 　 　 　 Supreme People's court
　　　　　　　　　　　　　　　　　　　　　　 　 　 　 Two00In January 7th two

Supplementary notice three, the Supreme People's Court on issues related to financial Asset Management Co acquisition, disposal of bad assets of banks
(Law[2005]62No.)

The provinces, autonomous regions, municipalities directly under the central government, the Supreme People's court, the production and Construction Corps Branch of the higher people's Court of the Xinjiang Uygur Autonomous Region:
In order to deepen financial reform, regulating the financial order, the court has issued "on the trial of financial management, acquisition of Asset Management Co, disposal of non-performing loans of the state-owned banks assets case applicable legal provisions", "on the implementation of the Supreme People's court"Article twelve"Judicial interpretation related problems "and" letter of reply about state-owned financial Asset Management Co cases involving the disposal of non-performing assets of state-owned commercial bank to pay the cost of litigation notice ". Recently, according to the State Council for the state-owned commercial banks, joint-stock reform of the overall deployment, China XinDa Asset Management Co bought Chinese bank, construction bank and Bank of communications Chinese bad assets. In order to protect the security of financial assets, reduce bad assets disposal costs, we will hear about financial Asset Management Co in the acquisition, disposal of bad assets disputes case supplementary notice as follows:

 

A,State owned Commercial Banks(Including state-owned banks)Transfer of non-performing loans to financial Asset Management Co, or financial Asset Management Co the bad loans, the creditor's rights transfer way to dispose of bad assets, can apply the provisions of this institute released.

 

Two,State owned Commercial Banks(Including state-owned banks)Transfer of non-performing loans to financial Asset Management Co, or financial Asset Management Co acquisition, disposal of non-performing loans,Warranty claims and transfer without the consent of the guarantor agreeThe guarantor shall be in, still within the original scope of guarantee to assume responsibility for security to the transferee. Agreement about the contract changes must be agreed by the guarantor's guarantee in the contract, is not binding on the assignment of creditor's right.

 

Three,Financial Asset Management Co transfer, disposal has been involved in litigation, enforcement or bankruptcy procedures of bad creditor's rights, the people's court shall, according to the creditor's rights transfer agreement and the transferor or transferee application, order change litigation or enforcement.

　　　　　　　　　　　　　　　　　　　　 　　　　　 Supreme People's court
　　　　　　　　　　　　　　　　　　　　　 　　　　 Two00In May 30th five

Four, the Supreme People's Court on the application of limitation in civil proceedings system trial

Provisions of the Supreme People's Court on several issues of limitations applicable to civil cases litigation trial

The Supreme People's courtHospitalProvisions of the Supreme People's Court on several issues of limitations applicable to civil cases litigation trial
Notice of the Supreme People's Court of the people's Republic of China
"Regulations" the Supreme People's Court on some issues of limitations applicable to civil cases litigation system has been on trial2008Years8Month11DayBy the Supreme People's Court Judicial Committee of the1450Meeting of the, is hereby promulgated, since2008Years9Month1DayImplementation date.
TwoHundredIn August 21st eight
Provisions of the Supreme People's Court on several issues of limitations applicable to civil cases litigation trial
(2008Years8Month11DayThe judicial committee of the Supreme Court of the1450Meeting of the)
Method (release2008)11No.
In order to correctly apply the laws and regulations on the system of limitation of action, the protection of legitimate rights and interests of the parties, in accordance with the "people's Republic", "general principles of the civil law of the people's Republic of China Property Law", "contract law of the people's Republic of the people's Republic of China", "Civil Procedure Law" and other legal provisions, combined with judicial practice, develop the present provisions.
Article 1 The parties may claim to raise a defense against limitation of action, but the following claims raise a defense against limitation of action, the people's court shall not support:
(a) to pay the deposit and interest claim;
(two) payment bonds, financial bonds issued to non specified objects and corporate bonds claim;
(three) the payment of claims based on the relationship between capital investment;
(four) other law does not apply to claims the prescription of action.
Article second The parties in violation of the law, the prescribed time, extend or shorten the limitation of action to abandon the interests in the limitation of action, the people's court shall not recognize.
Article third If a party fails to raise a defense against limitation of action, the people's court shall not be subject to limitation of action and take the initiative to apply for the interpretation of the limitation of actions.

Article fourth If a party fails to raise a defense against limitation of action in the first instance, put in during the trial of second instance, the people's court shall not support, but it is based on new evidence to prove that except the other party's claim over the period of limitation of action of.

If a party fails to raise a defense against limitation of action in accordance with the provisions of the preceding paragraph, on the grounds for retrial or raises a defense to the expiration of the period of limitation of action, the people's court shall not support.

Article fifth The parties agreed to the phased implementation of the same debt, the period of limitation of action a discharge from the last expiry date.

Article Sixth Not agreed to the duration of the contract, in accordance with the provisions of the contract law article sixty-first, article sixty-second, can determine their duration, the period of limitation of action is calculated from the date of expiration of the period of performance; determine their duration cannot be calculated, the period of limitation of action from lenders require the debtor to fulfill the obligations of the date of expiration of the grace period, but the creditor debtor the first to advocate the rights of clear not to perform the obligations, the period of limitation of action from the debtor fails to perform the obligations clear calculation date.

Article seventh Enjoy the right of revocation of a party requests to revoke the contract, should be applicable contract law article fifty-fifth provisions on the scheduled period of one year.

The other party of the right to revoke the contract raise a defense against limitation of action, the people's court shall not support.

Cancellation of the contract, claim for restitution of property, damages the limitation of action is calculated from the date of revocation of the contract.

Article eighth The return of unjust enrichment claim of the period of limitation of action, from a party knows or ought to know the fact of unjust enrichment and the opposite party date.

Article ninth The period of limitation of action for a claim management people management behavior without due payment of necessary management fees, compensation for losses, never because of management behavior ends and the manager knows or ought to know the date of the calculation I.

The period of limitation of action I due to improper management behavior without due compensation for the loss of the right to request the, from its knows or ought to know that the manager and the damage fact date.

　　Article tenth Any of the following circumstances, should be identified as the general principles of the civil law the provisions of article 140th"If one party makes a claim for"The interruption of the limitation of actions, effect:

(a) a party directly to the other party to the other party in the claim documents, signed, stamped or are not signed, sealed but can otherwise prove the documents arrive at the other party;

(two) a party to send a letter or data message that the rights of way, a letter or data message should be to reach or arrive at the other party;

(three) party for financial institutions, in accordance with the law or the parties have agreed that the accounts of the other party from the deduction of debt principal and interest;

(four) if a party One's whereabouts is a mystery., the other party media at the national level or One's whereabouts is a mystery. party domiciled provincial influential published content of the announcement of the right to claim, but the special provisions of law and judicial interpretation provides otherwise, such provisions shall be applied.

The preceding paragraph (a) the case, the other party is a legal person or other organization, the signatory may be its legal representative, the main person in charge, department responsible for sending and receiving letters or an authorized subject; the other party is a natural person, the signatory may be a natural person the people,Living relative with full civil capacityOr an authorized subject.

Article eleventh People have the right to claim the same claim part of the claims of effectiveness, the interruption of the limitation of actions and residual claim, unless the obligee explicitly give up the rest of the creditor's right.

Article twelfth If a people's court complaint orally or prosecution, the limitation of action from the submission of the complaint orally or interruption from the date of prosecution.

Article thirteenth One of the following items, the people's court shall determine that has the same effect of interruption of prescription and lawsuit:

(a) for arbitration;

(two) for an order of payment;

(three) filed for bankruptcy, declare bankruptcy;

(four) as the right to apply for a declaration that the obligation of people missing or dead;

(five) apply for property preservation before litigation, an interim injunction against the former measures etc.;

(six) for compulsory execution;

(seven) for additional party or be notified to participate in the proceedings;

(eight) in the litigation claim an offset;

(nine) other matters the same effect of interruption of statute of limitations of the proceedings have.

Article fourteenth The rights to a people's mediation committee and other legally entitled to solve civil disputes of state organs, institutions, social organizations and other social organizations to protect the civil rights litigation request, from the date of the interrupt request.

Article fifteenth The rights of people to the public security organs, people's Procuratorate, the people's court report or accusation, requests to protect the civil rights, the limitation of action from the date of report or accusation interrupt.

The authorities decided not to file the case, not to prosecute, the period of limitation of action from the right person knows or should know that not filing, revoke the case or not to prosecute the date of recalculation; criminal cases in the trial stage, the period of limitation of action re calculated from the date of Criminal Justice Wen Shusheng effect.

Article sixteenth The duty to make installment, part performance, provides a guaranty, request for delay in performance, making of a debt repayment plan promises or behavior, should be identified as the general principles of the civil law stipulates that the 140th party"Consent to perform the obligation."

Article seventeenth For a joint and several creditors have effect of interruption of statute of limitations for, shall be determined to have the effect of interruption of statute of limitations on the other joint and several creditors.

For a joint debtors in the effect of interruption of statute of limitations for, shall be determined to have the effect of interruption of statute of limitations on the other joint debtors.

Article eighteenth The creditor brings a suit of subrogation, should be identified for the creditors and the debtor's creditor's rights are effect of discontinuing the limitation of action.

Article nineteenth Assignment of creditor's right, the limitation of action shall be determined from the notice of assignment of rights to the debtor break date.

The debt assumption, which constitutes the original debtor's recognition of the debt, the limitation of action shall be determined from the debt burden means that interrupt arrival date of creditors.

Article twentieth Any of the following circumstances, should be identified as the general principles of the civil law the provisions of article 139th"Other obstacles", litigation limitation suspension:

(a) the right infringed without person of civil action competence, person with limited capacity for civil conduct no statutory agent or legal representative, loss, death, loss of capacity of agent right;

(two) after the opening of succession successor has not been determined or heritage management;

(three) the right people are obligations or other control can not claim rights;

(four) other causes of human rights cannot claim the objective situation.

Article twenty-first The expiration of the period of limitation of action of main debt, the guarantor has a statute of limitations as the primary debtor counterargument right.

The guarantor fails to assert the litigation right of defense, assume responsibility towards the principal debtor to exercise the right of recourse, the people's court shall not support, unless the principal obligor agrees to pay.

Article twenty-second Upon expiration of the period of limitation of action, the direction of the other party intention to consent to perform the obligation or voluntary obligations, but also to the expiration of the period of limitation of action on the grounds of defense, the people's court shall not support.

Article twenty-third After the implementation of the provisions, the case is still in the first or second instance, applicable this regulation; prior to the enforcement of these provisions has been the case, the people's court for a retrial, the provisions do not apply.

Article twenty-fourth Prior to the implementation of the provisions of the relevant judicial interpretation made by conflict with these Provisions, these Provisions shall prevail.