Quick look| issued personal consumption loans to related parties in violation of the law, and the Urumqi Rural Commercial Bank was fined 1.5 million yuan

Reporter | Hu Bing

Edit | Zhang Yinuo

On January 19, the Xinjiang Supervision Bureau of the China Banking and Insurance Regulatory Commission issued three fines, pointing to the Urumqi Rural Commercial Bank and two responsible persons.

The fine shows that the main facts (causes of the case) of the Urumqi Rural Commercial Bank are: issuing personal consumption loans to related parties in violation of the law and part of the consumer loans are used to purchase houses; failure to effectively manage the shareholders' pledge of the bank's equity and exercise their voting rights on the board of directors in accordance with the regulations.

Wang Haiyong, during his tenure as president of the Urumqi Rural Commercial Bank, assumed leadership responsibility for the bank's illegal issuance of personal consumption loans to related parties and the use of some consumer loans for house purchases.

Zhou Jun, during his tenure as chairman of the Urumqi Rural Commercial Bank, assumed leadership responsibility for the bank's failure to pledge the equity of the bank's shareholders in accordance with the regulations and exercise voting rights on the board of directors for effective management.

In response to the above-mentioned illegal acts, the Xinjiang Supervision Bureau of the China Banking and Insurance Regulatory Commission imposed a fine of 1.5 million yuan on the Urumqi Rural Commercial Bank in accordance with Article 74 of the Commercial Bank Law of the People's Republic of China and Article 46 of the Banking Supervision and Administration Law of the People's Republic of China; Wang Haiyong was given a warning sanction and fined 100,000 yuan in accordance with Article 89 of the Commercial Bank Law of the People's Republic of China; and Zhou Jun was given a warning sanction and fined 70,000 yuan according to Article 48 of the Banking Supervision and Administration Law of the People's Republic of China.

Urumqi Rural Commercial Bank was established on January 16, 2017, formerly known as Urumqi County Rural Credit Cooperative Association. According to Tianyancha information, the major shareholder of Urumqi Rural Commercial Bank is Xinjiang Financial Investment Co., Ltd., with a shareholding ratio of 23.43805%, and Urumqi Xicheng Heat Co., Ltd. and Urumqi High-tech Industrial Development Zone Dacheng Industrial Co., Ltd. are also shareholders of the bank, with shareholdings of 17.36152% and 13.56514% respectively.