Recently, the judgment document network disclosed a civil judgment. The judgment shows that a 69-year-old lady in Guangzhou added leverage to speculate in stocks, and CITIC Construction Investment Securities granted a credit of 66 million yuan of two financing lines, after which the old man did not make up the position as required, and the account was forced to be liquidated by CITIC Construction Investment. After the liquidation, the old man still owed more than 10 million yuan to CITIC Construction Investment Securities.
Around the issue of the recovery of arrears, the old man and CITIC Construction have fought many lawsuits.
The securities company involved, CITIC Construction Investment, clarified on the evening of the 23rd that the company carried out margin financing business with customers mentioned in media reports in March 2017, and the company conducted due diligence in strict accordance with the relevant regulatory rules of the margin business, and the customer's trading experience, trading assets, integrity status, risk assessment results, etc. all met the conditions for margin access.
According to CITIC Construction Investment, the customer's credit account fell below the contractual pursuit line in February 2018 and failed to replenish the collateral in a timely manner, and failed to satisfy all the claims after compulsory liquidation. In order to protect the safety of the company's assets and safeguard the rights and interests of shareholders, the company claimed claims from the relevant judicial organs in accordance with the law, and this case is now in the process of enforcement.
The old man was granted a credit of 66 million stocks, and after the explosion, he owed more than 10 million yuan
The old man involved is named Su Moufu, born in 1953, living alone, childless under his knees, and his monthly pension is 10,010 yuan. On 22 March 2017, she signed the Margin Business Contract with CITIC Construction Investment, which provided her with a total credit line of RMB66 million.
The contract stipulates that when su Moufu's maintenance guarantee ratio is lower than the recovery line (130%) and the minimum line (110%) is above, the credit account enters the post-guarantee state, and CITIC Construction Investment will issue an additional collateral notice to Su Moufu by email or mobile phone message or telephone before 9:00 a.m. on the next transaction, and Su Moufu should add collateral within T+1 day.
Otherwise, CITIC Construction Investment has the right to start the forced liquidation procedure on T+2. If the maintenance guarantee ratio calculated in real time on any trading day or after the day-end liquidation of Su Moufu's credit account is lower than the minimum line (110%), CITIC Construction Investment has the right to immediately start the compulsory liquidation procedure.
After the signing of the above agreement, Su Moufu integrated funds through margin hedging transactions. According to the "Credit Account Statement of the Credit Account of the Financing Margin Trading Node of CITIC Construction Investment Securities Co., Ltd." submitted by CITIC Construction Investment Co., Ltd., Su Moufu's financing credit line, margin credit line and total credit line are all 66 million yuan. A number of financing liabilities occurred between 28 March 2017 and 31 March 2017, and the contract expiry date was from 28 March 2018 to 31 March 2018. As of February 1, 2018, the maintenance guarantee ratio was 1.28, and the total liabilities and financing liabilities were 33355176.80 yuan.
On February 1, 2018, CSCI sent a message to Su Moufu stating that as of February 1, 2018 (T day) liquidation, Su Moufu's credit account maintenance guarantee ratio was less than 130% (the pursuit line), requiring Su Moufu to transfer collateral or repay margin liabilities on February 2, 2018, so that the credit account maintenance guarantee ratio reached or exceeded 130% after liquidation on that day (T+1 day); otherwise, CITIC Construction Investment has the right to forcibly liquidate Su Moufu's credit account so that the maintenance guarantee ratio reaches more than 145%. Su Moufu's credit account is calculated in real time on any trading day or the maintenance guarantee ratio after day-end liquidation is less than 110%, and CSCI has the right to immediately liquidate the credit account, so that the maintenance guarantee ratio reaches more than 145%.
On February 2, 2018, since su Moufu's credit account maintenance guarantee ratio was less than 130% (the pursuit line), CSCI notified Su Moufu to transfer the collateral or repay the margin debt by February 5, 2018. By February 5, 2018, Su Moufu had failed to add collateral or repay debts, and the maintenance guarantee ratio of his credit account had fallen below the lowest line. On February 5, 2018, CITIC Construction Investment began to liquidate the shares in Su Moufu's credit account, and after the completion of the compulsory liquidation, some of Su Moufu's margin debts had not been repaid.
CSCI therefore applied to the Beijing Arbitration Commission for arbitration. On May 31, 2019, the Beijing Arbitration Commission rendered the (2019) Beijing Arbitration Zi No. 1118 Award, ruling that Su Moufu should repay the financing principal of RMB10.2644 million and overdue interest of RMB350,000, penalty interest and arbitration fees to CITIC Construction Investment.
Claiming to be ill, he is believed to have resold the property at a low price
On the issue of compensation for the final debt of more than 10 million yuan, the old man and CITIC Construction Investment fell into a tug-of-war.
According to the defense of the elderly Su Moufu, the property under his name is only a monthly pension of 10,010 yuan, and he has been diagnosed with malignant tumors, aged 66 (2019), relying on pensions to maintain basic life. But the court froze her pension account.
In addition, in the process of court enforcement, a property under Su Moufu's name was also the focus of disputes.
According to the judgment, Su Moufu owned a property with an area of 55.6 square meters in Yuexiu District, Guangzhou. At the beginning of February 2018, Su Moufu transferred the property to his sister Su Mouli for a total price of 1.414 million yuan, with a unit price of 25412.68 yuan / ㎡, and completed the transfer on February 7. On February 15, Su Mouli paid the first installment of 600,000 yuan, and the remaining house payment of 814,000 yuan was paid in monthly installments without interest, a total of 163 installments, each period of 5,000 yuan.
CITIC Construction Investment believes that the lowest online listing price in the community where the house involved in the case was located in 2018 was 50,000 yuan / ㎡, and the transfer price of the house involved in the case was an obviously unreasonable low price according to law. Su Mouli and Su Moufu are close relatives, aware of Su Moufu's huge debts to CITIC Construction Investment, and the purpose and reason for Su Moufu's transfer of real estate at an obviously unreasonable low price should be clearly known, Su Mouli is actually assisting Su Moufu in transferring property.
In this regard, according to Su Mouli's defense, she was not aware of the business transactions between Su Moufu and CITIC Construction Investment. Su Moufu said that he sold the property involved in the case in order to pay for treatment and maintain his old age, and there was no subjective intention to transfer the property maliciously.
However, CITIC Construction Investment believes that the real estate belongs to the school district housing, the location is superior, and the lowest price of the online listing in the community where the house involved in the case is located in 2018 is 50,000 yuan / ㎡, which is an obviously unreasonable low price according to law. Su Mouli and Su Moufu are sisters, which should be regarded as knowing that Su Moufu's huge debts to CITIC Construction Investment have not been paid, and after Su Moufu transferred the property, the house was still occupied by Su Moufu and did not have to pay rent, which was unreasonable. Therefore, CITIC Construction Investment believes that Su Mouli is actually assisting Su Moufu in transferring property. Request to revoke Su Moufu's transfer of real estate.
In response, the applicant for enforcement replied that the funds in the account frozen by the court did not belong to the "necessary living expenses" of the judgment debtor Su Moufu. In February 2018, Su Moufu transferred a property with an area of more than 55 square meters and a value of at least 2.5 million yuan. Moreover, the funds actually controlled by the court are only more than 10,000 yuan.
As for Su Moufu's claim that he had cancer, according to the medical records submitted by him, his illness had been cured in 2018, and according to Su Moufu's monthly pension and his disposal of real estate, his life should be relatively superior, and there was no lack of necessary living expenses, nor did he provide evidence to prove that the cured disease required additional living expenses.
The court finally rejected the reconsideration application of the reconsideration applicant Su Moufu, upheld the original judgment, revoked the house sale and purchase agreement, and resumed registration in Su Moufu's name, and the property under his name continued to be frozen.
Editor-in-charge: Tactical Constant