AutoBeta(AutoBeta.net)06/15 Report--

After six months of investigation, the Central Commission for discipline Inspection finally gave the final result on Qi Yumin, former party committee secretary and chairman of brilliance Automobile Group Holdings Co., Ltd., suspected of serious violations of discipline and law. According to the Liaoning Provincial discipline Inspection Commission, Qi Yumin, former party committee secretary and chairman of brilliance Automobile Group Holdings Co., Ltd., was expelled from the party, according to the Liaoning Provincial discipline Inspection Commission, according to the website of the Central Commission for discipline Inspection on June 15.

After investigation, Qi Yumin involved a total of nine charges: loss of ideals and beliefs, disregard of party discipline and state law, confrontation with organizational censorship; violation of the spirit of the eight regulations of the Central Committee, acceptance of gifts that may affect the fair performance of official duties, illegal provision and use of official vehicles Make decisions on major issues in violation of the rules of procedure, conceal and fail to report personal matters, fail to truthfully explain the problems in organizing letters, use their powers and powers to seek benefits for others in the selection and appointment of cadres, borrow money from management and service objects, run enterprises in violation of regulations, take part-time pay in violation of regulations, engage in money and sex deals, dereliction of duty on the problem of false profits of brilliance Group, dereliction of duty on the part-time basis of spouses and children. Make use of the convenience of position to seek benefits for others and to solicit and illegally accept property; take advantage of the convenience of position to misappropriate public funds to others for profit-making activities; abuse of power causes serious losses to state-owned companies, resulting in heavy losses to national interests.

Qi Yumin seriously violated the party's political discipline, organizational discipline, incorruptible discipline, work discipline and life discipline, which constituted illegal duties and suspected crimes of bribery, misappropriation of public funds, and abuse of power by personnel of state-owned companies. and after the 18th or 19th CPC National Congress still did not rein in, do not stop, the nature is bad, the circumstances are serious, should be seriously dealt with. In accordance with the regulations on Communist Party of China Disciplinary Action, the Supervision Law of the people's Republic of China, and the Law of the people's Republic of China on Administrative punishment of Public officials, after being studied by the standing Committee of the Provincial discipline Inspection Commission and submitted to the Provincial Party Committee for approval, it was decided that Qi Yumin should be expelled from the Party; cancel his treatment in accordance with the regulations; and confiscate his illegal income from violation of discipline. The suspected crime shall be transferred to the procuratorial organ for examination and prosecution in accordance with the law, and the property involved shall be transferred together.

According to official data, Qi Yumin was born in January 1959, went to work in August 1982 and joined Communist Party of China in September 1985. In December 2005, Qi Yumin, then vice mayor of the people's Government of Dalian City, Liaoning Province, was appointed as chairman, president, and party secretary of brilliance Automobile Group Co., Ltd. at that time, brilliance Automobile Group had lost money for three consecutive years and was in the aftershock of the Yangrong incident. "it was sudden, tragic, ignorant and helpless to get the transfer order," Qi Yumin said in an interview many years later.

After taking office, in order to reverse the situation of serious losses of brilliance Group, Qi Yumin lowered the price of brilliance Chinese brand models, of which the Zhonghua Zunchi on sale was reduced by up to 40, 000 yuan, and the new model Junjie also went off the line two months ahead of schedule, priced within 100000 yuan. Brilliance's official decline has directly promoted sales growth. Brilliance China sold more than 200000 vehicles in 2006, an increase of 71.4% over the same period last year. Brilliance China sales continued to rise in 2007 and turned a loss into a profit. However, this move has also been questioned, although increased sales, but a serious decline in brand premium, driving down the brand image.

In May 2008, China Junjie FRV officially listed, followed by the launch of Junjie Wagon, Junjie CROSS, Junjie FSV, Chinese new product series H530, H230, H330, brilliance China wants to use price advantage to win the market, but the facts have proved that the price for quantity can only be popular for a while.

When brilliance V3 officially went public in 2015, Qi Yumin set a goal: China V3 will be a changer of China's small SUV market; brilliance will rank among the world's top 500s in 2018, and brilliance sales will reach 30 billion yuan by 2020; however, brilliance V3 has failed to complete Qi Yumin's sustenance, with cumulative sales of 36000 and 13000 vehicles in 2017 and 2018, respectively, halving from the same period last year.

On April 1, 2019, brilliance Automobile Group held a cadre meeting and announced Yan Bingzhe, former vice mayor of Shenyang City, Liaoning Province, as party committee secretary and chairman of brilliance Automobile Group holding Co., Ltd. at the same time, Qi Yumin will no longer serve as party committee secretary and chairman of brilliance Automobile Group holding Co., Ltd because of his age. After Qi Yumin officially retired, he responded to his career with the words "past zero, love and hate at will".

On November 20, 2020, the Shenyang Intermediate people's Court ruled to accept the creditor's application for the reorganization of brilliance Automobile Group Holdings Co., Ltd., which also means that the independent car company has officially entered the bankruptcy reorganization process. The ruling shows that brilliance Group has the situation that its assets are insufficient to pay off all its debts, and it has the bankruptcy reasons stipulated in the enterprise bankruptcy law, but at the same time, the group has the value and possibility of rescue, and the necessity and feasibility of reorganization. On December 4, 2020, the Supervisory Commission of Liaoning Provincial discipline Inspection Commission announced that Qi Yumin, former party committee secretary and chairman of brilliance Group, was suspected of serious violations of discipline and law and was currently under disciplinary review and supervision investigation. At this time, it is only more than a year since his retirement and only 15 days since brilliance's restructuring.

Data show that brilliance Group is a large vehicle manufacturing enterprise controlled by Liaoning SASAC, and its main business income is vehicle manufacturing. Brilliance Group directly or indirectly controls and participates in four listed companies, and through its listed company brilliance China and BMW jointly established brilliance BMW. At present, brilliance Group has three independent brands of China, Golden Cup and Huasong and two joint venture brands of brilliance BMW and Huachen Renault.

Brilliance Group relies too much on the profits of brilliance BMW and continues to lose money in its own business. Other businesses such as brilliance China's own brands lost 864 million yuan in 2019 and 340 million yuan in the first half of 2020. According to the semi-annual report of brilliance Group, the total liabilities at the group level are 52.376 billion yuan, with an asset-liability ratio of more than 110%. In order to solve the debt problem, the bank debt committee of brilliance Group was set up to strive for debt reconciliation, but so far to no avail.

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