CES Finance Holdings RMB0.2bn 'Disappeared'
By Ke Zhixiong, 21st Century Business Herald | Jun. 24, 2006
23th June, when the Shanghai Stock Exchange index came back to above 1600 points with struggling, China Eastern couldn't share the pleasure of the booming market. Several months ago, 0.2 billion guaranty money "disappeared" curiously from the account of CES Finance Holdings Co., Ltd (known as CES Finance Holdings in short). CES Finance Holdings is the subsidiary company of China Eastern, its guaranty money in managing capital account had exceeded more than 0.3 billion yuan in the past.
One man approaching Shanghai Securities Management Bureau told the reporter, CES Finance Holdings filed an application material the other day. According to the material, which was originally issued to the State-owned Assets Supervision and Administration Commission of the State Council, China Eastern Group and some organizations such as Shanghai Branch of the State-owned Assets Supervision and Administration Commission, The Securities Association of China, CES Finance Holdings said, "It demanded that Guotai Junan Securities should correct the action of purchasing and selling securities deals against the trust of its customer while CES Finance Holdings also demanded that Guotai Junan Securities should correct the action of confining its customer to transferring about 0.2 billion yuan securities transaction funds freely." (Translation: CARNOC - Tao Mengping)