From November 2011 to August 2015, Kunming Pan-Asia Nonferrous Company set off an upsurge in the investment market. The lack of regulation and human greed made it impossible for 220000 investors in more than 20 provinces to recover 43 billion yuan from 220000 investors in more than 20 provinces after years of frenzied Ponzi scheme.
Chairman and General Manager (President) Shan Jiuliang discussed and planned with the competent personnel Guo Feng and Wang Biao, in violation of the state financial management laws and regulations, to carry out the "entrusted delivery fiduciary Declaration" and "entrusting entrusted" business in the name of financing and financing of rare metals. Publicize it to the public, promise to pay a fixed return, induce the public to invest and absorb a huge amount of public deposits in disguise. In addition, Shan Jiuliang and Yang Guohong are in management and management.
During the period of Kunming Pan-Asia Nonferrous Company, the property of the unit shall be illegally occupied by the company alone or jointly at the convenience of its position.
After the incident, the public security organs made every effort to carry out the recovery of assets involved in the case, seizing, and freezing the metal and other property involved in the case in accordance with the law, and the recovery of the property involved in the case is still in progress.
On March 22, 2019, the Intermediate people's Court of Kunming City, Yunnan Province, delivered a judgment of first instance on the case of illegal absorption of public deposits and embezzlement by 21 defendants, including Kunming Pan-Asia Nonferrous Metals Exchange Co., Ltd., and Shan Jiuliang. Make a corresponding judgment in accordance with the law.
Pan-Asia finally opened the trial, which in any case gave former investors hope, but how much money from 220000 investors can still be recovered is unknown.
Although the Fanya case has been convicted, the disposal of the metals involved in the case is continuing. SMM believes that due to the large remaining stocks before Fanya, it has a certain influence on small metals. The price trend of some small metals in the market is greatly affected to a certain extent. At present, what attracts the most attention is the color of nearly 70,000 tons, including indium, germanium, tungsten, bismuth, gallium, cobalt, silver, vanadium, antimony and so on.
Metal, where did you go after the verdict? Among these small metals, the largest proportion are indium and tungsten, which are the dominant minerals in China. They have been plagued by low prices for many years, and prices did not improve until last year. When these assets are liquidated, the impact on the market is bound to be great. Prior to this, the Intermediate people's Court of Kunming City, Yunnan Province, has already held an auction on the Internet auction platform, auctioning the finished product indium separately.
7.6 tons of ingots and 27.04 tons of indium ingots. Subsequently, it was found that both batches of auctions had been sold out. The auction also caused quite a stir in the industry. The flow of nearly 70, 000 tons of small metals to SMM is unknown, and SMM will continue to follow up.
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