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Sunshine Private Equity's 1.252 billion yuan in deposits lost: a warning bell for fund supervision

2024-08-16

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Recently, an incident involving the loss of a huge amount of deposits of a sunshine private equity fund has attracted widespread attention. According to reports, the 1.252 billion yuan deposit of a sunshine private equity fund company in Chang'an Bank was almost all transferred away in a short period of time, leaving only 86,000 yuan, and the legal representative of the fund, the custodian broker and investors all said they were unaware of this.

This incident not only exposed the major loopholes in the fund management of the private equity industry, but also once again sounded the alarm for fund supervision. As an important part of the financial market, the security and compliance of the funds of sunshine private equity funds are directly related to the vital interests of the majority of investors. However, this deposit loss incident has raised questions about the fund supervision capabilities of private equity funds.

It is understood that the private equity fund company signed an "Agreement Deposit Contract" with Chang'an Bank, depositing funds into the bank's designated private equity fund account and agreeing on strict fund security clauses. However, in actual operation, these clauses have not been effectively implemented. The bank said that the private equity fund company applied for online banking services in the subsequent process and transferred funds accordingly. However, this operation obviously violated the initial agreement between the two parties and failed to be effectively supervised by the fund manager and the custodian broker.