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Jimu News reporter Chai Jing

On August 16, the administrative penalty information disclosure table of the Hubei Regulatory Bureau of the State Financial Supervision and Administration showed that Bocom International Trust Co., Ltd. was fined 1.2 million yuan for multiple illegal and irregular behaviors.

Specifically, the main illegal and irregular facts of Bocom International Trust Co., Ltd. include: illegally implementing rigid redemption for risky projects; failing to perform due diligence in post-loan management, resulting in the illegal flow of trust loan funds into prohibited areas; extensive data security management posing risks; an imperfect data governance system, and omissions and misreporting in regulatory reporting data.

In accordance with Article 21 and Article 46 of the "Banking Supervision and Administration Law of the People's Republic of China" and relevant prudent operation rules, the Hubei Regulatory Bureau of the State Financial Supervision and Administration imposed an administrative penalty of 1.2 million yuan on Bocom International Trust Co., Ltd.

Jimu News reporter noticed that in response to this administrative penalty, Bocom International Trust Co., Ltd. issued an announcement. The announcement shows that recently, the company received the "Administrative Penalty Decision" (Ejinjian Penalty Decision [2024] No. 98) sent by the Hubei Regulatory Bureau of the State Financial Supervision and Administration Bureau. The amount of the penalty is RMB 1.2 million. The trustee/beneficiary can check the website of the Hubei Regulatory Bureau of the State Financial Supervision and Administration Bureau for relevant content. In order to prudently and comprehensively implement the trustee's duties, the above situation is hereby notified to the trustee/beneficiary. The company will continue to fulfill its obligations of honesty, credit, prudence and effective management, attach great importance to the problems pointed out by the regulator, and strictly implement rectification in accordance with the regulatory requirements.

Bocom International Trust Co., Ltd. was established in June 1981. In May 2007, with the approval of the China Banking Regulatory Commission, the company implemented a strategic reorganization. The company focuses on the four pillar businesses of "trustee services, asset management, wealth management, and private equity". The official disclosure of the 2023 annual report consolidated income statement shows that in 2023, Bocom Trust achieved a total operating income of 1.69 billion yuan, a year-on-year decrease of 13.29%; net profit of 771 million yuan, a year-on-year decrease of 18.19%.

(Source: Jimu News)

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