【Haichuan Chemical Salary Updates】The chairman of Baota Petrochemical is suspected of criminal offenses
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At 3 p.m. on November 16, during the group’s high-level leadership meeting held in the multi-functional hall on the 4th floor of the Ningxia Baota Petrochemical Building, the public security authorities informed the meeting that Sun Hengchao, the chairman of the board of directors of Baota Petrochemical Group, which is the company’s controlling shareholder, and the actual controller of the company, was under suspicion of committing criminal offenses. In 2018 alone, Baota Petrochemical Group was listed as a party that fails to fulfill its obligations by courts in Shijiazhuang, Hangzhou, Cixi, Xi’an and other places on seven occasions. Sun Hengchao himself also had 3 records of being listed as a \"deadbeat debtor\" in 2018.
On the Supreme Court’s platform for information on persons subject to enforcement actions, Baota Petrochemical Group Co., Ltd. now has an entry indicating that it is a party that fails to fulfill its obligations. The court responsible for enforcing these actions is the Cixi People’s Court. The legal document governing the enforcement action is numbered (2018) Zhe0282 Min Chu 2707; the case was filed on August 27, 2018, and its case number is (2018) Zhe0282 Zhi 5024. The entity that issued the legal document governing the enforcement action is the Cixi Court in Ningbo.
In the petrochemical and refining industry, there are likely many design firms, suppliers, and construction companies that have been deceived by Baota. Baota’s Ningxia Hehua Refining Complex, Zhuhai Refining Project, and Kuishan Refining Project in Xinjiang were all established through fraud, using customers’ funds for its own purposes. There are also many lawsuits related to internal employees being deceived in fundraising efforts.
Are the projects in Kuishan, Xinjiang, Xinjiang Pagoda, and Zhuhai Pagoda all scams? !
Kuishan, Xinjiang – the Xinjiang Pagoda is actually a project related to the Kuishan Pagoda in Xinjiang; it involves a 5 million-ton atmospheric and vacuum distillation unit, a tank farm, and a power plant. Construction began in 2012, but it still hasn’t been completed to date. Five or six different construction companies have been involved, with each one cheating the previous one before being replaced, and as of now it remains an unfinished project. The contractor deceived everyone, including its own employees, by raising funds at an internal annual interest rate of 18%, and now there are numerous lawsuits over unpaid wages. The situation with Zhuhai Pagoda is similar; it has now been sold to another party.
Ah, such companies had better close down early; it’s not right to come out and deceive people.