Founder company recently released board minutes stating that “Due to tightened cash flow, as of 2 Dec 2019, the company is unable to meet its obligatory debt payments… Currently, there are still 23 outstanding payments issued under Founder company, with nine bond payments due within the next 1-3 years, amounting to an approximate cash value of 11.75 billion CNY, the company is under huge pressure to meet its debt payments.
Founder company has assets valued around a trillion CNY. The company has held business in Information technology, medical equipment and medicine, real estate, financial services, commodity trading unit, and other export-import services. The Founder has been operating at a loss for a few years. Their core business has a collective operating loss of 15.6 billion CNY for the past four years. In order to keep the company balance sheet afloat, Founder sells its prime assets to negate this huge loss. Credit rating for Founder has downgraded 2 tiers from AAA to A upon review of recent financial troubles.
Mr. Miles Guo claimed a few years ago in the video below, that Founder corp is a cash cow and serves as a proxy owned by A few powerful CCP kleptocrat families. “The owners of the company have powerful networks and backgrounds,” said Miles in 2018 in a live stream video. He continues on: “Founder company has a complicated shareholding structure, with many shareholders serving as interest proxies for CCP kleptocrats. Li You initially serves as a proxy for He Guo Qiang, then for the Jiang family and also Bejing University. Also, there are stakes held by current standing committee members in CCP through proxies that I cannot disclose.”
It is evident from this incident that such an “Emperor” level company owned by multiple CCP families now has a negative balance sheet where its debt outweighs its assets and its credit rating has also been downgraded to a single A. This proves that under CCP control, with management methods of faking, bloating, snatching, robbing, cheating, there will be more breaking news to come similar to this incident. Stay patient, wait and see, the house always wins, and the truth will eventually surface.
Translator: Eurodollars & Yuma.