Wednesday, August 27, 2008

董事罰返學

不要以為人人都可以做董事,因為他們肩負為企業持續發展、為股東謀求最大利益的使命,或許有些上市公司付給董事的薪酬和津貼,以及袍金,實在是微不足道,但責任始終無變。

港交所(388)旗下創業板上市委員會,剛剛公開譴責了雅高企業(8022)、該集團非執行董事兼主席(之前任執行董事)王華生、執行董事王敏超,以及前執行董事楊偉雄,皆因他們均未有就多項關連交易作披露或事先獲股東批准。

事情是這樣的,雅高企業的關連人士藝高康體發展,03年與南京全民健身中心訂立一份業務經營協議,藝高康體發展一旦失責,將被罰款500萬元(人民幣,下同),並須就任何實際損失承擔責任。但有趣的是,雅高全資附屬公司卻擔任藝高康體發展的擔保人。

同年,藝高康體發展及藝高康體(南京)借600萬元,但竟然又由雅高另一間非全資附屬公司南京雅高作為擔保兼提供抵押品。這兩件事的共通點,就是萬一藝高康體發展隨時將責任轉嫁予擔保人,即雅高企業時,雅高的股東便無端承擔了不明不白的責任。

更慘烈的是,04年7月,南京雅高向中國光大銀行借1,200萬元人民幣,但不足一周,南京雅高卻向藝高康體南京提供貸款,同樣為1,200萬元人民幣。該公司解釋,將該筆貸款轉借予藝高康體南京的條款與利率,與其所借條款大致相同。這還不止,南京雅高向交通銀行(3328)借500萬元,其後向藝高康體南京分別授出貸款200萬元及300萬元,即又等於500萬元。

雅高還透過非全資附屬,向藝高康體南京墊支貸款合共約570萬元。但雅高確認有關貸款無計取利息,更無固定還款期。見到這種場面,可見小股東的利益如何受損,而這些公司管理層究竟是不熟悉財務,抑或有心亂用寶貴的股東資源呢?在有關交易中,的確可能不涉及支出,但相信一般商界人士也會明白,幫人借錢,代表自己的負債也會相應提升,可供貸款擴充業務的空間就會縮減,而提供無利息的貸款,就更差不多等於將股東資金拋落海,而若果人家不履行還款責任,那麼雅高的財政狀況會否惡化呢?禤中怡也想向他們借些少幫補幫補。

港交所裁定王華生及王敏超須在6個月內,完成修讀香港董事學會或其他認可合規及企業管治培訓課程至少24小時,並須出示出席上課憑證等。楊偉雄想再做上市公司董事,也要完成修讀有關課程,算是十分輕微的懲罰。

不要以為只是偶一為之,原來雅高及有關人士於06年曾有一宗須予披露交易,竟遲了半年才披露,因而被港交所公開譴責,故今次再發現管理混亂,投資者值得警惕。

(8月27日刊於《am730》)

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