Core Viewpoint - The article discusses the alleged misconduct of former executives at Shanghai Jiao Tong University Angli Co., Ltd. (交大昂立), who are accused of misappropriating company funds through improper insurance transactions, resulting in significant financial losses for the company [2][10]. Group 1: Allegations of Misconduct - Five former executives, including the former chairman and president, are accused of using company funds to purchase insurance policies for themselves and subsequently cashing out the premiums into personal accounts, totaling approximately 16.94 million yuan (about 2.4 million USD) [2][5][9]. - The company has filed a criminal complaint against these executives for "damaging company interests" and has reported the case to the local police, although initial investigations did not lead to formal charges [2][4]. Group 2: Discovery of Irregularities - The irregularities were discovered during a self-audit initiated after a tax authority inquiry in November 2022, which revealed that the company had made significant insurance payments without proper documentation [4][5]. - The company found that in 2018 alone, it had made insurance payments totaling 12.84 million yuan (about 1.8 million USD) without corresponding insurance contracts, raising red flags about the legitimacy of these transactions [4][8]. Group 3: Lack of Compliance and Documentation - The company highlighted the absence of necessary approvals and documentation for the insurance transactions, including a lack of records from the compensation and assessment committee, board resolutions, and public disclosures [2][9]. - The former executives claimed that the insurance purchases and subsequent refunds were part of their compensation, but this assertion lacks legal backing as such remuneration requires board and shareholder approval [5][9]. Group 4: Legal and Regulatory Implications - Legal experts suggest that the actions of the former executives could constitute a breach of fiduciary duty, potentially leading to personal liability for the losses incurred by the company [11][12]. - The article also discusses the regulatory framework surrounding group insurance policies, indicating that refunds should typically be returned to the company rather than individual accounts unless specific legal procedures are followed [14][15].

Core Viewpoint - The case involves allegations against former executives of Shanghai Jiao Tong University Anli Co., Ltd. for misappropriating company funds through unauthorized insurance transactions, leading to a reported profit of 16.937214 million yuan for the executives [1][4][6]. Group 1: Allegations and Findings - The company reported that between 2016 and 2019, five former executives used company funds to purchase insurance policies and subsequently withdrew the premiums to their personal accounts without proper approvals [1][4]. - The company initiated a criminal report against the former executives for damaging company interests, but the local police declined to file a case, prompting the company to seek administrative review [1][2][3]. - The irregularities were first discovered in November 2022 when the finance department was notified by the tax bureau to self-examine insurance payments from 2018, revealing a total of 12.84 million yuan in insurance payments without corresponding policy contracts [2][3][4]. Group 2: Insurance Transactions - The company identified two significant insurance transactions: a 3.8 million yuan policy in 2016 and a total of 12.84 million yuan in 2018, both of which were later canceled, with the refunds directed to the personal accounts of the executives [5][6]. - The first transaction involved a group annuity insurance policy, where the executives were named beneficiaries, and the second involved a universal group pension insurance policy [5][6]. - The company emphasized that these transactions lacked necessary approvals from the compensation and assessment committee, the board of directors, and the shareholders' meeting, indicating a lack of transparency and compliance [7][8]. Group 3: Legal and Compliance Issues - Legal experts noted that the actions of the former executives could be seen as misappropriation of company assets, and if the company had knowingly allowed these actions to increase executive compensation, it could lead to regulatory violations [8][9]. - The insurance premiums should have been returned to the company's account, and transferring them to personal accounts without proper authorization raises compliance concerns [9][10]. - The incident highlights systemic flaws in the company's financial controls, contract management, and internal audit processes, which are not unique to this company but prevalent in the industry [8][10].

Core Viewpoint - The company is facing legal issues related to former executives who allegedly misappropriated company funds for personal insurance policies, leading to significant financial implications and potential criminal charges against those involved [2][5][12]. Group 1: Legal Issues and Developments - The company reported that the police decided not to file a case against the former executives involved in the alleged misconduct, prompting the company to apply for administrative review [2]. - The company has submitted new evidence, including a legal opinion from a law firm, indicating that the actions of the former executives may constitute embezzlement and violate laws regarding the misappropriation of company assets [2][12]. - The company filed a criminal report with the police on June 24, 2023, against five former executives for damaging company interests, which was accepted by the authorities [2][5]. Group 2: Background of the Company - Founded in December 1997, the company is a well-known player in China's health food industry and went public in 2021, focusing on health products and elderly care services [4]. - The company has undergone multiple changes in its controlling shareholders, with the latest change occurring in August 2022, when the controlling shareholder shifted to Shanghai Yunjian Industrial Development Co., Ltd. [4]. Group 3: Details of the Alleged Misconduct - Between 2016 and 2019, the former executives purchased group insurance policies using company funds and subsequently received refunds to their personal accounts, totaling approximately 16.93 million yuan [6][8]. - The first insurance contract was initiated in October 2016, with a payment of 3.8 million yuan made to Tianan Life Insurance, covering six individuals, including the former chairman and other key executives [6][8]. - The company discovered that there were no formal approval processes or documentation supporting the insurance purchases, raising significant compliance concerns [7][12]. Group 4: Evidence and Findings - The company conducted an internal review following a request from the tax bureau, which led to the discovery of irregularities in the insurance payments made in 2018 [10][11]. - Independent third-party reports have indicated that the actions of the former executives violated company regulations and relevant laws, further supporting the company's claims against them [11][12].

Core Viewpoint - The company, Jiao Da Ang Li, has reported criminal actions against five former executives for allegedly harming the company's interests by using company funds to purchase group insurance and subsequently refunding the premiums to personal accounts [1][2][3]. Group 1: Background of the Incident - The five former executives involved are Yang Guoping, Zhu Minjun, Lou Jianying, Li Hong, and Li Kangming, who held various senior positions in the company from 2016 to 2019 [5][6]. - The company filed a criminal report with the Shanghai Public Security Bureau, transitioning from a civil lawsuit to address the alleged criminal behavior discovered during the civil proceedings [3][16]. Group 2: Details of the Insurance Transactions - The first group insurance policy was taken out in October 2016 with a total premium of 3.8 million yuan, and the beneficiaries included the five former executives [6][12]. - In November 2017, the company applied for a refund of the insurance premium, which was directly returned to the personal accounts of the five executives, totaling 1.0936 million yuan [14][17]. - A second insurance policy was purchased in 2018 for a total of 12.84 million yuan, which was also refunded to the personal accounts of the same executives in January 2019 [14][15]. Group 3: Company’s Response and Findings - The current management, led by Ji Lin, discovered these irregularities during a self-audit prompted by a tax authority inquiry into the insurance premiums [20][21]. - The management found no records of board resolutions or approval processes for these transactions, raising concerns about their legality [16][20]. - Legal experts noted that using group insurance to refund premiums to executives' personal accounts is an unusual practice and could indicate potential misconduct [18][21].