沐雪巴菲特一号纠纷系列报道之一 Mu snow buffett one dispute is one of the series

　　本报记者

Our reporter

　　杨光 曹乘瑜 黄莹颖 高改芳

Yang guang by zhou yu cao Huang Yingying high aromatic instead

　　因为合伙人之间的利益纠纷，一只名为“天信沐雪巴菲特一号证券投资集合资金信托计划”(以下简称沐雪巴菲特一号)的结构化阳光私募产品，成立仅66天就提前终止，其投资顾问甚至涉嫌诈骗而被警方控制。经中国证券报记者调查，该事件是由投资顾问和出资人之间的纠纷所致，凸显了当前有限合伙制私募的行业乱象。

Because the interests of the disputes between partners,A named"Day letter mu snow buffett, a securities investment trust plans of assembled funds"(Hereinafter referred to as mu snow buffett. 1)Structured sunshine private products,Terminate 66 days alone,Its investment advisers and even was controlled by the police on suspicion of fraud.By the China securities journal reporter investigation,The incident is caused by disputes between investment advisers and investors,Highlight the current chaos of limited partnership private equity industry.

投资顾问涉嫌欺诈 Investment adviser fraud

　　根据天津信托2月20日的公告，2013年2月1日，天津信托启动的受益人大会上，仅仅成立66天的结构化产品——“天信沐雪巴菲特一号证券投资集合资金信托计划”被提前终止。

According to the tianjin trust's announcement on February 20,On February 1, 2013,Tianjin trust start the benefit of the people's congress meeting,Only 66 days of structured products --"Day letter mu snow buffett, a securities investment trust plans of assembled funds"Be early termination.

　　据信托业内人士介绍，信托计划中的结构化产品，通常分为优先级和次级，次级资金通常由阳光私募提供实际出资，优先级资金则来自于券商或者银行。优先级资金的收益固定，次级资金则负责承担损失，产品通常设置止损线，信托负责监测到净值跌到止损线以下时则对产品实施清盘。天津信托的公告显示，沐雪巴菲特一号的总规模为6亿元，出资双方中的优先级委托人为中国银行(601988,股吧)上海分行，次级委托人为深圳凯雷股权投资基金合伙企业（以下简称“深圳凯雷”），投资顾问是江苏沐雪信息科技有限公司（以下简称“江苏沐雪”）。

According to the trust in the industry,The trust plans of structured products,Usually divided into priority and secondary,Subprime funds often provided by sunshine private actual investment,Priority funding comes from brokers or Banks.Priority fixed income funds,Subprime funds is responsible for the loss,Products are usually set the stop loss line,Trust is responsible for monitoring to net worth fell to stop implementation of liquidation of product below.Announcement of the tianjin trust,Soak up the snow buffett 1 total is RMB 600 million,For both sides of the priority to entrust bank of China(601988,stocks)Shanghai branch,Secondary entrust shenzhen Carlyle equity partnership(Hereinafter referred to as the"Shenzhen Carlyle"),Investment adviser is jiangsu mu snow information technology co., LTD(Hereinafter referred to as the"Jiangsu mu snow").

　　中国证券报记者查阅的工商资料显示，深圳凯雷作为一家有限合伙企业，有两位执行合伙人——深圳沐雪股权投资管理有限公司（以下简称“深圳沐雪”）和广东鸿远能源投资有限公司（以下简称“广东鸿远”）。资料还显示，深圳沐雪和江苏沐雪的实际控制人为同一人，而广东鸿远与另一家企业“湖北精九投资股份有限公司”（以下简称“湖北精九”）则同为深圳凯雷的出资方。江苏沐雪认为，广东鸿远和湖北精九是一致行动人。

The China securities journal reporter refer to the industrial and commercial data shows,Shenzhen Carlyle as a limited partnership enterprise,Two, managing partner at mu snow equity investment management co., LTD. - shenzhen(Hereinafter referred to as the"Shenzhen mu snow")And guangdong hong far energy investment co., LTD(Hereinafter referred to as the"Guangdong hongxing far").Data also showed that,Shenzhen mu snow and the actual control of jiangsu mu snow man the same person,Guangdong hongxing far with another company"Hubei jing nine investment co., LTD"(Hereinafter referred to as the"Hubei jing nine")As Carlyle stakeholders in shenzhen.Jiangsu mu snow think,Guangdong hongxing far and hubei fine nine is consistent action.

　　导致沐雪巴菲特一号终止的原因，即广东鸿远、湖北精九与江苏沐雪之间的纠纷。

The cause of mu snow buffett one end,The guangdong hongxing far/Hubei jing disputes between nine and jiangsu mu snow.

　　根据江苏沐雪给中国证券报提供的一份《致全体投资人的函》，表示沐雪巴菲特一号并非只有江苏沐雪一家投资顾问，2012年10月12日，江苏沐雪聘请湖北精九和广东鸿远为沐雪巴菲特一号部分信托资产的投资顾问。江苏沐雪在《致全体投资人的函》中称，在管理资产单元期间，湖北精九多次违反合同规定，涉及上市公司的内幕交易和不实公告，因此，江苏沐雪于2013年1月25日发函暂停湖北精九的投资顾问资格。

According to the jiangsu mu snow to provide a China securities journal[To all the investors],Said one not only in jiangsu mu mu snow buffett snow an investment consultant,On October 12, 2012,Jiangsu mu snow essence of hubei and guangdong nine retained hong far for mu snow buffett one part of the trust assets investment adviser.Jiangsu mu snow in[To all the investors]According to the,During the asset management unit,Hubei jing nine times in violation of the provisions of the contract,Involved in the insider trading and false announcement of listed companies,so,Jiangsu mu snow in January 25, 2013, sent a letter to suspend the hubei fine nine investment consultant qualification.

　　由于记者未能联系到湖北精九和广东鸿远，无法证实江苏沐雪所言是否属实。根据天涯论坛上一篇名为《沐雪巴菲特一号，天津信托的耻辱》文章，文中以类似湖北精九和广东鸿远的口吻指控，发现公司账户上的1.4亿元被分别拆借给多个身份不明的自然人账户上，于是以诈骗案举报江苏沐雪。天津信托2月5日的公告显示，江苏沐雪因涉嫌诈骗，已被湖北警方立案，其法定代表人及相关重要人员已被湖北警方控制。

Because could not essence of hubei and guangdong nine hon,Unable to confirm whether jiangsu mu snow said is true.According to a paper entitled on tianya BBS[Mu snow buffett. 1,Tianjin trust disgrace]The article,Similar to illustrate the essence of hubei and guangdong nine hong far tone charges,Found company account on more than 140 million yuan were respectively lending to unidentified individual account,So in order to report fraud jiangsu mu snow.Tianjin trust on February 5th announcement,Jiangsu mu snow on suspicion of fraud,Has been in hubei police put on record,The legal representative and related important personnel has been hubei police control.

　　江苏沐雪称，“湖北精九捏造事实诬告江苏沐雪公司，并伙同广东鸿远以江苏沐雪公司被刑事立案为由，未经深圳凯雷全体合伙人大会授权，非法使用深圳凯雷公章向天津信托要求提前终止天信一号（即沐雪巴菲特一号）信托计划，企图利用非法手段从信托计划中抽逃资金，毁灭其借用信托资产进行关联交易和洗钱的证据。”

Jiangsu mu xue said,"Hubei fine nine fabricated false accusation jiangsu mu snow company,And engage in guangdong hong far citing jiangsu mu snow company was criminal prosecution,Shenzhen Carlyle all the partners assembly without being authorized,The illegal use of Carlyle's official seal in shenzhen to tianjin trust request early termination letter one day(The mu snow buffett. 1)The trust plans,In an attempt to use illegal means to flight of capital from the trust plan,Destroy the borrow the trust assets related transactions and the evidence of money laundering."

　　中国证券报记者一直与湖北精九和广东鸿远联系采访，但没有成功。记者根据湖北工商行政管理局登记信息，拨打了湖北精九投资有限公司法人代表鲜栗留下的电话，但电话接通后，对方称“自己与湖北精九并无关系。”而广东鸿远没有公司网站，记者也并未找到相关电话。

The China securities journal reporter has been contact the essence of hubei and guangdong nine hong far interview,But didn't succeed.Reporter according to hubei province administration for industry and commerce registration information,Dial the hubei fine fresh chestnut nine investment co., LTD legal representative left by phone,But after the telephone connected,The other said"Myself and hubei fine. There is no relationship."Guangdong hong is far from the company's web site,Reporters also did not find relevant telephone.

　　记者又致电天津信托，其办公室工作人员表示，能够透露的全部信息在其公告里，如果要了解信托流程才可以联系该项目的工作人员，不过该工作人员离开未归。

Reporters call tianjin trust again,The office workers said,To disclose all the information in the announcement,If you want to know the trust flow can contact the staff,But did not return the staff leave.

　真相或取决于有限合伙协议 Truth or depend on the limited partnership agreement

　　整个事件显示，沐雪巴菲特一号产品的终止，受累于投资顾问和出资人之间的纠纷。而产品收益并未受到影响，相关优先级受益人中国银行上海分行，以及天津信托，表示产品收益仍然有保障。

The whole incident shows,The death of mu snow buffett one product,Disputes between suffers from an investment consultant and investor.The product yield unaffected,Relative priority beneficiary's bank of China Shanghai branch,And trust in tianjin,Said product revenue is still guaranteed.

　　某信托业内人士分析，由于结构化产品承诺保障优先级的固定收益，因此信托公司通常只需保证信托账户内有足够的资金，可以支付优先级的本金和相应的利息即可，并不用监管剩余资金的操作。该人士分析，对于6亿元规模的沐雪巴菲特一号来说，假设按照业内惯例，支付给优先级的固定收益为7%，支付给信托的通道费用为1%，沐雪巴菲特一号的优先级委托人出资约4亿元，因此信托公司和托管行只需要保证信托账户有约4.4亿元的资金，就不会锁定账户或停止投资顾问的交易指令。

Some trust in the industry analysis,Because of the structured products is committed to the fixed income security priority,So trust companies often need to ensure the trust account has enough money,Can pay principal and interest of the priority,Do not use regulation the operation of the remainder.This personage analysis,For the size of the 600 million yuan mu snow buffett is number one,Assuming that in accordance with industry practice,Paid to priority of fixed income at 7%,Channel fee of 1% of the paid to trust,Soak up the snow buffett number one priority client paid about 400 million yuan,So the trust company and managed only about 440 million yuan of funds need to keep the trust account,Won't lock accounts or stop the investment advisory orders.

　　中国银行上海分行在给中国证券报的回函中也称，自“天信沐雪巴菲特一号证券投资集合资金信托计划”成立以来，上海市分行严格履行托管职责，资金均在托管账户和券商保证金账户之间封闭流动。该产品持续盈利，目前已提前终止。客户的本金没有任何损失，投资收益有保障。

The bank of China Shanghai branch also said in reply to the China securities journal,Since the"Day letter mu snow buffett, a securities investment trust plans of assembled funds"Since the establishment of,The Shanghai branch hosting duties strictly,Funds in escrow account and closed flow between securities margin account.The product consistently profitable,Has now been terminated earlier.The customer without any loss of the principal,Investment income is guaranteed.

　　业内人士表示，和信托计划相关的账户是信托账户，信托计划的全部资金都在该账户里。此外，深圳凯雷作为有限合伙企业，应该还有一个有限合伙账户。假如江苏沐雪私自转账为真，应该是先将资金从信托账户转到了该有限合伙账户中，再将资金分别划入其他自然人账户中。而至于该有限合伙账户的钱是否能由江苏沐雪私自转走，则取决于广东鸿远和深圳沐雪的有限合伙协议。

The personage inside course of study says,The account is a trust and trust planning related accounts,The trust plans of all funds in the account.In addition,Shenzhen Carlyle as a limited partnership,Should there is a limited partnership account.If jiangsu mu snow to transfer to true,Should be the first to transfer funds from the trust account to the account of the limited partnership,In the capital, respectively, to other natural persons account again.As for the money to the account of the limited partnership can secretly transferred by jiangsu mu snow,Depends on far and shenzhen guangdong hong mu snow of the limited partnership agreement.

　　或许，这场疑案的真相就隐藏在这份有限合伙协议里。记者试图向两家企业索要该有限合伙协议，但截至到发稿时也未能如愿。我们还将继续追踪。

perhaps,This is the truth of the mystery hidden in the limited partnership agreement.Reporters tried to ask two companies for the limited partnership agreement,But by the time also without success.We will continue to track.

　　天信沐雪巴菲特一号纠纷事件示意图

Day letter mu snow buffett disputes schematic drawing number one