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法律风险预控警示快讯之六:中央企业海外投资法律风险提示
 
发布时间: 2013-10-30 [特大 ]

一、  法律风险案例

1. 案例介绍

   2009年2月10日,某央企旗下A上市公司(以下简称A公司)与中东某国政府(以下简称业主)签署了《轨道交通合同》,约定采用EPC+O/M总承包模式(即设计、采购、施工加运营、维护工程总承包)。根据合同约定,A公司于2010年11月完成施工,并开始负责该项目三年的运营和维护,同时达到35%的运能,2011年5月完成所有调试,达到100%运能。

   由于项目签约时只有概念设计,A公司无法准确估算工程量;且业主将设计指定分包给外国设计公司,该项目技术标准和订货也由外国设计公司负责,并采用价格较高的国外控制系统,A公司无法准确控制工程造价和进度;在大规模施工后,业主不断提出新的功能需求,工程量大幅增加,但工程总价和施工周期难以有效调整,从而产生大量额外成本,导致发生巨额亏损,该项目实际净亏损人民币40多亿元。

一、Legal Risk Case

1.  Case Introduction

   On February 10, 2009, a listed companies (A company) signed the "Rail transit Contract" with a country government in Middle East (owner), as agreed by EPC + O/M general contracting mode (i.e., design, procurement, construction,operation and maintenance). According to the contract, A company completed the construction in November of 2010, and began to oeprate and maintain the project for three years and meanwhile achieve the capacity of up to 35%. In May, 2011, A company should complete all debugging, and the project achieve 100% of capacity.

   Only concept design being available when signing contract, as a result, A company could not identify accurate quantities. Besides, the owner designated the design to a foreign design company, as also the project technical standard and facility orders, so the foreign control system utilized is very expensive. Therefore, A company could not accurately control the project cost and schedule; after a large scale of construction, owner continuously put forward new functional requirements, leading to a big increase in quantity, which make it difficult to effectively adjust the total project value and construction period, so as to produce a large number of additional cost, causing a huge losses and the actual net loss of this project is more than 4billion yuan in RMB.

2. 案例分析

   本案例揭示出央企在进行海外投资风险管理和控制过程中存在的一些严重问题:

   1)央企海外投资缺乏风险防范意识

   央企进入海外市场,由于对市场不熟悉,且没有经过慎重的市场分析,在投标时也没有获得充分的数据,导致投标时估计的成本过低。

    A公司在与业主签署合同时,没有进行全面调查也没有详细商谈合同细节与要求,双方在合同中没有针对项目列出详细的工程量,导致施工后工程量大增发生亏损。

   2)央企对外投资扩张过快,管理水平和技术水平欠缺

  A公司虽为轨道交通项目的总承包商,但业主将设计与设备采购指定分包给外国设计公司,导致在工程实施过程中被外方控制了设备材料和项目设计等关键环节。由于人力成本、材料成本、时间进度、工程量预测失误,加之联合体团队构成复杂,协调难度较大,导致整个项目管理出现混乱,成本激增且不可控制。

   3)央企对海外投资项目风险评估不足,所订立的合同存在重大瑕疵

  作为上市公司,在投资时应做到谨慎周密。A公司在该项目上存在调查失职和风险评估不到位,且签订合同的谨慎度不够,合同条款存在瑕疵。

   4)重视面子工程,忽视商业规则

  A公司在其2009年年报中大肆宣传该项目是两国合作的标志性项目,却忽视了作为一个企业进行投资应有的详细调查程序,缺少尽职调查报告,投资论证报告,法律风险评估等。A公司在工程出现问题后没有启动止损措施,而是从全系统15家单位调集大量人员驰援现场进行“会战”,最终为此付出沉重代价。

2.Case Analysis

   This case reveals some serious problems in risk management and control process of central state owned company’s overseas investment:

   1)Lacking risk prevention awareness in overseas investment of central state owned company.

   When state owned companys going into overseas markets, without familarity with the market, careful market analysis and enough data, the estimated cost is too low in bidding.

   When signing the contract with the owner, there is neither comprehensive survey, nor detailed discusssion about the contract details and requirements, and in the contract, both sides of the project did not list detailed quantities, leading to a great quantity increase after construction and losses.

   2)Expansion of foreign investment is too fast, without decent management and technical level.

   Though A company is general contractor of the rail transit project, the owner subcontracted design and equipment procurement to foreign design company, resulting in the equipment, materials and design, such these key links controled by foreign company in project implementation. Due to the prediction error of human cost, material cost, time schedule and quantities, and a great difficulty in coordinating the complex association team, causing the chaos of entire project management, cost surge and out of control.

   3)Insufficient risk assessment for overseas investment and large defects in contract

   As a listed company, the investment should be very careful. A company committed dereliction of duty in this project survey and lack sufficient risk assessment.It is also not caution enough when signing contract, so the terms of the contract are flawed.

   4)Pay attention to face activities, and ignore business rules.

   In its 2009 annual report, A company announced this project as a symbol of cooperation between the two countries, however, they ignored detailed survey procedure of investment, and lacked of due diligence report, the investment argument report, legal risk assessment, etc. After the problems happen, A company did not launch stop measures, but assemble a large number of personnel from the whole system of 15 units, and ultimately suffered a heavy loss.

二、预控风险的建议 

  为预控央企海外投资的相关风险,经集团证劵法务部、规划运营部、北京市明诚律师事务所和北京市尚公律师事务所等四个部门的相关人员共同商讨,一致建议如下:

  1.编制尽职调查报告

  1)项目概况:包括工程概况、地质勘察、规划要求、市政资料、政府审批文件、适用技术标准与规范、承包模式等。

  2)管理概况:包括项目所在地的投资管理制度、劳工制度、财务制度、环保制度等。

  2.编制项目投资论证报告

  包括:投资规模、资金来源、信用支持、税务制度、外汇管理、投资可行性分析、现金流量、投资回收期等。

  3.编制风险评估报告

  包括:政治风险、法律风险、技术规范风险、劳动用工风险、安全风险、汇率风险、宗教与民俗风险、退出机制风险等。

  4.加强海外项目的合同管理

  1)在合同签订阶段:全面分析工程管理中可能出现的问题,将风险通过合同条款在当事人之间进行合理分配;规范用语,约定详尽,避免前后矛盾、表意不明或当事人理解不一致的情形发生。

  2)在合同履行阶段:应加强项目现场管理;根据合同内容对工程质量、安全和进度严格把关,避免违约;要注重工程签证,确保签证程序合规,手续齐全;做好工程资料的管理,为可能出现的纠纷保留原始证据。

  3)在合同救济阶段:加强风险防控工作,建立退出制度。确保在约定期限内按程序提起索赔,避免业主免除索赔责任而造成的权益损失;注重索赔事项的分析和索赔资料的收集

二、Suggestions for risk prevention

  To prevent the relevant risks in overseas investment, after the discussion of Security and Legal Deaprtment, Operation and Planning Department, Mingcheng Law Firm, and Shanggong Law Firm, the suggestions are as following:

  1. Duediligence Report

  1)Project outlines: Include engineering descriptions, geological surveys, planning requirements, municipal materials, government approval documents, technical standards, and contract mode, etc.

  2)Management outlines: investment management regulations of project location, labor regulation, financial regulation and environment protection regulation, etc.

  2. Compose project investment argument report

  Include: investment scale, fund resource, credit support, tax regulation, foreign currency management, investment feasibility study, cash flow, investment return period, etc.

  3. Compose risk assessment report

  Include: potical risk, legal risk, technical standard risk, labor risk, safety risk, currency rate risk, religion and folk risk, exis mechanism risk, etc.

  4. Stength overseas project contract management

  1)Contract signing phase: analyze the potential problem in project management throughly and relocate the risks between each side of contract feasibily; regulate the provisions, the clauses should be in detail, and avoid inconsistence.

  2)Contract fulfillment phase: strength the site management; be strict with the engineering quality, safety,schedule and avoid default; emphasize the engineering certificate, to make sure the compliance of the certificate process; keeping the project archives well, to preserve the original evidence for any possible disputes.

   3)Contract relief phase: strength the risk prevention, construct the exit mechanism. To make sure the claims on time and conforming to procedures,to prevent owner from suffering loss; pay attention to the claims analysis and material collection.

 
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