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6月7日,在美国上市的安博教育管接到开曼群岛大法庭的通知,其现有的董事会遭遣散,同时采取临时紧急措施,任命毕马威为临时托管人,以确保资产安全和相关调查的顺利进行。

安博管理层仍存在翻盘的机会

开曼群岛法院发出的临时托管传票并不是最终的裁令结果。安博仍旧上诉的机会。

根据传票第九条中说明,安博应在不少于5个工作日向法院申请撤销临时托管的任命。因此,安博教育仍旧有机会向法院申请撤销裁令。

任命临时托管人对安博影响

任命临时托管人就相当于公司开始进入清算程序。作为清算人就相当于取代目前的公司董事会或管理层,而临时充当决策层的角色,拥有诸如处理公司日常事务、代表公司参与诉讼、清理公司财务、账务、召集债权人会议等权力。

显然,安博教育管理层与董事们显然不会轻易的服务开曼法院任命临时托管人的裁决,那么托管人与安博教育管理层与董事们之间显然是有一切较量。

一旦开曼法院的裁决最终生效,该裁决很有可能为香港、美国法院可接受,那么安博在香港、美国海外的公司资产就有可能被冻结。安博教育香港、开曼及美国的公司都是壳公司,其资产并不多。安博教育的主要业务实体都是在中国境内,其在中国的业务实体多数采用外商投资企业及协议控制(VIE)形式。其中VIE的业务收入占到了安博总收入的70%以上。中国法院对于涉外的裁决并非全盘接受,而且需要涉外机构向中国当地法院提出申请,中国当地法院决定是否同意强制执行。

因此,对于安博教育在中国境内的外商投资企业是否会因开曼法院的裁决而被托管存在不确定性。对于安博教育以VIE协议控制的业务实体,这些应不会受到开曼法院任命临时托管人裁决的冲击。因为这些VIE协议控制的业务实体在工商注册名义登记均是管理层或董事个人,目前中国的法院并不会接受通过协议的控制的方式。

显然,双方较量的结果最终使得可能使得安博教育的实体控制方将分成两个部分。一部分是以托管人为代表的海外实体,另一部分是以安博教育管理层与董事们为代表的中国境内的实体。

这样的结果将不利于目前安博教育的美国会计准则审计的正常进行。由于安博教育的实体被人为的分成了海外与中国境内两部分,因此公司集团会计实体的合并的基础将令人产生疑问。不同的控制方的会计实体显然很难再合并在一块。

显然,安博教育的审计师们除了要解决目前的财务数字之外,还需要反映第三方机构法令调查的结果,再就是现在的会计合并的基础问题。

而这样的裁决结果以及双方未来的较量对安博现有证券诉讼将产生不利的影响。一些投资者在美国起诉安博教育,指控安博教育财务欺诈。目前这些诉讼正在进行中。安博教育管理层与托管人之前的较量,并不会对该证券诉讼产生决定性的影响,因为案件聚焦于安博教育是否存在财务欺诈行为。

而大股东请求开曼法庭任命安博教育临时托管人主要是还是基于公司存在内部控制体系的重大缺陷,而并未有充足理由证明安博教育管理层存在财务欺诈的现象。当然,双方的较量会让法官的天秤会倾向投资者方面。当然,在目前缺乏足够的财务欺诈证据前提下,定性安博教育财务欺诈也非易事。

安博教育要想摆脱目前的窘境,最重要的是尽快出具2012年度审计报告,以发布年报20F。而出具2012年度审计报告的一个必要条件是第三方出具独立调查的报告。而开曼法院任命托管人的决定也将动摇着2012年审计报告的合并的基础,同时由于管理层与托管人的较量,也使得审计未来的海外公司实体的审计证据及审计程序变得更加困难。

显然,在这样的背景下,安博教育的审计显然很难有效的完成。显然,安博教育的审计风险已非常的大,作为新任命的审计师也将面临巨大的审计责任风险。

管理层与托管人之间的较量,相互倾轧,只会让安博教育滑向更深的深渊。预计安博教育将会在退市,而不是复牌的道路上迈进了一步。安博的退市只会令以托管人为代表的股东的幻想完全的破灭,最终托管人拿到的只是海外的几个空壳。

而至于安博教育的国内的资产业务,在涉及境内外诉讼,以及VIE结构不受中国国内法律保护的情况下,托管人的托管只是一句空话而已。


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