December 17, 2003, arrived. On this day, Zhu Ming disappeared, as did three or four vice presidents of Sihai Oils, and all the company's financial books were gone. Guo Dongfang calculated that he and four friends had lent Zhu Ming approximately 20 million yuan.

From then on, Zhu Ming vanished without a trace. The creditors chased him to Hong Kong in vain, and even surrounded Chen Farong, making her extremely embarrassed and losing all face.

The news of the big boss Zhu Ming's disappearance quickly spread throughout Yixing. The empty ground of the now-paralyzed Sihai Oil Factory was crowded with creditors of all sizes.

Truth restored

He absconded with 280 million yuan.

In the Yixing Court, there are 202 disputes against Sihai Oils, involving more than 200 million yuan; there are 7 other cases, involving more than 86 million yuan. Jiangsu Xintiandi Amino Acid Fertilizer Co., Ltd., which holds more than 50 million yuan in claims, filed an application with the Yixing Court requesting that Sihai Oils be declared bankrupt and ordered to repay its debts.

With the joint efforts of the court, the public security bureau, and the bankruptcy administrator, the truth behind the collapse of Sihai Oils was gradually revealed, exposing Zhu Ming's money-making tactics of playing capital games with Sihai Oils, Nantong Xinda, and Sihai Bio.

In 2000, an American fund company invested US$12 million to acquire Nantong Xinda under the name of Hong Kong Zhongxie Logistics Co., Ltd. Since this fund company generally did not participate in the actual operation of the business, and Zhu Ming was the introducer of this project, the fund company appointed Zhu Ming as the legal representative of Nantong Xinda. To facilitate financing for Sihai Oils, Zhu Ming, taking advantage of his position as the legal representative of Nantong Xinda, used Nantong Xinda as collateral for loans and misappropriated the loans to Sihai Oils.

Zhu Ming used his influence to attract a large amount of private funds, which were mostly channeled into Sihai Oils under the guise of buying and selling but actually lending. In 2002, in order to strengthen financing, Zhu Ming forged a seal of Nantong Xinda without the consent of the investors and board of directors of Nantong Xinda, and kept it in Sihai Oils specifically for financing guarantees.

After its registration, Sihai Bio never actually operated. Surprisingly, its registered address was a plot of wasteland along the Wuyi Canal, a place devoid of buildings and overgrown with weeds. In fact, after its establishment, Sihai Bio's primary function was to provide loan guarantees for Sihai Oils.

Treating a company like an "ATM" hastened its demise.

After Zhu Ming disappeared, the "vegetable oil receipts" that farmers received after selling their hard-earned rapeseed to Sihai Oils became worthless, and the government immediately stepped in to fill the gap. At the same time, Sihai Oils itself had 168 employees, who also suddenly lost their jobs. The government urgently raised funds to provide them with living expenses, compensation, and some overdue housing provident fund and social security payments.

Ironically, in 2002, the Yixing Municipal Party Committee and Government commended 10 charitable role models and 105 charitable stars, and Zhu Ming was one of the "charitable stars".

The attempt to attract investment backfired, leaving the government in a rather awkward position in the fate of Sihai Oils.

There aren't many scammers like this these days. The skilled ones succeed and become big bosses, while the average ones abscond with the money. The unlucky ones just end up with a silver bracelet.