一、  法律風險案例

1. 案例介紹

   2009年2月10日，某央企旗下A上市公司(以下簡稱A公司)與中東某國政府（以下簡稱業主）簽署了《軌道交通合同》，約定采用EPC+O/M總承包模式（即設計、采購、施工加運營、維護工程總承包）。根據合同約定，A公司于2010年11月完成施工，并開始負責該項目三年的運營和維護，同時達到35%的運能，2011年5月完成所有調試，達到100%運能。

   由于項目簽約時只有概念設計，A公司無法準確估算工程量；且業主將設計指定分包給外國設計公司，該項目技術標準和訂貨也由外國設計公司負責，并采用價格較高的國外控制系統，A公司無法準確控制工程造價和進度；在大規模施工后，業主不斷提出新的功能需求，工程量大幅增加，但工程總價和施工周期難以有效調整，從而產生大量額外成本，導致發生巨額虧損，該項目實際凈虧損人民幣40多億元。

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進行海外投資風險管理和控制過程中存在的一些嚴重問題：

   1）央企海外投資缺乏風險防范意識

   央企進入海外市場，由于對市場不熟悉，且沒有經過慎重的市場分析，在投標時也沒有獲得充分的數據，導致投標時估計的成本過低。

    A公司在與業主簽署合同時，沒有進行全面調查也沒有詳細商談合同細節與要求，雙方在合同中沒有針對項目列出詳細的工程量，導致施工后工程量大增發生虧損。

   2）央企對外投資擴張過快，管理水平和技術水平欠缺

  A公司雖為軌道交通項目的總承包商，但業主將設計與設備采購指定分包給外國設計公司，導致在工程實施過程中被外方控制了設備材料和項目設計等關鍵環節。由于人力成本、材料成本、時間進度、工程量預測失誤，加之聯合體團隊構成復雜，協調難度較大，導致整個項目管理出現混亂，成本激增且不可控制。

   3）央企對海外投資項目風險評估不足，所訂立的合同存在重大瑕疵

  作為上市公司，在投資時應做到謹慎周密。A公司在該項目上存在調查失職和風險評估不到位，且簽訂合同的謹慎度不夠，合同條款存在瑕疵。

   4）重視面子工程，忽視商業規則

  A公司在其2009年年報中大肆宣傳該項目是兩國合作的標志性項目，卻忽視了作為一個企業進行投資應有的詳細調查程序，缺少盡職調查報告，投資論證報告，法律風險評估等。A公司在工程出現問題后沒有啟動止損措施，而是從全系統15家單位調集大量人員馳援現場進行“會戰”，最終為此付出沉重代價。

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、預控風險的建議 

  為預控央企海外投資的相關風險，經集團證劵法務部、規劃運營部、北京市明誠律師事務所和北京市尚公律師事務所等四個部門的相關人員共同商討，一致建議如下：

  1.編制盡職調查報告

  1）項目概況：包括工程概況、地質勘察、規劃要求、市政資料、政府審批文件、適用技術標準與規范、承包模式等。

  2）管理概況：包括項目所在地的投資管理制度、勞工制度、財務制度、環保制度等。

  2.編制項目投資論證報告

  包括：投資規模、資金來源、信用支持、稅務制度、外匯管理、投資可行性分析、現金流量、投資回收期等。

  3.編制風險評估報告

  包括：政治風險、法律風險、技術規范風險、勞動用工風險、安全風險、匯率風險、宗教與民俗風險、退出機制風險等。

  4.加強海外項目的合同管理

  1)在合同簽訂階段：全面分析工程管理中可能出現的問題，將風險通過合同條款在當事人之間進行合理分配；規范用語，約定詳盡，避免前后矛盾、表意不明或當事人理解不一致的情形發生。

  2）在合同履行階段：應加強項目現場管理;根據合同內容對工程質量、安全和進度嚴格把關，避免違約；要注重工程簽證，確保簽證程序合規，手續齊全；做好工程資料的管理，為可能出現的糾紛保留原始證據。

  3）在合同救濟階段：加強風險防控工作，建立退出制度。確保在約定期限內按程序提起索賠，避免業主免除索賠責任而造成的權益損失；注重索賠事項的分析和索賠資料的收集。

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.