original release | Jinjiao Finance (id: f-jinjiao)
author | Jiaoye
Former "Fortune 500" and "Guangzhou's No. 1 Private Enterprise" - Cedar Holdings Group Co., Ltd. (hereinafter referred to as "Cedar Holdings"), Welcome your own finale.
According to multiple media reports, the case of Cedar Holdings, the actual controller Zhang Jin and other 19 people involved in fund-raising fraud, illegal absorption of public deposits, breach of trust in the use of entrusted property, and obstruction of testimony has been tried in the Guangzhou Intermediate Court for five consecutive days. Many details were revealed during the trial, which restored the shocking scam of Cedar Holdings.
What makes the public and victims even more concerned is how much money is involved in this case? How much loss can be recovered in the end?
In fact, the damage caused is far more than that. The destruction of Cedar Holdings is a huge scar for the local development of Guangzhou, and the bleeding has not been completely stopped until now.
html Where did the 720 billion go?
According to the court hearing information, since April 2018, Cedar Holdings has issued a total of 1,490 financial products through various financial exchanges. Most of its underlying assets are claims formed by false trade, and only a handful of products have underlying assets. The assets are the real assets of Cedar Holdings’ industrial segment.
These financial products promise expected returns of up to 12%, raising a total of approximately 59.6 billion yuan. By the time of the incident, approximately 40 billion yuan in principal and interest had been paid, and in the end, a total of approximately 20 billion yuan from approximately 6,800 fund-raising participants remained unpaid.
This is also consistent with the scale of media coverage in 2022. On February 16, 2022, the "Securities Times" published an investigative report "Cedar's 20 billion stakeholder fundraising investigation". Since January 2020, under the full guarantee of Cedar Holdings, under the name of "supply chain finance" Under the guise of using so-called "accounts receivable" as the underlying assets, and through the channels of various gold exchanges, industrial exchanges, and fake gold exchanges, more than 350 illegal "financial management products" were sold to natural persons, with a total scale of over 20 billion yuan. . Since then, the redemption of these "financial management products" has stalled.
It was this report that triggered the economic investigation department to initiate an investigation into Cedar Holdings’ suspected crimes. In May 2023, the Guangzhou Huangpu Public Security Bureau issued a notice stating that it had opened a case and investigated Guangdong Yuanfang Investment Co., Ltd., a subsidiary of Cedar Holdings, for suspected of illegally absorbing public deposits. The main suspect Zhang Jin and others were subject to criminal coercive measures by the public security organs. .
So, where did the 20 billion that have not been paid out go?
According to Caixin reports, based on court hearing information, prosecutors listed several major expenditures from 2017 to 2022:
After the release of new asset management regulations in 2018, Cedar Holdings’ private equity funds faced withdrawal. At that time, there were 15.6 billion Yuan has yet to be redeemed, and the final solution was to demolish the east wall to pay for the west wall, and the payment was made by raising funds through the issuance of some financial management products.
In the same year, Cedar Holdings tried to acquire Mengshi Technology and ended up losing 2 billion yuan.
In April 2019, Cedar Holdings paid the first payment for the acquisition of Zhongjiang Trust. In June of the same year, it conducted a due diligence investigation on Zhongjiang Trust and found that there was still a 10 billion yuan "hole" in funds. In the end, it just paid out about 5.6 billion yuan.
At the same time, 2 billion was spent on "market value management" of Qixiang Tengda and Cedar Development stocks, and ultimately all suffered losses.
In addition, prosecutors said that there are approximately 8.4 billion yuan in the accounts of Cedar Holdings, which can be regarded as a "small treasury" controlled by the actual controller Zhang Jin himself. The uses of these funds include the purchase of gold, calligraphy and paintings, and private jets, and some of them are also transferred abroad through underground bank .
As for how much of Zhang Jin’s funds flowed abroad through underground banks, according to the prosecutor, at the end of 2021, Zhang Jin transferred at least two payments through underground banks, one worth 2 million Swiss francs , and the other The pen value is approximately US$11 million.
Zhang Jin does not agree with the accusation of "wanton squandering of company assets". He believes that these are normal investments of the company and are just investment failures. Regarding the "small treasury" statement, Zhang Jin argued that his assets are not related to the company. The assets were "highly mixed", and the prosecutors traced a considerable part of the expenditures of the "small treasury" to the company's "investments".
only 3% left?
On the first day of the court session on October 28, according to Mr. Liu (pseudonym), an investor who participated in the court hearing, there were probably less than 40 investors. Two investors who participated in the hearing told China Business News that everyone was paying close attention to the statements made by Li Chanjuan, the financial director of Cedar Industrial Group Co., Ltd., and Zhao Bin, the legal representative of Cedar (Xiamen) Supply Chain Group Co., Ltd., during the court hearing.
For the 6,800 investors, the biggest concern is how many assets Cedar Holdings has left to recover its losses.
Public information shows that after the large-scale "explosion" of Cedar Holdings during the Spring Festival of 2022, Guangzhou established a "Cedar Special Class" and required Cedar Holdings to sort out the assets and liabilities of each industrial sector in detail. The results of the sorting at that time showed that the net The asset has a positive value.
By mid-2022, Song Holdings hired the accounting firm KPMG to provide it with debt restructuring services. According to the report issued by KPMG after due diligence, different conclusions were given according to three scenarios: liquidation, pessimistic scenario restructuring and optimistic scenario restructuring.
If it is disposed of according to liquidation or pessimistic reorganization, Cedar Holdings will be insolvent, with a difference between 20 billion and 35 billion yuan. Under the optimistic scenario of restructuring, Cedar Holdings will also have net assets of 2 billion yuan. The optimistic scenario restructuring means that Cedar Holdings maintains normal operations and all assets can be disposed of at market prices.
Interestingly, the audit reports of Cedar Holdings over the years have shown that assets have exceeded liabilities in the long term. However, the procuratorial organs believe that these audit reports do not include information about Cedar Holdings' "in vitro company", and their authenticity is doubtful, and they are "beautified" financial reports.
According to the evidence provided by the prosecutor, the Huangpu Branch of the Guangzhou Municipal Public Security Bureau commissioned Guangdong Chenganxin Accounting Firm to conduct a special audit, and the accountants formed five subsidiary reports based on the materials obtained through supplementary investigation. A total of six audit reports cover the situation of Cedar Holdings' "in vitro company". The results show that Cedar Holdings has been insolvent for a long time, and various major industrial sectors have also been in a state of loss for a long time.
From this point of view, Cedar Holdings is currently insolvent, and the losses that can be recovered are very limited, especially for small and medium investors. Because after the "thunder" of Cedar Holdings, relevant state-owned enterprises quickly seized the assets under the name of Cedar Holdings under the coordination of the "Cedar Special Team".
This is also consistent with what the prosecution said in court. Prosecutors said that after Cedar Holdings encountered payment difficulties, relevant state-owned enterprises and financial institutions quickly completed asset transfers and transfers through judicial means and were able to quickly "stop losses"; however, small and medium-sized investors did not receive compensation from these asset transfers.
It should be noted that in the previous financing of Cedar Holdings, almost all the real assets and equity were mortgaged or pledged to financial institutions or relevant state-owned enterprises in exchange for financing; while the false underlying assets were almost all used to target small and medium-sized enterprises. Investors issue financial products.
According to prosecutors, since the first payment was overdue in March 2021, Cedar Holdings has completed 13 asset transfers to relevant state-owned enterprises, with a total transaction consideration of 25.7 billion yuan. According to Zhang Jin, after the first overdue payment was exposed, the scale of financial products issued by Cedar Holdings dropped sharply, but the company still repaid 33.7 billion yuan of debt through asset transfer or payment, most of which was used for Repay state-owned enterprises.
According to Caixin reports, an observer said that Zhang Jin said in his final statement that based on the current asset realization situation of Cedar Holdings, only about 3% of can be returned to small and medium-sized investors.
"Our feeling after watching the trial is that the debts are left to the state-owned enterprises and the charges are left to Zhang Jin, and the small and medium-sized investors are in a disadvantageous situation." The person said that the small and medium-sized investors hope that the relevant departments can announce the transfer of various assets of Cedar Holdings. The specific circumstances, as well as the distribution details of each creditor in the transfer of these assets.
The aftermath is over
Looking back, Cedar Holdings once became "Guangzhou's No. 1 Private Enterprise" and "Fortune 500", which itself was full of weirdness and loopholes.
In 2015, Cedar Holdings’ operating income remained at 59.3 billion yuan. In 2016, it soared to 157 billion yuan, ranking first among private enterprises in Guangzhou. In 2017, Cedar's revenue continued to grow rapidly, reaching 221 billion yuan. In July 2018, Cedar Holdings ranked among the "Fortune 500" and has been on the list for four consecutive years since then. Behind the rapid growth of
, Cedar Holdings has made “financing trade” flourish. The so-called "financing trade" refers to borrowing and financing in the name of trade.
To put it simply, some trading companies do not have enough credit to obtain financing from financial institutions, so they look for companies with good credit to cooperate, fabricate trade turnover, and use bills from transactions with these companies with good credit for financing.
This financing method also has a high-end name, called supply chain finance. Cedar's so-called supply chain finance is to use the accounts receivable between its leather bag companies to finance.
Caixin once investigated and found that the company Qisui Industrial has appeared in many financial management contracts that have made headlines. However, industrial and commercial information shows that Qisui Industrial is only a small and micro enterprise, but its registered capital is as high as 2 billion yuan, and its registered address in Guangzhou has changed four times.
However, it is this company. In 2020, it registered 2 billion yuan of financial products at the Daikin Exchange. Bag companies like Qisui Industrial are everywhere in Cedar Holdings' supply chain. Many leather bag companies have the same contact number or registered address in their industrial and commercial registration materials.
More than ten companies in Shanghai, Shenzhen, Chengdu, Guangzhou, etc. involved in these financial products are suspected to be empty shells. These shell companies packaged debt projects into financial products and sold them to natural persons across the country through invoicing and through financing platforms such as local financial exchanges, and eventually exploded.
But even so, Cedar has also won the favor of many state-owned enterprises in Guangzhou. Guangzhou Urban Investment once established a joint venture with Cedar, Guangzhou Urban Investment Cedar Investment Development Co., Ltd., to participate in Cedar's trade closed loop; Science City (Guangzhou) Investment Group Co., Ltd. (hereinafter referred to as "Science City Group") took a stake in Guangzhou Kecheng Xueling Investment Co., Ltd. holds 10% of the shares. Science City Group is a state-owned enterprise in Huangpu District, and Guangzhou Kecheng Xueling Investment Co., Ltd., a joint venture between the two parties, is one of the underlying debtors of Cedar's already explosive financial products.
Since the capital chain crisis broke out in Cedar in April 2021, Cedar has negotiated with many state-owned enterprises in Guangzhou and successfully disposed of many assets. Just one month later, Cedar Holdings transferred its equity interests in Taiyi Copper (Guangzhou) Co., Ltd. and Cedar Copper (Guangzhou) Co., Ltd. to Science City Group; in December 2021, Cedar Holdings transferred Guangzhou He The Tangxia urban renewal project was sold to Science City Group; in the same month, Guangzhou Urban Investment took over the equity of three real estate projects owned by Cedar.
To this day, the grievances between state-owned enterprises and Cedar Holdings are not over yet. Just in the past month, Guangzhou City has launched a new round of investigations into transactions between local state-owned enterprises and Cedar, "to determine how much of a trap the local state-owned enterprises have stepped into" so that relevant departments can carry out the next step.
Prior to this, several financial system officials in Guangdong had been dismissed, all of which were rumored to be related to Cedar Holdings. In October 2022, Chen Hui, director of Qixiang Tengda and veteran of Cedar Group, lost contact. According to China Business News, the reason for the loss of contact may involve Cedar Holdings’ financing matters with multiple financial institutions. A person familiar with the matter said, "The case of Chen Hui and Guangzhou Rural Commercial Bank's 7 billion mortgage financing case may involve the case of Wang Jikang, the former chairman of Guangzhou Rural Commercial Bank."
Just this past October, it was reported that Yao Zhenyong, the former chairman of Guangdong Shunde Rural Commercial Bank, who had served for 10 years, had been "unreachable for many days" and was currently confirmed to be suspected of serious violations of discipline and law. Southern Metropolis Daily reported that Shunde Rural Commercial Bank's non-performing rate has continued to rise in recent years, which is closely related to its successive exposure to "minefields" such as the "Baoneng Series" and "Cedar Series". In 2023, Shunde Rural Commercial Bank also wrote off multiple loans involving Cedar Holdings at one time, with a total amount of nearly 500 million yuan.
For Guangzhou, it will take a long time to recover from the huge wounds caused by cedar. original release | Jinjiao Finance (id: f-jinjiao) author | Jiaoye Former "Fortune 500" and "Guangzhou's No. 1 Private Enterprise" - Cedar Holdings Group Co., Ltd. (hereinafter referred to as "Cedar Holdings"), Welcome your own finale. According to multiple media reports, the case of Cedar Holdings, the actual controller Zhang Jin and other 19 people involved in fund-raising fraud, illegal absorption of public deposits, breach of trust in the use of entrusted property, and obstruction of testimony has been tried in the Guangzhou Intermediate Court for five consecutive days. Many details were revealed during the trial, which restored the shocking scam of Cedar Holdings. What makes the public and victims even more concerned is how much money is involved in this case? How much loss can be recovered in the end? In fact, the damage caused is far more than that. The destruction of Cedar Holdings is a huge scar for the local development of Guangzhou, and the bleeding has not been completely stopped until now. According to the court hearing information, since April 2018, Cedar Holdings has issued a total of 1,490 financial products through various financial exchanges. Most of its underlying assets are claims formed by false trade, and only a handful of products have underlying assets. The assets are the real assets of Cedar Holdings’ industrial segment. These financial products promise expected returns of up to 12%, raising a total of approximately 59.6 billion yuan. By the time of the incident, approximately 40 billion yuan in principal and interest had been paid, and in the end, a total of approximately 20 billion yuan from approximately 6,800 fund-raising participants remained unpaid. This is also consistent with the scale of media coverage in 2022. On February 16, 2022, the "Securities Times" published an investigative report "Cedar's 20 billion stakeholder fundraising investigation". Since January 2020, under the full guarantee of Cedar Holdings, under the name of "supply chain finance" Under the guise of using so-called "accounts receivable" as the underlying assets, and through the channels of various gold exchanges, industrial exchanges, and fake gold exchanges, more than 350 illegal "financial management products" were sold to natural persons, with a total scale of over 20 billion yuan. . Since then, the redemption of these "financial management products" has stalled. It was this report that triggered the economic investigation department to initiate an investigation into Cedar Holdings’ suspected crimes. In May 2023, the Guangzhou Huangpu Public Security Bureau issued a notice stating that it had opened a case and investigated Guangdong Yuanfang Investment Co., Ltd., a subsidiary of Cedar Holdings, for suspected of illegally absorbing public deposits. The main suspect Zhang Jin and others were subject to criminal coercive measures by the public security organs. . So, where did the 20 billion that have not been paid out go? According to Caixin reports, based on court hearing information, prosecutors listed several major expenditures from 2017 to 2022: After the release of new asset management regulations in 2018, Cedar Holdings’ private equity funds faced withdrawal. At that time, there were 15.6 billion Yuan has yet to be redeemed, and the final solution was to demolish the east wall to pay for the west wall, and the payment was made by raising funds through the issuance of some financial management products. In the same year, Cedar Holdings tried to acquire Mengshi Technology and ended up losing 2 billion yuan. In April 2019, Cedar Holdings paid the first payment for the acquisition of Zhongjiang Trust. In June of the same year, it conducted a due diligence investigation on Zhongjiang Trust and found that there was still a 10 billion yuan "hole" in funds. In the end, it just paid out about 5.6 billion yuan. At the same time, 2 billion was spent on "market value management" of Qixiang Tengda and Cedar Development stocks, and ultimately all suffered losses. In addition, prosecutors said that there are approximately 8.4 billion yuan in the accounts of Cedar Holdings, which can be regarded as a "small treasury" controlled by the actual controller Zhang Jin himself. The uses of these funds include the purchase of gold, calligraphy and paintings, and private jets, and some of them are also transferred abroad through underground bank . As for how much of Zhang Jin’s funds flowed abroad through underground banks, according to the prosecutor, at the end of 2021, Zhang Jin transferred at least two payments through underground banks, one worth 2 million Swiss francs , and the other The pen value is approximately US$11 million. Zhang Jin does not agree with the accusation of "wanton squandering of company assets". He believes that these are normal investments of the company and are just investment failures. Regarding the "small treasury" statement, Zhang Jin argued that his assets are not related to the company. The assets were "highly mixed", and the prosecutors traced a considerable part of the expenditures of the "small treasury" to the company's "investments". On the first day of the court session on October 28, according to Mr. Liu (pseudonym), an investor who participated in the court hearing, there were probably less than 40 investors. Two investors who participated in the hearing told China Business News that everyone was paying close attention to the statements made by Li Chanjuan, the financial director of Cedar Industrial Group Co., Ltd., and Zhao Bin, the legal representative of Cedar (Xiamen) Supply Chain Group Co., Ltd., during the court hearing. For the 6,800 investors, the biggest concern is how many assets Cedar Holdings has left to recover its losses. Public information shows that after the large-scale "explosion" of Cedar Holdings during the Spring Festival of 2022, Guangzhou established a "Cedar Special Class" and required Cedar Holdings to sort out the assets and liabilities of each industrial sector in detail. The results of the sorting at that time showed that the net The asset has a positive value. By mid-2022, Song Holdings hired the accounting firm KPMG to provide it with debt restructuring services. According to the report issued by KPMG after due diligence, different conclusions were given according to three scenarios: liquidation, pessimistic scenario restructuring and optimistic scenario restructuring. If it is disposed of according to liquidation or pessimistic reorganization, Cedar Holdings will be insolvent, with a difference between 20 billion and 35 billion yuan. Under the optimistic scenario of restructuring, Cedar Holdings will also have net assets of 2 billion yuan. The optimistic scenario restructuring means that Cedar Holdings maintains normal operations and all assets can be disposed of at market prices. Interestingly, the audit reports of Cedar Holdings over the years have shown that assets have exceeded liabilities in the long term. However, the procuratorial organs believe that these audit reports do not include information about Cedar Holdings' "in vitro company", and their authenticity is doubtful, and they are "beautified" financial reports. According to the evidence provided by the prosecutor, the Huangpu Branch of the Guangzhou Municipal Public Security Bureau commissioned Guangdong Chenganxin Accounting Firm to conduct a special audit, and the accountants formed five subsidiary reports based on the materials obtained through supplementary investigation. A total of six audit reports cover the situation of Cedar Holdings' "in vitro company". The results show that Cedar Holdings has been insolvent for a long time, and various major industrial sectors have also been in a state of loss for a long time. From this point of view, Cedar Holdings is currently insolvent, and the losses that can be recovered are very limited, especially for small and medium investors. Because after the "thunder" of Cedar Holdings, relevant state-owned enterprises quickly seized the assets under the name of Cedar Holdings under the coordination of the "Cedar Special Team". This is also consistent with what the prosecution said in court. Prosecutors said that after Cedar Holdings encountered payment difficulties, relevant state-owned enterprises and financial institutions quickly completed asset transfers and transfers through judicial means and were able to quickly "stop losses"; however, small and medium-sized investors did not receive compensation from these asset transfers. It should be noted that in the previous financing of Cedar Holdings, almost all the real assets and equity were mortgaged or pledged to financial institutions or relevant state-owned enterprises in exchange for financing; while the false underlying assets were almost all used to target small and medium-sized enterprises. Investors issue financial products. According to prosecutors, since the first payment was overdue in March 2021, Cedar Holdings has completed 13 asset transfers to relevant state-owned enterprises, with a total transaction consideration of 25.7 billion yuan. According to Zhang Jin, after the first overdue payment was exposed, the scale of financial products issued by Cedar Holdings dropped sharply, but the company still repaid 33.7 billion yuan of debt through asset transfer or payment, most of which was used for Repay state-owned enterprises. According to Caixin reports, an observer said that Zhang Jin said in his final statement that based on the current asset realization situation of Cedar Holdings, only about 3% of can be returned to small and medium-sized investors. "Our feeling after watching the trial is that the debts are left to the state-owned enterprises and the charges are left to Zhang Jin, and the small and medium-sized investors are in a disadvantageous situation." The person said that the small and medium-sized investors hope that the relevant departments can announce the transfer of various assets of Cedar Holdings. The specific circumstances, as well as the distribution details of each creditor in the transfer of these assets. Looking back, Cedar Holdings once became "Guangzhou's No. 1 Private Enterprise" and "Fortune 500", which itself was full of weirdness and loopholes. In 2015, Cedar Holdings’ operating income remained at 59.3 billion yuan. In 2016, it soared to 157 billion yuan, ranking first among private enterprises in Guangzhou. In 2017, Cedar's revenue continued to grow rapidly, reaching 221 billion yuan. In July 2018, Cedar Holdings ranked among the "Fortune 500" and has been on the list for four consecutive years since then. Behind the rapid growth of , Cedar Holdings has made “financing trade” flourish. The so-called "financing trade" refers to borrowing and financing in the name of trade. To put it simply, some trading companies do not have enough credit to obtain financing from financial institutions, so they look for companies with good credit to cooperate, fabricate trade turnover, and use bills from transactions with these companies with good credit for financing. This financing method also has a high-end name, called supply chain finance. Cedar's so-called supply chain finance is to use the accounts receivable between its leather bag companies to finance. Caixin once investigated and found that the company Qisui Industrial has appeared in many financial management contracts that have made headlines. However, industrial and commercial information shows that Qisui Industrial is only a small and micro enterprise, but its registered capital is as high as 2 billion yuan, and its registered address in Guangzhou has changed four times. However, it is this company. In 2020, it registered 2 billion yuan of financial products at the Daikin Exchange. Bag companies like Qisui Industrial are everywhere in Cedar Holdings' supply chain. Many leather bag companies have the same contact number or registered address in their industrial and commercial registration materials. More than ten companies in Shanghai, Shenzhen, Chengdu, Guangzhou, etc. involved in these financial products are suspected to be empty shells. These shell companies packaged debt projects into financial products and sold them to natural persons across the country through invoicing and through financing platforms such as local financial exchanges, and eventually exploded. But even so, Cedar has also won the favor of many state-owned enterprises in Guangzhou. Guangzhou Urban Investment once established a joint venture with Cedar, Guangzhou Urban Investment Cedar Investment Development Co., Ltd., to participate in Cedar's trade closed loop; Science City (Guangzhou) Investment Group Co., Ltd. (hereinafter referred to as "Science City Group") took a stake in Guangzhou Kecheng Xueling Investment Co., Ltd. holds 10% of the shares. Science City Group is a state-owned enterprise in Huangpu District, and Guangzhou Kecheng Xueling Investment Co., Ltd., a joint venture between the two parties, is one of the underlying debtors of Cedar's already explosive financial products. Since the capital chain crisis broke out in Cedar in April 2021, Cedar has negotiated with many state-owned enterprises in Guangzhou and successfully disposed of many assets. Just one month later, Cedar Holdings transferred its equity interests in Taiyi Copper (Guangzhou) Co., Ltd. and Cedar Copper (Guangzhou) Co., Ltd. to Science City Group; in December 2021, Cedar Holdings transferred Guangzhou He The Tangxia urban renewal project was sold to Science City Group; in the same month, Guangzhou Urban Investment took over the equity of three real estate projects owned by Cedar. To this day, the grievances between state-owned enterprises and Cedar Holdings are not over yet. Just in the past month, Guangzhou City has launched a new round of investigations into transactions between local state-owned enterprises and Cedar, "to determine how much of a trap the local state-owned enterprises have stepped into" so that relevant departments can carry out the next step. Prior to this, several financial system officials in Guangdong had been dismissed, all of which were rumored to be related to Cedar Holdings. In October 2022, Chen Hui, director of Qixiang Tengda and veteran of Cedar Group, lost contact. According to China Business News, the reason for the loss of contact may involve Cedar Holdings’ financing matters with multiple financial institutions. A person familiar with the matter said, "The case of Chen Hui and Guangzhou Rural Commercial Bank's 7 billion mortgage financing case may involve the case of Wang Jikang, the former chairman of Guangzhou Rural Commercial Bank." Just this past October, it was reported that Yao Zhenyong, the former chairman of Guangdong Shunde Rural Commercial Bank, who had served for 10 years, had been "unreachable for many days" and was currently confirmed to be suspected of serious violations of discipline and law. Southern Metropolis Daily reported that Shunde Rural Commercial Bank's non-performing rate has continued to rise in recent years, which is closely related to its successive exposure to "minefields" such as the "Baoneng Series" and "Cedar Series". In 2023, Shunde Rural Commercial Bank also wrote off multiple loans involving Cedar Holdings at one time, with a total amount of nearly 500 million yuan. For Guangzhou, it will take a long time to recover from the huge wounds caused by cedar.html Where did the 720 billion go?
only 3% left?
The aftermath is over
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