章節 1166: Chapter 1166: Oil and mining companies
Xia Yu was very satisfied with the results of the Galaxy Fund's actions in this operation.
This battle alone has allowed his nearly depleted treasury to once again become full.
With more than 440 billion US dollars in liquid funds in hand, and the ability to draw at least 10 billion US dollars from the consortium at any time, this huge fortune, although it cannot allow Xia Yu to do whatever he wants in the world, can also achieve a lot.
As for the oil fields, mines and corresponding field company stakes in 19 countries such as Latin America, which are now worth 14.7 billion US dollars, Xia Yu has a detailed understanding of them.
Among them, the equity stakes in various mines and mining companies were even greater, and the Galaxy Fund spent nearly 7.8 billion US dollars to buy them at the bottom.
The equity stakes in oil fields and oil companies were bought at the bottom for 6.943 billion US dollars.
Of course, both of these were bought at the bottom, and if they had been bought before the outbreak of the sovereign debt crisis in Latin American countries, their value would have at least doubled, which means that these assets combined are worth more than 30 billion US dollars.
However, there is no market for these assets at the moment, and the dire situation in Latin American countries has also led to poor business conditions for companies in these countries.
Now that the international crude oil price has been on a downward trend after the previous price of $39 a barrel, companies in the oil sector are having an increasingly difficult time.
Moreover, according to the current global economic situation and historical trends, international crude oil prices will continue to decline over the next three to four years, and may even plummet directly to a low of around ten dollars a barrel before beginning to rebound.
However, that price will force a large number of oil companies to close down, putting many global oil companies on the verge of bankruptcy or bankrupt, leading to a series of mergers and acquisitions in the oil sector around the world.
The mining sector is also in a bad way. With the global economy in the doldrums, industry is naturally not doing well.
Iron ore is needed for steel, the biggest pillar of industry.
Xia Yu knows very well that from the 1973 oil crisis to the present, and even in the next 10 to 20 years, the global steel industry will be difficult to deal with, and the US steel industry is even more lacking in international competitiveness.
In 1979, US Steel, a subsidiary of the Cleveland Consortium, lost more than 800 million US dollars and 13 of its steel mills closed down.
Over the years, there have been a number of steel companies that have gone bankrupt, and there will be a large number of steel companies that will go bankrupt and restructure in the future.
It wasn't until 2008, when China was buying up the world, that the iron ore industry started to boom, and the prices of most other metal ores also shot up.
So as things stand now, it's not the best time to enter the oil and mining industries.
There were excellent opportunities in 1985 or 1987, but to force your way in now would be both laborious and costly, which is not what a wise man would do.
After all, he is not someone with too much money to spend, and it is not that bad.
Therefore, Xia Yu only plans to enter the market for the time being.
So he established two offshore holding companies, Pacific Oil and Blue Star Mining, and placed the two types of assets under the name of these two companies, which will be responsible for supervising them.
The ownership of these two holding companies has been hidden in a very complicated way. Unless the secrets of the three offshore paradises in the world are all revealed, no one can identify a connection between these two companies and Xia Yu on the surface.
In addition to Galaxy Fund, Xia Yu also learned about Bright Fund, Polaris Capital, Jiuding Bank and Jiuding Securities.
These companies all received Xia Yu's reminder, so they all took action before the outbreak of the Latin American sovereign debt crisis, and they also made a lot of money this time.
The combined profit of the four companies reached 9.7 billion US dollars.
However, Xia Yu did not transfer this money either. It remained as the assets of these four companies, and was used by people like Peter Lynch and George Berkeley to grow their respective companies.
After all, whether it was Bright Fund or Polaris Capital, in Xia Yu's mind, they were equivalent to consortia that had broken into Europe and the United States, and the demand for funds was simply too much.
As two giants in the financial industry, Jiuding Bank and Jiuding Securities also had an extremely staggering demand for funds if they wanted to compete with the world's giants.
In the following time, Xia Yu immersed himself in the annual reports of various companies, and almost every day he had meetings to go over the documents. When he had time, he also went to some companies to visit the sites in order to understand the real situation.
Of course, apart from some minor problems, he did not find any major corporate corruption.
This was also related to the approval mechanism and management mechanism for the use of funds that he had established.
Large sums of money had to be reported to him, and the chairman's office was responsible for reviewing and giving them to him, which was a double restriction.
But the most important thing is the management mechanism.
This brings us to the Standard Chartered accounting firm, the largest accounting firm in Asia, which is in his hands.
The finance departments of each company are set up by Standard Chartered, and in order to prevent accountants from colluding with company personnel, the finance department is randomly assigned every six months.
To be more specific, the finance departments of each company are not linked to the performance of each company. The salaries and bonuses are paid by Standard Chartered, which has no interest in the company and can be impartial.
The accountants are shuffled every six months and randomly assigned to the companies they will be stationed at, which avoids the risk of collusion and corruption caused by an accountant staying at a certain company for a long time.
In addition, a special audit investigation team will be specially formed at the group level to audit the finances of each company throughout the year.
If there is a problem with the finances of a company and the stationed accountant fails to discover it, once the audit investigation team discovers the problem, it will be dealt with according to the situation.
If the problem occurs during the term of the finance department's posting, then the finance department will be dealt with, and the matter will be reported to the top, who will then give feedback to the company for disposal.
If the problem is discovered during the term of office of the previous or the previous previous finance department's posting, and it was not discovered until a later audit, then the finance department of the term in which the problem occurred will be mainly responsible, and every finance department that takes over afterwards will also be responsible.
As for the salaries and bonuses of the audit investigation team, they are linked to the problems they find. The more and more serious the problems they find, the more generous the bonuses.
Therefore, every time the audit team would do their best to uncover all the problems.
These incentives and regulations, like high-voltage wires woven into a network, have greatly nipped corruption in the bud and ensured Xia Yu's interests to the greatest extent.
This mechanism was formulated by Xia Yu by combining the political mechanisms of his previous life in China.
It has to be said that it is very effective.
Except when the mechanism first started running, a lot of problems were identified, but as time passed, fewer and fewer problems were identified.
It wasn't that the monitoring mechanism was ineffective, but that fewer and fewer people dared to take risks.
While Xia Yu was sorting out his assets,
Chen Caijun had already flown to Geneva, Switzerland, with the team from Tiangong Automobile Group and the exhibited car.
At this time, other car companies around the world, large and small, also brought their masterpieces that would be mass-produced this year or in the next few years.
They were accompanied by media from all over the world.
The Geneva International Motor Show is about to begin!
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