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Sunday, June 16, 2024

Company registering whopping charter capital dissolves

By V.Dung

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HCMC – Auto Investment Group, which registered a staggering charter capital of VND500 trillion (US$22 billion) in late May last year, has announced its dissolution as stakeholders failed to contribute the capital.

Nguyen Vu Quoc Anh, CEO and legal representative of the company, stated that the dissolution was a result of shareholders failing to contribute paid-in capital as registered.

In May 2021, Auto Investment Group registered its establishment in HCMC with business scopes spanning 15 sectors, relating to programming and software production, with registered capital outpacing that of the largest enterprises in Vietnam, such as PVN, Viettel and Vingroup.

The company was registered to be headquartered on the 46th floor of the Bitexco Financial Tower in District 1.

Anh registered to contribute VND499.99 trillion to the company. Two other stakeholders of the company–Nguyen Thi Diem Hang and Luu Huu Thien–both residing in Thu Duc City, would contribute VND1 billion each.

At a press briefing in June 2021, Anh affirmed that he had weighed the firm’s establishment carefully before making the decision.

He said he used to work for large groups, such as the Central Group, Vingroup, SCI Group and K-Group, so he knew many people. He also mentioned the possibility of mobilizing the capital from foreign investors.

Furthermore, he said he would work with some banks, including Vietcombank, Techcombank, OceanBank, and real estate firms, such as Novaland, FLC and Ha Do, to raise the capital.

Anh added his firm would have 17 subsidiaries.

Under Decree 50 on the punishment for administrative violations in the planning and investment sector, those drawing up dishonest and incorrect investment plans to get investment certificates will be fined VND10-20 million each. In addition, those failing to mobilize sufficient capital as registered will be fined VND5-10 million each.

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