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Monday, May 16, 2022

Consultants, agents of Tan Hoang Minh’s bond issues face scrutiny

The Saigon Times

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HCMC – The Ministry of Finance has told the State Securities Commission of Vietnam (SSC) to inspect consulting firms and agents issuing corporate bonds of three affiliates of Tan Hoang Minh Group.

In case violations are detected, the ministry will deal with violators in line with the law, the local media reported.

Relating to the arrests of Do Anh Dung, chairman and CEO of Tan Hoang Minh Group, and six senior executives of Tan Hoang Minh-affiliated companies on alleged fraud charges, the ministry also told SSC to provide related documents to the law enforcement.

An SSC leader said the commission had coordinated with the Hanoi Stock Exchange and other relevant agencies to inspect and supervise corporate bond sales of Tan Hoang Minh’s affiliates.

SSC had earlier canceled nine bond issues worth VND10.5 trillion by three subsidiaries of Tan Hoang Minh Group, namely Viet Star Real Estate Investment Co. Ltd., Soleil Investment and Hotel Services JSC, and Winter Palace JSC. Misinformation and failures to disclose information about the bond sales were cited as the reasons for the cancellation.

These three unlisted companies did not report their bond issues to SSC. They had just posted the information about the nine issues on the corporate bond portal of the Hanoi Stock Exchange.

Meanwhile, the Ministry of Finance said it would impose heavy sanctions on those manipulating the stock market.

To ensure the bond market becomes an important and effective capital raising channel and minimize risks for investors, the ministry has repeatedly directed the relevant agencies to enhance the inspection into and supervision of the bond issues of enterprises, especially those issuing bonds with larger value than their capital or without mortgages, and report the results to the Ministry of Finance.

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