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Tuesday, September 27, 2022

SSC orders Tan Hoang Minh affiliates to refund bondholders

By Van Phong

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HCMC – The State Securities Commission of Vietnam (SSC) has told Tan Hoang Minh Group-affiliated companies to work with the Investigative Police Agency to complete procedures to refund bondholders after SSC had cancelled their nine bond issues worth more than VND10 trillion in early April.

The order came after several bondholders came to the headquarters of the Ministry of Finance in Hanoi City asking for guidelines and assistance to take back their money on April 25.

SSC also advises holders of bonds issued between July 2021 and March 2022 by the three affiliates of Tan Hoang Minh Group – Viet Star Real Estate Investment Co., Ltd, Winter Palace JSC and Soleil Investment and Hotel Services JSC – to contact the agency, or call 0793688688 or 0559933333 for help.

Tan Hoang Minh Group had earlier said it would start to refund customers after receiving guidelines from SSC.

Lawyer Nguyen Thanh Ha, Chairman of SBLAW, said that companies will have to refund bondholders at the earliest for the bonds nearing maturity in line with prevailing regulations.

As for bonds still far from maturity, these firms should work with State agencies and banks to refund bondholders in line with their guidelines. Firms must recall the cancelled bonds and refund bondholders within 15 days since the date of the bonds being cancelled.

If the firms delay these steps, they must compensate for damage incurred by bondholders.

Individual bondholders have the right to take back money and asking the three bond issuers to compensate for losses in line with Government Decree 128, said Lawyer Tran Minh Hai, Director of Basico.

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