The bosses who use private assets to get capital for their firms

Corporation 36 (G36) issued a resolution on using the private assets of President Nguyen Dang Giap – 12.54 million G36 shares worth around VND134 billion – to use as a mortgage for a loan from BIDV. 

Giap, born in 1954 in Nghe An, is a bachelor of law and undertook many positions in the army. G36’s H1 business administration report showed that Giap holds 17.5 million shares, or 17.24 percent of the enterprise’s charter capital.

Chair of Thai Nguyen International Hospital JSC (TNH) Hoang Tuyen has lent VND35.62 billion to TNH to pay due debts to bond holders.

In H1, the debt incurred by TNH was 2.5 times higher than revenue and the post-tax profit was not commensurate with the total capital of over VND1 trillion. Therefore, TNH did not have enough financial resources to pay the 2020 bonds.

Meanwhile, some businesses have lent money to their chairmen. Hoang Anh Gia Lai JSC (HAG) has made a transaction of lending to Doan Nguyen Duc. The explanation of HAG’s 2021 audited finance report says that the business lent VND102 billion to Duc at the interest rate of 10 percent per annum.

By the end of 2021, Duc was still the only big shareholder of the group, holding 34.5 percent of charter capital.

The State Securities Commission (SSC) has released a decision on the administrative fine on 1369 Construction JSC.

The 2020 audited financial report showed that the company conducted a transaction for lending VND12 billion to Le Minh Tan, president of the company. The report showed that this was part of the money lent to individuals for six months with an interest rate of 8 percent per annum.

Eximbank accredits CEO for 3 more years

The board of directors of Eximbank has decided to re-appoint Tran Tan Loc as CEO of the bank for three more years.

Loc, born in 1969, has held the post of CEO of Eximbank since September 8, 2021 after two years of the seat vacancy. He has a PhD in Economics and undertook many important positions at Eximbank.

In February 2022, Eximbank appointed Luong Thi Cam Tu as new Chair. Tu, born in 1980, has a bachelor’s degree of business administration from Van Lang University, and master’s degree from Griggs University. Before joining Eximbank’s board of directors in April 2018, Tu was CEO of Nam A Bank.

In related news, Pham Huy Thong has been appointed Chairman of GP Bank.

Tri Viet Asset Management’s high-ranking officer sells shares

TVC’s CEO Do Thanh Ha has registered to sell 150,000 TVC shares for personal financial reasons. The transaction is expected to be implemented from September 8 to October 7, 2022, under the order matching and put-through modes.

Ha holds 3.69 million TVC shares, or 3.11 percent of charter capital.

TVC underwent trouble when Tri Viet Securities’ CEO was detained for allegedly manipulating securities prices. TVC is the biggest shareholder and has a close relationship with TVB. Pham Thanh Tung, president of TVC, is also deputy chair of TVB. 

Van Phu Invest fined for buying shares without reporting

The SSC has imposed an administrative fine on Van Phu Invest (VPI).

On June 25, 2021, Van Phu Invest bought 3,719,923 HAF shares of Hanoi Foodstuff JSC. After the purchase, the total number of shares it held was 3,719,923 shares, or 25.65 percent of HAF, but it did not make a tender offer.

In addition to the fine of VND200 million, Van Phu must waive the right to vote directly or through authorized representatives on the number of shares obtained from the breach. It also has to sell the shares to reduce the share proportion.

Van Phu Invest’s chair is To Nhu Toan. He is quite reserved in the real estate market if compared with other realtors.

Duy Anh