Canceled 9 rounds of bond offering worth VND 10,000 billion by 3 companies under Tan Hoang Minh due to disclosing false information, concealing information when offering private placement
On April 4, the State Securities Commission informed about the cancellation of nine bond offerings from July 2021 to March 2022 of Viet Star Company, Winter Palace Company, and Soleil Company.
Specifically, Viet Star Real Estate Investment Company Limited (Viet Star Company), Winter Palace Joint Stock Company (Winter Palace Company), Investment and Service Joint Stock Company Soleil Hotel Service (Soleil Company) under Tan Hoang Minh Hotel Trading Service Company Limited (Tan Hoang Minh Group), which is an unlisted company, has conducted 09 separate bond offerings with a total value of VND 10,030 billion. during the period from July 2021 to March 2022 according to the provisions of Decree No. 153/2020/ND-CP dated December 31, 2020 of the Government regulating the offering and trading of individual corporate bonds in the domestic market, offering corporate bonds to international markets and publishing information on the corporate bond information page of the Hanoi Stock Exchange (HNX) about these offerings.
The State Securities Commission said that based on the dossiers, documents and requests of the competent authorities on the cancellation of the bond issuance of Viet Star Company, Winter Palace Company, Soleil Company of Tan Hoang Minh Group due to acts of disclosing untruthful information, concealing information in private bond issuance; Pursuant to the provisions of the Law on Securities in 2019, Decree No. 153/2020/ND-CP, dated April 3, 2022. Therefore, this agency issued Decision No. 181/QD-UBCK canceling 09 bond offerings from July 2021 to March 2022 with a total value of VND 10,030 billion of Vietnamese Star Companies, Winter Palace Company, Soleil Company belongs to Tan Hoang Minh Group.
According to this Decision, bond registration and depository organizations are responsible for stopping the transfer of ownership of bonds of Viet Star Company, Winter Palace Company, Soleil Company of Tan Hoang Minh Group in the 09 bond offerings from July 2021 to March 2022; The Hanoi Stock Exchange (HNX) is responsible for publishing information on the HNX’s corporate bond information page about the cancellation of the above bond offerings; Vietnamese Star companies, Winter Palace Company, Soleil Company and Tan Hoang Minh Group are responsible for implementing this Decision.
The Decision takes effect from April 3, 2022.
It is known that Viet Star Company is also a unit of Tan Hoang Minh Group that won the auction of a land plot with an area of 10,060m2 in Thu Thiem for 24,500 billion VND (2.45 billion VND/m2). However, after that, this business asked to drop the deposit.
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