After 15 days, investors can sue

The State Securities Commission (SSC) on April 3 announced the cancellation of nine bond offerings from July 2021 to March 2022 of Viet Star Company, Winter Palace Company, Soleil Company (belonging to Tan Hoang Minh Group).

According to the State Securities Commission, these companies have disclosed false information, concealed information when issuing private bonds, and conducted nine bond offerings to raise capital with a total value of VND 10,030 billion. .

With Tan Hoang Minh’s decision to cancel 9 lots of bonds, many investors will worry about whether the investment money will be lost and how to get this money back?

  9 lots of Tan Hoang Minh bonds were canceled: After 15 days, investors can sue - Photo 1.

Project D’. El Dorado of Tan Hoang Minh is being reviewed by authorities.

In response to the question, lawyer Truong Thanh Duc (Director of ANVI Law Firm, Arbitrator VIAC) said, according to the provisions of Clause 3, Article 28 of the Law on Securities, within 7 working days from the date of issue. If the public offering of securities is cancelled, the issuer must announce the cancellation of the public offering in an electronic or printed newspaper in 3 consecutive issues and must withdraw the issued securities. release.

At the same time, the issuer must return money to investors within 15 days from the date the offering is cancelled. At the end of this period, the issuer must compensate the investor for damage according to the terms committed to the investor.

“In this case, if Tan Hoang Minh cannot immediately buy back all 9 canceled bond lots because money has been pushed into the project, it will be very difficult to handle, the parties will have to go to court to continue the case.” lawyer Truong Thanh Duc said.

Will there be ‘sentence’ penalties?

And lawyer Mai Thao (Deputy Director of TAT Law firm) said that for the violations of Tan Hoang Minh Group’s company in the bond offering, the act of “disclosure of false information, concealing information in private placement of bonds” will be subject to a fine of 400-500 million VND, according to the provisions of Clause 6, Article 8 of Decree 156/2020.

In addition, these companies are also forced to withdraw securities already offered for sale or issued; return to investors the purchase of securities or the deposit (if any) plus the interest arising from the purchase of securities or the deposit within 60 days.

Lawyer Mai Thao further explained, the interest arising from the money to buy securities or the deposit is calculated at the interest rate of the demand deposit of the bank that the violating organization or individual opens an account to collect money for buying securities. or the deposit at the time the decision to apply this measure takes effect; In case of bond offering or issuance, the interest arising from bond purchase or deposit shall be calculated at the interest rate stated on the bond.

On the morning of April 5, Tan Hoang Minh Group sent a notice to customers related to the fact that the State Securities Commission had just announced the cancellation of 9 bond issuances of the group of companies under the group.

In the announcement, Tan Hoang Minh expressed his regret because this was an unexpected event of the Group.

In case the issuance has to be canceled at the request of the state management agency, the Group said, it will work with the bond issuer and the state management agency to refund the mobilized amount. act for customers in accordance with the law.

It is expected that the refund processing process to customers will be carried out as follows:

For Contracts that are due for payment, the Client’s investment amount will be refunded as soon as possible.

For contracts that are not yet due for payment, the Group will urgently coordinate with state management agencies, work with the issuer, the asset management bank to process and return the Customer according to the regulations. strictly follow the instructions and directions of the competent authorities in the spirit of goodwill and in compliance with the provisions of the law.

According to Hoang An

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