Prime Minister asked to fix bond market, land auction
The issuance of corporate bonds and the auction of land use rights were requested by the Government leaders to rectify after many violations in a number of enterprises.
This content is stated in the telegram of Prime Minister Pham Minh Chinh, dated April 7. Whereby, Prime Minister Pham Minh Chinh requested the Minister of Public Security to direct the local police to promptly investigate, verify and strictly handle violations. This is to ensure the issuance, investment and use of corporate bond capital for the right purpose and transparency.
The Ministry of Public Security also urgently prevents and handles acts of abusing and violating in the auction of land use rights to make profit and cause market disturbances.
The Minister of Finance and the Governor of the State Bank closely monitor and supervise financial and monetary market developments, issuance, investment, distribution, transaction and use of corporate bond capital. .
These two agencies need to actively review and have response scenarios to develop the market and stabilize investor sentiment.
Location of auctioned land lots in Thu Thiem (Thu Duc city). Image:Quynh Tran
The State Bank shall supervise and inspect credit institutions investing in corporate bonds; providing underwriting, investment, and distribution services for corporate bonds, especially bonds of real estate enterprises, enterprises with large issuance volume, high interest rates, or loss-making business results. , no collateral…
The Ministry of Finance and the Securities Commission shall inspect and supervise the issuance, investment, distribution, trading and use of capital obtained from the issuance of bonds. These agencies also reviewed the regulations on the corporate bond market and the issuance and investment of corporate bonds. This is to amend and supplement to ensure a healthy and transparent market development; and introduce sanctions for early warning and market risk management.
The results of the inspection and review should be reported to the Prime Minister before April 15 and 30.
With land auction, the Prime Minister requested the Minister of Natural Resources and Environment to inspect the organization of land and real estate auctions in localities. In case there are abnormal manifestations, causing market instability, etc., mistakes should be clarified, handled, and no profiteering occurs.
The ministry also needs to review the legal provisions on land auction to advise on amendments and supplements to prevent profiteering.
The Bank reviews the lending to investors participating in land auctions, strictly punishes violations of credit lending.
The Prime Minister also requested chairpersons of People’s Committees of provinces and cities to review and inspect the organization of land auctions, promptly detect and strictly handle violations and prevent acts of taking advantage of auctions for personal gain. , causing market instability.
The corporate bond market is an important medium and long-term capital mobilization channel for enterprises in accordance with the Government’s policy on balanced development between the capital market and the money and credit markets.
However, recently, the issuance of corporate bonds has shown that violations and land auctions also have many shortcomings and potential risks. Two days ago, the police investigation agency of the Ministry of Public Security decided to prosecute, Mr. Do Anh Dung was taken into custodyChairman of Tan Hoang Minh Group and 5 others for the crime of “fraudulent appropriation of property”.
Before that, Tan Hoang Minh was also a corporation that attracted attention related to the deposit nearly 588.5 billion VND of land lot 3-12 in Thu Thiem New Urban Area.
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