How does Tan Hoang Minh wait for instructions to refund the bond?
Coporation, group Tan Hoang Minh said that it will begin to perform the obligation to refund money to customers after receiving instructions from the State agency and will regularly update new information. However, up to now, the State Securities Commission has not yet issued specific guidelines on the handling of mature and undue contracts of investors, so the group cannot give a specific roadmap. body.
Tan Hoang Minh’s office is at Quang Trung Street, Tran Hung Dao Ward, Hoan Kiem District, Hanoi. (Photo: Pham Kien/VNA)
Regarding this issue, the reporter contacted the State Securities Commission but did not receive the text, nor the official answer. However, a leader of the State Securities Commission shared that the State Securities Commission is the advisory unit that makes decisions on guiding the return of bond purchases to investors. But this is also related to a number of other authorities, not just the State Securities Commission, which can make decisions. The decision-making needs to be discussed and agreed among agencies on the plan and method, and then there are guidelines.
Talking to reporters about the legal provisions on payment of corporate bonds in cases where enterprises have concluded that the sale of corporate bonds is not appropriate as in the case of Tan Hoang Minh Group, Lawyer Nguyen Thanh Ha, Chairman of the Board of Directors of SBLAW Law Firm, said that according to current regulations, with a bond contract due to maturity, the enterprise will return the investor’s investment as soon as possible.
For contracts that are not yet due for payment, Tan Hoang Minh will coordinate with state management agencies and asset management banks to handle and refund customers in accordance with the instructions and directions of agencies. function in good faith and in compliance with the provisions of the law.
At the same time, the enterprise must withdraw the issued securities and return the 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 case the issuer does not pay, the investor can initiate a lawsuit against the bond issuer in accordance with the law. The order and procedures for investors to initiate lawsuits shall comply with the provisions of the Civil Procedure Code 2015.
Previously, on April 4, the State Securities Commission informed about the cancellation of 9 separate bond offerings with a total value of VND 10,030 billion in the period from July 2021 to March 2022 of the investors. Companies under Tan Hoang Minh Group include: Viet Star Company, Winter Palace Company, and Soleil Company due to acts of disclosing false information, concealing information in private bond issuance activities. odd. These companies are not public companies yet.
Citing the provisions of the law, Lawyer Nguyen Thanh Ha said that, according to Clause 3, Article 28 of the Law on Securities in 2019, within 7 working days from the date of cancellation of the public offering of securities, the organization The issuer must announce the cancellation of the public offering of securities by the method specified in Clause 3, Article 25 of this Law.
Accordingly, when canceling the bond offering, the bond issuer must announce this cancellation to the public on an electronic newspaper or in a 3-issue printed newspaper within 7 days. The bond issuer must also withdraw the issued securities and return the money to investors within 15 days from the date the offering is cancelled. In addition to returning money to investors, at the end of this period, the issuer must also compensate investors for damage according to the committed terms.
Commenting on the fact that Tan Hoang Minh is currently waiting for instructions from the state agency to pay customers to buy bonds, Lawyer Nguyen Thanh Ha said that, in order to ensure the interests of investors, state agencies can The authority needs to develop complete legal regulations that recognize the rights of investors as well as responsibilities, sanctions and specific compensation levels. This is to protect individual investors’ right to buy and sell securities; ensure the order of priority in purchase and sale orders and solvency from the issuers of securities; have a mechanism for timely, public, accurate, transparent and reliable information disclosure.
The disclosure of information about companies with stocks and bonds being traded on the stock market will help investors choose, decide to buy and sell, and will create effective competition and prevent profit-making. justifiable.
Currently, many securities issuers do not have an effective risk management mechanism to protect themselves and investors, especially individual investors. If these issuers collapse, default, or when investors are cheated or misappropriated, no one will come forward to compensate them. Vietnam currently does not have an organization to do this, while many developed stock markets such as the US, Hong Kong (China) and Taiwan (China)… the model of funds and companies protects. The investor has operated very successfully.
The investor protection mechanism is built on the basic elements that there are specific legal provisions in the establishment and operation of compensation and protection funds for investors; there is an agency that plays the role of fund management and administration; There is a mechanism for initiating lawsuits and collective litigation. Thereby, an organization can be pre-authorized by its members to take the initiative to sue and conduct legal proceedings when all necessary conditions are met.
The companies, organizations, and associations that protect investors in this mechanism are social organizations or governmental, non-profit activities and have funds to protect investors.
Lawyer Nguyen Thanh Ha also said that transparency in publicizing information is still very low. Therefore, it is necessary to ensure publicity and transparency, as well as take timely handling measures to prevent violations when violations occur.
Currently, according to the provisions of Clause 7, Article 6 of Decree 153/2020/ND-CP of the Government, providing for the offering and trading of individual corporate bonds in the domestic market and the offering of corporate bonds to the public. In the international market, the type of bond is decided by the issuing enterprise, but according to the provisions on the principles of bond issuance and use in Article 5 of this Decree, the enterprise mobilizes capital from individual bonds on the principle of self-employment. borrowing, self-pay, self-responsibility, state management agencies do not issue issuance permits.
Therefore, in this case, Tan Hoang Minh must withdraw the issued securities and return the money to the investor within 15 days from the date the offering is canceled according to the provisions of Article 28 of the Law on Securities 2019. .
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