Why is Tan Hoang Minh still unable to fulfill the obligation to refund investors?
Tan Hoang Minh Group announced that it will start performing the obligation to refund money to customers after receiving instructions from the State agency and will regularly update new information.
But up to now, the State Securities Commission has not yet issued specific guidance on the handling of mature and undue contracts of investors, so the group cannot give a specific roadmap.
Tan Hoang Minh must pay investors within 15 days from the date the offering is canceled
Regarding this issue, the VNA said that it had contacted the State Securities Commission but had not received the document, 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.
Bond investors Tan Hoang Minh have not been able to receive their money back. Photo: Ngoc Thang/Youth.
Discussing with the VNA 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, Law Professor Nguyen Thanh Ha, Chairman of the Board of Directors of SBLAW Law Firm, said that according to current regulations, with a bond contract that is due for payment, 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 issued a decision to cancel 9 bond offerings during the period from July 2021 to March 2022 of Viet Star Company, Viet Nam Supply Company. Winter electricity, Soleil Company belongs to Tan Hoang Minh Hotel Service Trading Company Limited (Tan Hoang Minh Group). These companies are not public companies yet.
Reasons for disclosing false information, hiding information in private bond issuance. The total value of the above 9 bond issuances is VND 10,030 billion. Then on April 6, Mr. Do Anh Dung – Chairman of Tan Hoang Minh Group was arrested and detained for investigation on charges of fraud and appropriation of property.
Lawyer Nguyen Thanh Ha also said that currently, according to the provisions of Clause 7, Article 6 of Decree 153/2020/ND-CP of the Government, which regulates the offering and trading of individual corporate bonds in the domestic market, In the case of domestic and international sale of corporate bonds, the type of bond shall be 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 of individual bonds according to the principles of self-borrowing, self-paying, 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. .
Tan Hoang Minh bond investors are confused about the date of receiving the money back
According to the announcement from Tan Hoang Minh, the enterprise will proceed to receive customer information to resolve interests related to the bond contract signed between the customer. However, the above notice still does not have a specific refund time.
Specifically, Tan Hoang Minh will receive investors directly at the branch and at the headquarters at 24 Quang Trung, Tran Hung Dao ward, Hoan Kiem district, Hanoi in the time frame from 14 to 17:30 on Mondays. Wednesday and Thursday every week. This group also sends representatives who are experts, staff in charge of customer care, group representatives, branch leaders to receive customers.
Tan Hoang Minh’s office is at Quang Trung Street, Tran Hung Dao Ward, Hoan Kiem District, Hanoi. Photo: Pham Kien/VNA.
Tan Hoang Minh’s side requires customers to present their identity card or citizen identification; bond transfer contract/bond investment contract; bank transfer confirmation for customers who do not have or do not have a contract.
At the same time, Tan Hoang Minh continues to commit to start performing the obligation to refund money to customers after receiving instructions from the State agency and will regularly update new information.
Previously, Tan Hoang Minh said that he was trying his best to maintain and restore the operation of the business. At the same time, the company also immediately took optimal measures to remedy the consequences, in order to fulfill its commitments and the goal of returning all investment funds to customers.
This includes finding partners to promptly sell authorized properties and arrange financial resources to return money to customers soon. A number of related procedures such as waiting for the State Securities Commission to provide detailed instructions on the order, procedures, time limit for the withdrawal of issued bonds and the refund of money to customers… but still there are no recommendations. The company has not yet been able to give a specific route to return money to investors.
(Synthetic)
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
