The company elected Thuy must return VND 840 billion to Tan Hoang Minh

The Board of Directors of Thaiholdings Joint Stock Company (THD) has just issued a resolution to approve the proposal of Thaigroup Group Joint Stock Company (a subsidiary) on the implementation of Official Letter No. 1428 of the Crime and Corruption Investigation Police Department. economy and smuggling – Ministry of Public Security (C03) and the plan to revise the audited financial statements in 2021.

Specifically, at the request of C03, Thaigroup must refund all the money that the individuals related to the Hotel Trading Service Co., Ltd. Tan Hoang Minh (Tan Hoang Minh Group) transferred from the money from selling bonds to buy shares in Binh Minh Group Joint Stock Company (owner of 11A Cat Linh project).

Accordingly, Thaigroup will return 840 billion VND received from Tan Hoang Minh Group in the transaction of selling shares in Binh Minh Group, related to the 11A Cat Linh project. The reason is that this source of money was raised by Tan Hoang Minh from selling bonds to investors.

On the contrary, Thaigroup will receive back shares in Binh Minh Group with legal documents and certificate of land use rights of the project.

Project 11A Cat Linh that Tan Hoang Minh used the money to raise bonds to buy back from Thaigroup. Photo: THD.

According to Thaiholdings, the above refund also reduces the company’s profit after tax in 2021 from 1,156 billion VND to 424 billion VND.

It is known that the 11A Cat Linh project has an area of ​​2,505 m2, with a prime location at the intersection of Cat Linh – Dang Tran Con. In 2021, the sale of shares in Binh Minh Group to Tan Hoang Minh is the main reason for Thaiholdings to earn a net profit of more than 1,100 billion dong.

In the market, Thaiholdings is currently the largest and most important enterprise related to Mr. Nguyen Duc Thuy (ie elected Thuy). Although she no longer holds any position here, elected Thuy is still the founder and largest shareholder at Thaiholdings.

This year, this business is expected to record VND 8,880 billion in net revenue and VND 1,503 billion in pre-tax profit, up 8% and 5% respectively compared to 2021. Along with the above plan, Thaiholdings also plans to IPO and increase charter capital for subsidiary – Thaigroup in the second quarter.

On the side of Tan Hoang Minh, this luxury real estate developer is entangled in a case where the State Securities Commission canceled 9 bond issuances worth more than 10,000 billion VND.

Regarding the incident, Mr. Do Anh Dung, Chairman of the Group, and many other leaders of Tan Hoang Minh were prosecuted and detained for fraud and appropriation of property.

Tan Hoang Minh Group is also required to return all money to investors (principal and interest) for buying and depositing bonds.

With a bond value of more than VND 10,000 billion, this group is having to sell many projects to arrange money to return investors. According to information, this group is announcing the transfer of 3 projects, including 2 projects in Phu Quoc (Kien Giang) and one project in Ho Chi Minh City.

However, the sale did not go smoothly and Tan Hoang Minh’s leader said he was waiting for instructions from the police and securities management agencies.

According to Zing