Property developer’s bond issuance canceled following false information submission

April 06, 2022 | 10:20

(0) user say

The State Securities Commission (SSC) has decided to cancel nine separate bond issuances worth over 10 trillion VND (over 437 million USD) by subsidiaries of property developer Tan Hoang Minh Group because they submitted false information.

Property developer’s bond issuance canceled following false information submission

Illustrative image (Photo: VNA)

Hanoi – The State Securities Commission (SSC) has decided to cancel nine separate bond issuances worth over 10 trillion VND (over 437 million USD) by subsidiaries of property developer Tan Hoang Minh Group because they submitted false information.

According to the SSC, companies under the Tan Hoang Minh Group – Viet Star Real Estate Investment Co., Ltd, Winter Palace JSC and Soleil Hotel Service and Investment JSC - submitted false information and concealed information related to private bond issuance.

These companies conducted nine private bond offerings during the period. All these companies are unlisted.

This cancellation is based on the provisions of the Securities Law 2019, and Decree No. 153/2020/ND-CP dated April 3, 2022.

Accordingly, bond registration and depository organisations have to stop the transfer of bonds ownership of the three companies in the bond offerings from July 2021 to March 2022.

The Hanoi Stock Exchange (HNX) is responsible for publicising information about the cancellation.

The decision took effect on April 3.

VNA

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional