Investment and Development Corporation of Petroleum Urban (CCL-HOSE code) announced the enforcement of the execution against Mr. Trinh Suong’s number of CCL shares, a major shareholder owning over 5% of the company’s shares.
Accordingly, the enforcement activity will be carried out at 9:30 am on March 7, by the district 1 civil enforcement office.
Notification from the district 1 civil enforcement office, Ho Chi Minh City, stated that the enforcement activity will be carried out by means of sequestration, asset processing including 6.27 million CCL shares in securities trading account number 021C999888, opened at VNDirect Securities Joint Stock Company. The estimated enforcement cost is VND 5 million.
In the stock market, after reaching its highest point in 52 weeks at VND 9,400 per share (February 27), the price of CCL shares has fallen sharply to below VND 9,000 per share. Based on the current market price of CCL, the sequestered shares are valued at about VND 56 billion.
Previously, the Ministry of Public Security had official information about the dismantling of a large-scale fake petrol production and trading ring in many provinces and cities such as Dak Nong, Ho Chi Minh City, Can Tho, Soc Trang… with extremely sophisticated methods involving wealthy businessman Trinh Suong.
Accordingly, through the investigation process, this was found to be a very serious case with a very large scale, wide scope, involving many sophisticated criminal activities in many provinces and cities across the country.
From May 28 to June 2, 2019, the Special Task Force applied synchronous operational measures in accordance with the provisions of the law to simultaneously dismantle the above-mentioned fake petrol production and trading ring.
Urgent searches were conducted at 6 locations in Ho Chi Minh City, Can Tho, Hau Giang and Soc Trang provinces, police forces caught 4 groups led by Trinh Suong, Dinh Chi Dung, Nguyen Ngoc Quan and Nguyen Thi Thu Hoa who were involved in the production and trading of fake petrol.
At the same time, many related documents and evidence proving the criminal acts of the suspects involved in the case were confiscated.
Based on the preliminary investigation results of the police agencies, the suspects were found to have engaged in the production and trading of fake petrol by taking advantage of the names of businesses and traders engaged in the oil and gas business, implementing actions of blending solvents into low-quality petrol and adding RON boosters, coloring agents to produce fake E5 RON 92 and RON 95 petrol.
Afterward, they sold these products in many provinces and cities in large quantities and for a long time, illegally gaining about VND 135 billion.
Up to now, the police force has seized 3,264,281 liters of various types of liquid (including 2,183,604 liters of mixed solution for making fake petrol, 432,474 liters of unblended solvents, 250,000 liters of solution…); 3 ships; 6 tanker trucks; 5 pumps, 50 kg of coloring agents, and many objects, documents related to the criminal acts…
The gasoline samples taken during the investigation process were all found to have “inadequate quality in accordance with QCVN 01:2015/BKHCN… low-quality petrol that may affect engine performance and cause engine damage”…
At the end of 2021, Mr. Suong was sentenced to 12 years in prison by the provincial People’s Court of Dak Nong, fined an additional VND 100 million, and confiscated the illicit gains from fake petrol sales, totaling VND 151 billion.
Regarding business results, net revenue for the fourth quarter of 2023 reached VND 78.62 billion, an increase of 25.82% compared to the same period, and after-tax profit reached VND 9.43 billion, an increase of 72.95% compared to the same period due to lower cost of goods sold leading to increased gross profit and reduced expenses compared to the same period. On the other hand, financial activity revenue decreased by nearly 171% due to the company’s reimbursement of financial activity accounts receivable. The year 2023 after-tax profit reached VND 57.87 billion, surpassing 3.28% compared to 2022 and surpassing the annual plan by 20.57% (VND 48 billion).
