The Ho Chi Minh City Stock Exchange (HoSE) has announced information about the enforcement of a court order for the execution of CCL shares of the Cuu Long Petroleum Urban Development and Investment Corporation owned by Trinh Suong – a major shareholder owning over 5% of the company’s shares.
Accordingly, the enforcement will take place on March 7th and the enforcing unit is the District 1 Civil Enforcement Division.
The enforcement measure is the attachment and handling of assets, including 6.27 million CCL shares in the securities trading account number 021C999888, opened at VNDIRECT Securities Joint Stock Company.
On the stock market, CCL is currently priced at VND 9,100 per share. Based on this price, the value of the attached shares mentioned above is worth over VND 57 billion.
Source: HOSE
Trinh Suong is known as a “petrol tycoon” owning multiple petrol stations scattered along the roads in Soc Trang province.
However, in 2019, Trinh Suong was arrested for violations in the production and sale of counterfeit goods.
By the end of 2021, Trinh Suong was sentenced to 12 years in prison and fined an additional VND 100 million by the Dak Nong Provincial People’s Court. The first-instance panel confirmed that Trinh Suong had produced over 192 million liters of counterfeit gasoline, sold over 188 million liters in the market, and illegally profited over VND 151 billion.
