On July 6, Dat Xanh Group sent a request for verification, investigation, and handling of the incident to the Economic Police and the Security Police of Ho Chi Minh City, and also requested the intervention of a law firm to clarify the matter and protect the legitimate rights of the enterprise.
According to Dat Xanh Group, in early July 2024, they received a complaint from Mr. Nguyen Xuan Trieu, who claimed to be the representative of 15 investors and the owner of 448 bonds issued by Dat Xanh Services JSC.
According to Mr. Trieu’s letter, “Mr. Do Van Manh, CEO of Dat Xanh Services, and Mr. Luong Tri Thin, Chairman of Dat Xanh Services, have embezzled VND 44.8 billion through the aforementioned bond issuance.” Mr. Nguyen Xuan Trieu also stated that after the investors paid, Dat Xanh Services did not fulfill the signed agreements.
Dat Xanh Group stated that this information is completely false. From the time Dat Xanh Real Estate Services JSC conducted its initial public offering in 2021 until the present, Dat Xanh Real Estate Services JSC (DXS) has never conducted any corporate bond offerings to investors.
Dat Xanh Group’s request to Ho Chi Minh City Police.
The above bond issue was issued by Dat Xanh Southern Services and Investment JSC. Dat Xanh Southern is no longer a subsidiary of either Dat Xanh Services or Dat Xanh Group. Dat Xanh Southern Services and Investment JSC is currently an associate company of Dat Xanh Real Estate Services JSC, with a 49% stake held by Dat Xanh Real Estate Services JSC after its capital divestment.
According to Dat Xanh Group, Mr. Do Van Manh is not the CEO of Dat Xanh Real Estate Services JSC, and Mr. Luong Tri Thin is not the Chairman of the Board of Directors of Dat Xanh Real Estate Services JSC. Additionally, Mr. Luong Tri Thin is currently a member of the Board of Directors and Chairman of the Strategy Committee of Dat Xanh Group.
“Based on the above, we find that the recent false accusations have seriously affected the reputation of Dat Xanh Real Estate Services JSC and may be related to the crime of defamation under Article 156 of the 2015 Penal Code, as amended and supplemented in 2017,” Dat Xanh stated in their letter to the Ho Chi Minh City Police.
Promising Revival of the Corporate Bond Market
The corporate bond market in 2024 is expected to be more vibrant due to low interest rates, expanded supply, and improved investor confidence.
Nearly 7.4 trillion VND of TPDN bought back in January 2024, over 279 trillion VND due for repayment throughout the year.
According to data compiled by the Vietnamese Bond Market Association (VBMA) from HNX and SSC, as of February 2, 2024, there were two private corporate bond issuances totaling VND 1.65 trillion and one public bond issuance totaling VND 2 trillion in January 2024.
Almost 7.4 trillion VND of TPDN acquired in January 2024, over 279 trillion VND due to mature throughout the year
According to data compiled by the Vietnam Bond Market Association (VBMA) from HNX and SSC, as of February 2nd, 2024, there have been two private placement bond issuances worth 1.65 trillion VND and one public offering worth 2 trillion VND in January 2024.
Trial of Vạn Thịnh Phát Case from 5/3 – 29/4
The Ho Chi Minh City People’s Court will hold the first-instance trial of 86 defendants in the Vạn Thịnh Phát case from March 5th to April 29th.
