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Law enforcement agencies served the indictment and prosecution decisions against Nguyen Huu Kha and Dinh Van Tao in early 2024 – Source: CAHG |
According to a recent announcement, the Investigative Police Agency of Ha Giang Province has completed its investigation and transferred the entire case file on “fraudulent appropriation of property” involving Top One Joint Stock Company during the 2015-2022 period to the People’s Procuracy of Ha Giang Province. The accused individuals include Dinh Van Tao, Nguyen Huu Kha, Do Xuan Long, and Vu Thai, as per Clause 4, Article 174 of the Criminal Code.
On May 15, the Supreme People’s Procuracy decided not to accept Top One’s complaint. The decision affirmed that the investigation had gathered sufficient evidence, indicating that the accused individuals, including the two former Chairmen of the Board of Directors, Tao and Kha, had engaged in deceptive practices. They inflated the chartered capital, fabricated documents to turn Top One into a public company, and disclosed misleading information about capital contributions and sold “fake” shares on the stock exchange to appropriate investors’ assets.
The Supreme Procuracy emphasized that these actions constitute criminal offenses, and therefore, the decision to prosecute, made on December 10, 2024, and the conclusion to handle the complaint, dated January 19, 2025, by the provincial level, are legally grounded.
A Glittering Façade and a Web of Shell Companies
Top One was established in 2013 with initial chartered capital of VND 3 billion. By 2016, this capital had soared to VND 253.5 billion, and the company announced a string of investments in manufacturing and processing entities, including Nam Ha Vegetable, Fruit, and Herb Processing JSC. This company was promoted as having factories, processing lines, gas stations, and ferry terminals. However, the current management discovered that it was merely a shell company used to legalize embezzled funds by former leaders.
Other investments, such as those in Ha Giang Forest, Agricultural, and Food Products JSC and Ha Giang Livestock JSC 1 and 2, have also been gradually divested. The current leadership intends to pursue legal measures to recover the lost funds and restructure business operations.
Bleak Business Performance and Rock-Bottom Stock Price
In terms of business results, Top One incurred a loss of nearly VND 88 billion in 2020, followed by almost stagnant operations. In 2022, the company had zero revenue and lost over VND 600 million. According to self-prepared financial statements, in 2023, revenue was a mere VND 478 million, with a loss of VND 389 million. In 2024, they turned a slight profit of nearly VND 165 million thanks to financial revenue, despite a meager turnover of just over VND 21 million.
In the first quarter of 2025, TOP achieved revenue of nearly VND 7 million but suffered a gross loss of VND 1.2 million due to selling goods below cost, resulting in a net loss of VND 43 million. As of March 31, 2025, the company had accumulated losses of over VND 91 billion.
| TOP’s Depressing Business Performance |
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On the stock exchange, TOP shares are restricted from trading due to repeated delays in submitting audited and semi-annual financial statements in 2022-2024. Consequently, the stock can only be traded on Fridays, and liquidity is almost frozen, stuck at the “tea price” of VND 1,000 per share.
In this context, Mr. Nguyen Ngoc Duong, the current Chairman, has just registered to sell 570,000 TOP shares from May 16 to June 13 to address personal financial needs. If successful, his ownership ratio will drop significantly from 2.4% to just 0.15%.
| Price Movement of TOP Shares |
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– 11:37, May 23, 2025
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