Cancelling Tan Hoang Minh's bond batch, is the bank innocent?

DNHN - SHB verified that it did not underwrite, guarantee payment, invest, or distribute bond lots immediately after the case broke and that 9 lots of bonds were cancelled.

Viet Star Real Estate Investment Company Limited (NSV) issued a bond lot of VND 800 billion with the number NSVCH2125001 on July 5, 2021. This is NSV's first bond offering in 2021, as well as the first bond issuance in 9 bond lots of a group of firms owned by Tan Hoang Minh, as determined by the State Securities Commission (SSC).

Saigon-Hanoi Commercial Joint Stock Bank (SHB) participated in this bond offering as a payment agent. SHB also serves as a payment agent for this bond lot.

Many consumers used to trust and purchase bonds from the Tan Hoang Minh group of the promotional pictures on the website, social networks, etc. Industry and Trade in Vietnam (VietinBank). According to Hanoi Stock Exchange (HNX) records, three companies of the Tan Hoang Minh Group issued a total of eight bonds totalling 8,130 billion VND from July 2021 to November 2021, with one final batch released in March 2022. As noted above, SHB participated in two of the eight specified bond lots, while Vietnam Bank participated in the other lots as a payment agent.

SHB acknowledged that this bank is simply a supplier of account management services and obtained asset management services for 2 lots of bonds shortly after the matter broke, and 9 lots of bonds were cancelled.

Hien was voted onto the Board of Directors by the bank, which said that it did not guarantee, invest in, or distribute the two bond lots the bank said it did not underwrite, guarantee payment, invest in, or distribute.

VietinBank came out with the situation shortly after SHB. VietinBank says that it does not guarantee that these bond lots will be sold, that it will pay, or that it will distribute them. 

Cancelling Tan Hoang Minh's bond batch, is the bank innocent?
Cancelling Tan Hoang Minh's bond batch, is the bank innocent?.

In terms of account management services, Vietnam Bank offers account opening services to support the receipt and payment of the issuer's obligations linked to bonds under the bond account keeping and management contract and in line with the legislation.

in compliance with the security asset management contract and the legislation.

As in the case of Tan Hoang Minh Hotel Trading Service Co., Ltd., firms self-issue, sell via a securities company, or sell through a bank (the bank merely distributes, does not guarantee).

In this instance, the secondary buyer will be exposed to a significant level of risk. If the issuer is bankrupt and unable to pay the loan, the buyer has no choice but to rely on collateral.

Khai Anh

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