The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, announced the annulment of nine bonds issuance from the Tan Hoang Minh Group with an issue size of a combined VND10 trillion (US$440 million), for “deliberately concealing information and disclosing false information”.

Tan Hoang Minh Group is accused of having hidden information and disclosed false information.

Previously, Tan Hoang Minh’s three subsidiaries, including Viet Star Real Estate Investment Company, Winter Palace Company, and Soleil Investment and Hotel Services Company conducted nine corporate bond issuance with a combined issue size of VND10 trillion from July 2021 to March 2022, even though all of them have not been publicly traded firms yet.

Under the conclusion from the SSC, those companies have hidden information and disclosed false information during the process of private bond issuance.

“Such a move is unprecedented,” noted the SSC, whose decision took place after the completion of these sessions.

Depository institutions, therefore, are requested to suspend the transfer of rights ownership of those bonds in question, and the Hanoi Stock Exchange would announce the cancellation of the bond issuance from Tan Hoang Minh.

But it remains unclear how the money would be refunded to buyers.

Tan Hoang Minh recently gained public attention following its forfeit of an escrow of VND588.5 billion ($25.7 million) in a bid for land plot No.3-12 in Thu Thiem New Urban Area of Thu Duc City (Ho Chi Minh City - HCMC).

Viet Star Real Estate Investment Company was the winning bidder with a proposed price of VND24.5 trillion (US$1 billion), despite its total asset value by late 2020 being at only VND7.6 trillion ($332.4 million).

Tan Hoang Minh Group posted a registered capital of VND10 trillion ($437.4 million) and total assets of over VND20 trillion ($880 million) as of late 2020.