2023-10-02 02:15:00
General Bach Hoa Joint Stock Company (UPCoM: TBH), formerly known as Bach Hoa General Corporation, was established in 1954 under the Ministry of Industry and Trade. In 2004, the business became a joint stock company.
In November 2020, Mr. Nguyen Manh Hung assumed the position of General Director, legal representative of the enterprise. After many capital increases, in February 2021, the company was approved for a private placement for strategic shareholders to increase charter capital to 931.17 billion VND.
At the end of 2021, General Department Store The only major shareholder owning 96.65% of capital is Phu Thanh Construction Investment Joint Stock Company – a member of the same ecosystem of Tan Hoang Minh Group.
The 2021-2022 period is also the time when Tan Hoang Minh will issue 9 lots of bonds with a total value of more than 10,000 billion VND.
General Bach Hoa Joint Stock Company is the only member unit in Tan Hoang Minh’s ecosystem present on the Vietnam stock exchange. (Illustration).
General Bach Hoa will list TBH shares for trading on UPCoM from August 2021. At the end of 2021 and early 2022 when Tan Hoang Minh issued the above bond lots, TBH shares also flourished, sometimes exceeding 100,000 VND/share. However, after the Tan Hoang Minh incident began, TBH also fell rapidly.
At the session on September 29, TBH shares of General Bach Hoa is “quietly” suddenly increasing its ceiling to 15,800 VND/share, equivalent to an increase of 30% compared to September 21 and 3.8 times the market price in less than 2 months. This sudden increase took place right before the conclusion of the investigation agency on the case of property appropriation fraud occurring at Tan Hoang Minh Hotel Service Trading Co., Ltd. was issued.
Previously, in 2021, TBH shares had a period of recording a series of galloping price increases from 7,900 VND/share when listed on the floor (August 2021), peaking at 108,000 VND/share in January 2022. , which is 13 times more after 4 months.
From the first month of April 2022, the market price of TBH decreased from 85,000 VND/share to sometimes only 5,000 VND/share. Currently, TBH shares have fallen 85% from the peak and down 82% since the Tan Hoang Minh case happened.
It is known that General Bach Hoa Joint Stock Company is the only member unit in Tan Hoang Minh’s ecosystem present on the Vietnam stock exchange.
The Police Investigation Agency of the Ministry of Public Security (C03) has just proposed to prosecute Mr. Do Anh Dung – Chairman of the Board of Directors and General Director of Tan Hoang Minh Group for fraudulent appropriation of property.
Investigation results to date have determined that, during the period from July 2021 to March 2022, Mr. Do Anh Dung and a number of his subordinates used the legal entities of three subsidiaries including: Real Estate Investment Company Limited Viet Star Assets, Soleil Investment and Hotel Services Joint Stock Company, and Winter Palace Joint Stock Company to commit fraudulent acts in issuing and buying and selling bonds.
From issuing fraudulent bonds, the group of defendants raised money illegally from many investors. Among those who proposed to be prosecuted with Mr. Dung, there was also Mr. Nguyen Manh Hung – Chairman of the Board of Directors of Viet Star Real Estate Investment Company Limited.
In addition, Mr. Nguyen Manh Hung, before being detained in mid-2022, was still the General Director of General Bach Hoa Joint Stock Company.
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