The headquarters of Tan Hoang Minh Group in Quang Trung Street in Hanoi. (Photo: SGGP)
On the afternoon of April 6, the Joint Stock Commercial Bank for Industry and Trade (VietinBank) said that it did not underwrite the bond issuance, did not guarantee the payment and did not provide distribution services for the above bond lots.
Previously, VietinBank provided account management and asset management services for bond issuances of Soleil Investment and Hotel Services Joint Stock Company, Viet Star Real Estate Investment Joint Stock Company, and Winter Palace Joint Stock Company with a total amount of VND6.53 trillion (US$286 million). The service provision was carried out following regulations.
For account management services, VietinBank provides account opening services to serve the receipt and payment of obligations of the issuer related to bonds under the bond account management contract and in accordance with the law.
As for asset management, VietinBank is only responsible for managing collateral records, checking, monitoring the condition of collateral, and representing investors owning bonds to handle collateral under the collateral management agreement and following the law.
Previously, Saigon - Hanoi Commercial Joint Stock Bank (SHB) also said that it provided the account management services and collateral management services for the bond lot SOLCH2123001 of the Soleil Investment and Hotel Services Joint Stock Company, worth VND800 billion ($35 million), and the bond lot NSVCH2125001 of Viet Star Real Estate Investment Company Limited, worth VND800 billion. SHB's obligations are limited to providing payment services through accounts without participating in transactions between the parties.
As for collateral management services, commercial banks are entitled to act as agents in fields related to banking activities and asset management following the Law on Credit Institutions. SHB is only responsible for performing collateral record management services, checking, monitoring the condition of collateral, and representing bondholders to handle collateral under the collateral management agreement signed with the issuer and following regulations. SHB also confirmed that it did not underwrite the issuance, did not guarantee the payment, did not invest and did not distribute the above two bond lots.
An Binh Securities Company (ABS) also informed that it was an issuance consulting organization and consulted one bond issuance, with a value of VND800 billion for Soleil Investment and Hotel Services Joint Stock Company, which are secured bonds with payment guarantee. The service provision of ABS complies with the law and is based on information and documents provided by the issuer. The issuer is responsible for the accuracy and completeness of the information disclosed in the bond offering documents. All bonds of this issuance were sold to Tan Hoang Minh Hotel and Trading Service Company Limited. ABS did not play the role of a secondary distributor for this bond from Tan Hoang Minh Hotel and Trading Service Company Limited or any related bonds.
According to Bao Viet Securities Joint Stock Company (BVSC), BVSC consulted the bond offering documents based on information and documents provided by the issuer - Viet Star Real Estate Investment Company Limited. The issuer is responsible for the information disclosed in the bond offering documents. All issued bonds, worth VND800 billion, were sold to Tan Hoang Minh Hotel and Trading Service Company Limited. BVSC did not perform the offering, the ownership transfers of secondary bonds between Tan Hoang Minh Hotel and Trading Service Company Limited and investors.
Previously, VietinBank provided account management and asset management services for bond issuances of Soleil Investment and Hotel Services Joint Stock Company, Viet Star Real Estate Investment Joint Stock Company, and Winter Palace Joint Stock Company with a total amount of VND6.53 trillion (US$286 million). The service provision was carried out following regulations.
For account management services, VietinBank provides account opening services to serve the receipt and payment of obligations of the issuer related to bonds under the bond account management contract and in accordance with the law.
As for asset management, VietinBank is only responsible for managing collateral records, checking, monitoring the condition of collateral, and representing investors owning bonds to handle collateral under the collateral management agreement and following the law.
Previously, Saigon - Hanoi Commercial Joint Stock Bank (SHB) also said that it provided the account management services and collateral management services for the bond lot SOLCH2123001 of the Soleil Investment and Hotel Services Joint Stock Company, worth VND800 billion ($35 million), and the bond lot NSVCH2125001 of Viet Star Real Estate Investment Company Limited, worth VND800 billion. SHB's obligations are limited to providing payment services through accounts without participating in transactions between the parties.
As for collateral management services, commercial banks are entitled to act as agents in fields related to banking activities and asset management following the Law on Credit Institutions. SHB is only responsible for performing collateral record management services, checking, monitoring the condition of collateral, and representing bondholders to handle collateral under the collateral management agreement signed with the issuer and following regulations. SHB also confirmed that it did not underwrite the issuance, did not guarantee the payment, did not invest and did not distribute the above two bond lots.
An Binh Securities Company (ABS) also informed that it was an issuance consulting organization and consulted one bond issuance, with a value of VND800 billion for Soleil Investment and Hotel Services Joint Stock Company, which are secured bonds with payment guarantee. The service provision of ABS complies with the law and is based on information and documents provided by the issuer. The issuer is responsible for the accuracy and completeness of the information disclosed in the bond offering documents. All bonds of this issuance were sold to Tan Hoang Minh Hotel and Trading Service Company Limited. ABS did not play the role of a secondary distributor for this bond from Tan Hoang Minh Hotel and Trading Service Company Limited or any related bonds.
According to Bao Viet Securities Joint Stock Company (BVSC), BVSC consulted the bond offering documents based on information and documents provided by the issuer - Viet Star Real Estate Investment Company Limited. The issuer is responsible for the information disclosed in the bond offering documents. All issued bonds, worth VND800 billion, were sold to Tan Hoang Minh Hotel and Trading Service Company Limited. BVSC did not perform the offering, the ownership transfers of secondary bonds between Tan Hoang Minh Hotel and Trading Service Company Limited and investors.
