Mr. Nguyen Tu Quang's Bkav Pro is constantly being called out by VNDIRECT for bond debt.

According to the financial report submitted by Bkav Antivirus Software Joint Stock Company (Bkav Pro) to the Hanoi Stock Exchange (HNX), in 2024, BKAV recorded a profit after tax of more than 48 billion VND, an increase of 147.9% over the same period.

Total liabilities by the end of 2024 will be nearly VND 349.5 billion, an increase of more than 10% compared to the same period in 2023. Of which, outstanding domestic individual bonds will reach VND 165.8 billion and other liabilities will be VND 162.2 billion.

Regarding bonds, since the beginning of the year, Bkav Pro has been continuously reported by VNDIRECT Securities Joint Stock Company for violating its obligations to bondholders.

As a bondholder representative, VNDIRECT said that Bkav Pro violated its obligation to ensure a minimum accumulation of VND 1.5 billion/month into Bkav Pro's securities account opened at VNDIRECT.

Specifically, Bkav Pro has not yet fulfilled its obligation to accumulate at least VND 4.5 billion for the period from December 2024 to February 2025 (equivalent to a 3-month obligation) as prescribed.

Mr. Nguyen Tu Quang Source: Bkav

Therefore, on February 14, VNDIRECT sent an official dispatch to BKAV Pro company to notify the violation of the obligation in December 2024.

On March 24, VNDIRECT continued to send a notice of violation of obligations for the months of January and February 2025, and at the same time requested Bkav Pro to send a list of bondholders so that Vndirect could notify bondholders of the violation.

Regarding this bond lot, in mid-2021, VNDIRECT acted as an organization to advise on the offering documents and represent bond owners for Bkav Pro's VND 170 billion issuance.

The bonds have a term of 3 years, a fixed interest rate of 10.5%/year for the first year and a reference interest rate plus 4.5%/year for the next 2-year term. In May 2024, Bkav Pro unexpectedly requested to extend this batch of bonds for another year, pushing the new maturity date to May 26, 2025. The interest rate during the extension period is 11%/year.

According to VNDIRECT's 2024 financial report, Bkav Pro was once on the bad debt list of this securities company with an amount of 31.5 billion VND, forcing Vndirect to set aside a provision for this amount of more than 22 billion VND.

However, by the end of 2024, Bkav Pro's bad debt no longer existed, and Vndirect also reversed a provision of more than VND 22 billion.

Bkav Pro is the software publishing company of Bkav Group. This group was established in 2003 and is currently operating in the fields of network security, software, e-government, smartphone manufacturing, smart electronic devices, smart city and AI camera.

Bkav founder, Mr. Nguyen Tu Quang, is currently the Chairman of the Board of Directors and General Director of this company.

Bkav Group first launched the Bphone smartphone line in mid-2015. Mr. Nguyen Tu Quang at that time had high expectations for this product and said he would build a smartphone industry owned by Vietnamese people, competing equally with world names in all segments.

He once made some notable statements when launching Bphone such as "BPhone has the most beautiful flat design in the world"; "BPhone is the safest in the world"; Bphone has an "unbelievable" price, "iPhone 6, Galaxy S6 are not as beautiful as BPhone"... At that time, Bphone cost 9.9 million VND.

However, up to now this product has not made a splash and has almost gradually disappeared from the market.

Source: https://nld.com.vn/bkav-pro-cua-ong-nguyen-tu-quang-lien-tuc-bi-vndirect-reo-ten-vi-no-trai-phieu-196250404123943108.htm