The cautious sentiment of investors caused the main indices to continuously fluctuate within a narrow range, accompanied by a decrease in trading volume. Meanwhile, the code DIG of the Construction Development Investment Corporation was under selling pressure, pushing the liquidity of this code to double the normal level to more than 41 million units.
During the session on August 28, there was a time when this code decreased by nearly 7% before narrowing to around 4% to 24,000 VND/share.
This development occurred when investors were concerned after the Government Inspectorate announced the inspection conclusion related to the equitization process and state capital divestment at the Development Investment - Construction Company (now the Construction Development Investment Joint Stock Corporation) on August 27.
DIG price movement (Source: TradingView).
According to the Government Inspectorate, in the process of equitization and divestment at the above enterprise, there were limitations, shortcomings and violations.
One of the notable issues is the improper implementation of the equitization procedures. The determination of asset value does not comply with legal regulations, leading to a difference in asset value compared to the requirements.
The consulting unit, Vietnam Appraisal and Valuation Joint Stock Company (VIVACO), incorrectly determined the investment capital and original price of two construction works on the land, leading to the asset value being assessed lower than the regulations, with a difference of 2.4 billion VND.
Regarding the determination of the value of assets such as land use rights, VIVACO also did not re-determine the value of 25 villas in Phuong Nam Villa Area according to the provisions of Article 19 of Decree 187 and Article 6 of Decree 17 of the Government.
In addition, VIVACO and the Ministry of Construction applied an inaccurate calculation method when using the set of investment costs and the value of project development rights to determine the value of the equitized enterprise at the Dai Phuoc Eco-tourism Urban Area project, violating the provisions of the law.
During the period from determining the enterprise value to the time of transferring to a joint stock company, the Investment Development - Construction Company accounted for the losses of 3 subsidiaries approved for settlement by the Ministry of Construction into the value of State capital as of 0:00 on March 13, 2008 for transfer to a joint stock company, which is not in accordance with Government regulations.
Regarding divestment procedures, the Ministry of Construction approved the divestment plan at the Development Investment - Construction Company without consulting the Ministry of Finance and the Ministry of Planning and Investment, contrary to current regulations.
DIC Corp also failed to provide complete information to the consulting unit, leading to the failure to re-determine the value of land use rights at three locations, including: 313,887 m2 at Dai Phuoc Eco-tourism Urban Area project; 201,703 m2 at Ward 4 Commercial Residential Area project, Hau Giang; 421.5 m2 of commercial land at 88 Tran Phu, Vung Tau.
The Government Inspectorate has determined that related responsibilities belong to the leaders of the Ministry of Construction during the 2007-2009 and 2016-2017 periods, as well as the Steering Committee for equitization of DIC Corp.
In response to the above violations, the Government Inspectorate recommended that the Prime Minister direct the Ministry of Construction to review the individuals involved; request individuals and organizations to remedy the financial consequences; and clarify responsibilities in the valuation of privately issued shares in 2009, as well as re-determine the value of land use rights at the Dai Phuoc Eco-tourism Urban Area project (Dong Nai).
Source: https://www.nguoiduatin.vn/co-phieu-dig-bi-ban-thao-sau-khi-thanh-tra-chinh-phu-chi-ra-loat-sai-pham-20424082814413909.htm
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