Vietcombank Tower capital holding company related to Ms. Truong My Lan 'delayed' 444 billion VND bond interest

The second phase of the case of Truong My Lan (former chairwoman of Van Thinh Phat Group) and 33 accomplices will be tried on September 19 - Photo: HUU HANH

According to information from the Hanoi Stock Exchange (HNX), Ho Chi Minh City Service and Trading Joint Stock Company (Setra Corp) has announced unusual information about the late payment of 20 bond codes.

The report shows that on September 4 and 5, the company was due to pay nearly VND200 billion in bond interest. However, Setra Corp has not yet arranged a source of payment.

"The issuer is processing assets to pay principal and interest," said a Setra Corp representative.

In total, this enterprise must "defer" paying more than 444.9 billion VND in interest on 20 bond codes through payment periods from 2023 to present. This amount includes late interest payment penalties.

The delay in bond interest payments occurred in the context of continuous business losses.

The financial report shows that in the first 6 months of this year, Setra lost more than 114 billion VND, an improvement from the loss of more than 273 billion VND in the same period last year. However, in the past three and a half years, this enterprise has lost an estimated 1,270 billion VND.

With prolonged losses, at the end of June, Setra's equity decreased to 295 billion VND, compared to 356 billion VND in the same period.

The debt-to-equity ratio is 11.84 times, meaning total debt must be at VND3,500 billion, down more than VND4,200 billion compared to the same period.

In the debt structure, the majority is bonds with about 2,000 billion VND.

It is known that Setra Corp is a non-public enterprise, established in 1999, headquartered at 5 Cong Truong Me Linh, Ben Nghe Ward, District 1, Ho Chi Minh City.

The company operates mainly in the field of office leasing, business premises, and real estate trading. The legal representative and general director of Setra is currently Mr. Tran Van Tuan.

Setra is also one of three joint ventures contributing capital to Vietcombank - Bonday - Ben Thanh Company Limited with 18% capital contribution.

Vietcombank's annual report said that Vietcombank - Bonday - Ben Thanh Joint Venture Company Limited (VBB) is a joint venture between the bank, Ho Chi Minh City Commercial Services Joint Stock Company (Setra Corp) and partner Bonday Investments Ltd. (Hong Kong).

The capital contribution ratio of the three "big guys" when joining hands to build the joint venture: Vietcombank 52% (equivalent to 410.36 billion VND); Setra Corp 18% and Bonday Investments Ltd. 30%.

In which, Setra Corp is an enterprise in Ms. Truong My Lan's ecosystem and is assigned to hold capital contribution in this joint venture.

Setra Corp is also one of four legal entities that committed fraud, violating the law by creating 25 bond packages with a total value of more than 30,000 billion VND to sell to buyers (bondholders), raising money and appropriating.

Source: https://tuoitre.vn/cong-ty-nam-von-thap-vietcombank-lien-quan-ba-truong-my-lan-khat-444-ti-dong-lai-trai-phieu-20240906172908056.htm