Mr. Nguyen Hung Cuong (second from left) holds the position of Chairman of the Board of Directors of DIC Group to replace his father - Photo: DIG
Mr. Nguyen Hung Cuong is the son of the late Chairman Nguyen Thien Tuan. After his father passed away, Mr. Cuong was elected to the position of Chairman on August 16.
What did DIC Group Chairman say after the inspection conclusion?
On August 27, the Government Inspectorate issued a notice concluding the inspection of equitization and divestment of state capital at the Development Investment - Construction Company, now DIC Group.
Regarding this conclusion, in a document sent to the Securities Commission on August 28, Mr. Cuong said that the company had paid more than VND 2.46 billion for violations in determining the value of assets on land according to the conclusion of the inspection agency.
At the same time, the Group is coordinating with the Ministry of Construction to conduct reviews and administrative handling.
"The Group will report the implementation results to the Ministry of Construction and the Government Inspectorate by the end of September 2024 to complete all responsibilities and obligations according to the inspection conclusion," Mr. Cuong informed.
According to the conclusion of the Government Inspectorate, the divestment of state capital at DIC Group is in accordance with the Government's policy and has achieved positive results.
Since divesting all state capital in 2017, the company's charter capital increased from VND 370 billion to VND 2,381 billion, total assets increased from VND 2,318 billion to VND 6,133 billion, dividends distributed to state capital were over VND 400 billion...
However, besides the achieved results, the equitization and divestment process at DIC Group still has many violations.
"Forgot" to re-determine the land value of Dai Phuoc project when equitizing
According to the inspection conclusion, the Ministry of Construction's use of Decree 187 to develop a plan for equitization of enterprises is not in accordance with regulations.
This limitation leads to some procedures not being implemented in accordance with regulations: DIC does not prepare a land use plan, does not determine the value of geographical location advantages with urban land leased to calculate into the enterprise value...
Regarding asset valuation, the conclusion pointed out that 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 a decrease in the enterprise's asset value of VND 2.46 billion.
Vivaco also did not re-determine the land use rights value of 25 villas in Phuong Nam villa area, which is not in accordance with regulations, according to the inspection agency.
However, the revenue from the transfer of 14/25 villas after January 1, 2007 has been accounted for in the business results of the state-owned company. The remaining 11 villas were determined by the State Audit to have additional land use fees and the enterprise has paid them into the Enterprise Arrangement Support Fund.
According to the inspection agency, Vivaco and the Ministry of Construction did not re-determine the land value of the Dai Phuoc eco-tourism urban area project but used the total investment costs and the value of the project development rights to calculate the value of the equitized enterprise, which is not in accordance with Government regulations.
The conclusion also showed that, in the process of settling the value of state capital, DIC accounted for the losses of three subsidiaries for sale, which was "not in accordance with regulations".
The inspection agency has requested the Ministry of Construction and the representative of state capital at DIC to clarify the cause and responsibility for the above loss.
In addition, DIC also did not provide complete information, leading to the consulting unit not re-determining the land use rights value of three land plots, including Dai Phuoc eco-tourism urban area, Nhon Trach, Dong Nai; commercial residential area of Ward 4, Vi Thanh, Hau Giang and land plot 88 Tran Phu, Vung Tau...
Nearly 42 million DIG shares "changed hands"
Immediately after the inspection conclusion was announced, DIG shares were sold off heavily in the trading session on August 28.
The strong selling pressure caused DIG's market price to drop sharply, at one point losing more than 6%. Thanks to bottom-fishing demand, at the end of the session, DIG's market price returned to 24,100 VND/unit, down only more than 2%.
This session also recorded a sudden increase in trading value to nearly 42 million shares, more than 3 times higher than the average trading volume in the past quarter.
Source: https://tuoitre.vn/lo-loat-vi-pham-luc-co-phan-hoa-dic-group-co-phieu-bi-ban-thao-tan-chu-tich-len-tieng-20240828200831561.htm
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