Song Ma Joint Stock Company, formerly Song Ma One Member Limited Liability Company, is a state-owned enterprise.
In 2008, Thanh Hoa Provincial People's Committee issued a decision on establishing a steering committee for equitization of this company.
In 2013, the company was equitized, with a charter capital of VND35 billion, equivalent to 3,500,000 shares issued with a par value of VND10,000. Of which, the State holds 395,000 shares (11.29% of capital), preferential shares for employees are 42,200 shares (1.29%), and shares sold to the outside are 3,062,800 shares (87.51% of capital).
Then, Anh Phat Corporation bought 87.51% of Song Ma Company's capital to become the largest shareholder and own this company.
In March 2018, Song Ma Company increased its charter capital to 200 billion VND. However, at this time, Anh Phat Corporation divested all capital at Song Ma Company.
By December 2021, Song Ma Company increased its charter capital from VND 200 billion to VND 600 billion.
Before equitization, Song Ma Company had total assets of more than 462.3 billion VND. This company also owned about 21 hectares of real estate and was the investor of many projects in Thanh Hoa City such as: Bo Ho commercial center; residential areas of Phu Son ward, Nam Cau Hac, Dong Tho, Tan Son 1, 2, Ho Thanh Cong, Nam Dai Lo Le Loi, sports park of Truong Thi ward; Mai Xuan Duong residential area project; Dong Ve area 1, 2, 3, 4...
During and after equitization, Song Ma Company is also the investor of many other projects such as: Hac Thanh Tower, Nui Long urban area...
Notably, among the projects implemented by Song Ma Company, the Hac Thanh Tower project (No. 3, Phan Chu Trinh Street, Dien Bien Ward, Thanh Hoa City) has been mentioned the most recently, causing many current or retired officials to be entangled in legal trouble.
Regarding the Hac Thanh Tower project, in 1993, the People's Committee of Thanh Hoa province decided to transfer the housing fund with a total area of more than 7,400m2 to Thanh Hoa Housing Business Company for management.
In 2009, Thanh Hoa Provincial People's Committee approved the land use fee collection price at No. 3 Phan Chu Trinh, Thanh Hoa City for Song Ma Company to implement the investment and exploitation project with an area of over 2,700m2. This is considered a "golden" land, located right in the center of Thanh Hoa City. The total amount that the enterprise must pay to the budget is nearly 57 billion VND.
In 2013, the project was adjusted by the Thanh Hoa Provincial People's Committee, increasing the area from more than 2,700m2 to more than 2,900m2, but the land use fee that Song Ma Company had to pay decreased from nearly 57 billion VND to more than 48 billion VND.
In 2013, Song Ma Company completed the adjustment of the planning area and was handed over the land in the field 1 year later.
However, since 2012, Thanh Hoa Provincial People's Committee has issued a document agreeing to allow Song Ma Company to transfer land use rights for the land to build the 15-storey mixed-use building Hac Thanh Tower to Huy Hoang Company Limited (level 2 investor).
On August 16, 2012, although there was no decision on land allocation, Mr. Trinh Van Chien - at that time Chairman of Thanh Hoa Provincial People's Committee - issued an official dispatch agreeing to allow Song Ma Company to transfer land use rights for the land to build a 15-storey mixed-use building under the Hac Thanh Tower project to Huy Hoang Company Limited (Level 2 Investor).
After receiving instructions from Mr. Chien, on December 23, 2013, Mr. Nguyen Dinh Xung (at that time the Vice Chairman of the province) signed to approve the land use fee that Song Ma Company had to pay to the state. The police agency determined that the approval of the above decision caused a loss to the state budget of more than 55.8 billion VND.
On February 17, 2022, Thanh Hoa Provincial People's Committee issued a document directing the inspection of 12 land use investment projects in the 2010-2021 period, including the Hac Thanh Tower construction investment project.
But on March 7, 2022, the People's Committee of Thanh Hoa province suddenly withdrew the Hac Thanh Tower construction investment project from the list of 12 projects proposed for inspection because the project was being investigated by the police.
In addition to Hac Thanh Tower, Song Ma Company also owns many "famous" projects in Thanh Hoa.
Among them, the Bo Ho Commercial Center Project must be mentioned. This project was approved by Thanh Hoa province for Song Ma Company as the investor since 2005. By March 2008, the project had completed the foundation, the basement and the first floor, but was then suspended. By 2010, this project changed ownership to Bo Ho Commercial Center Investment Joint Stock Company.
Song Ma Company also owns the Nui Long Urban Area project in Thanh Hoa City. The project was approved by the Thanh Hoa Provincial People's Committee on October 21, 2016; the total area is 56 hectares; invested by a joint venture of Song Ma Company, Dong Son Joint Stock Company, and Bo Ho Trade Center Investment Joint Stock Company with a total investment of more than 1,126 billion VND.
In addition, Song Ma Company is also involved in a scandal related to the repossession of more than 1,182 square meters of land in the center of Thanh Hoa City.
Specifically, in 2019, the People's Committee of Thanh Hoa province decided to reclaim 1,182 m2 of land from Song Ma Company in Ngoc Trao ward, Thanh Hoa city to hand over to Thanh Hoa Land Fund Development Center for management. The reason for the reclamation was that the land was leased by the State for a limited period but not extended.
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