Shark Thuy was arrested, shares can't even buy a glass of iced tea

Mr. Nguyen Ngoc Thuy (Shark Thuy) holds the position of Chairman of the Board of Directors of Egroup Education Group Joint Stock Company. He is a well-known businessman and also the General Director of Apax English Joint Stock Company (Apax Leaders), and Chairman of the Board of Directors of Apax Holdings Investment Joint Stock Company. Currently, Shark Thuy's ecosystem includes Apax Holdings Investment Joint Stock Company, which is listed on the stock exchange under the ticker symbol IBC.

Shark Thủy during a discussion with parents about the tuition refund plan in Ho Chi Minh City in April 2023.

Shark Thủy's IBC shares began trading on the UPCoM exchange in late May 2016 and later transferred to the Ho Chi Minh City Stock Exchange (HOSE). IBC shares experienced a consecutive 21-day limit-down period in December 2022 following a series of controversies related to companies owned by or associated with Mr. Nguyen Ngoc Thủy appearing on the list of social insurance debtors in Hanoi , with amounts ranging from hundreds of millions to billions of dong. From the end of 2022 to 2023, IBC shares continued to decline. In particular, many securities companies forced the sale of these shares, causing the price to plummet even further.

Due to difficult business conditions, Apax Holdings was unable to publish its financial reports in a timely manner. As a result, the HOSE (Ho Chi Minh Stock Exchange) announced the delisting of all 83.1 million IBC shares from December 6, 2023, due to information disclosure violations after being placed under control. Specifically, the company had not published its audited financial statements for 2022; its first and second quarters and semi-annual financial statements for 2023; its corporate governance report for the first six months of 2023; and had not held its 2023 annual general meeting of shareholders. After being delisted from the HOSE, IBC shares were approved for trading on UPCoM from December 15, 2023. However, trading in this stock was suspended from December 15, 2023, as it was subject to mandatory delisting due to serious violations of information disclosure obligations, meaning it falls under the category of stocks subject to trading suspension according to regulations.

With 'Shark' Thủy arrested, how will the outstanding tuition fees owed to parents at Apax Leaders English Center be resolved?

Prior to its mandatory delisting by HOSE, IBC shares had been suspended from trading since mid-September 2023. At that time, the share price was only 1,700 VND. Compared to its peak of over 52,000 VND reached in early 2017, Shark Thủy's shares have now evaporated by nearly 97%. Besides the share price being less than the price of a glass of iced tea, investors still holding IBC shares may lose all their invested money as the risk of the stock being traded again is very low, especially after Shark Thủy's arrest.

Source: https://thanhnien.vn/shark-thuy-bi-bat-co-phieu-con-chua-mua-duoc-ly-tra-da-185240327162340019.htm