Cập nhật Xử lý nghiêm vi phạm trên thị trường trái phiếu doanh nghiệp, củng cố niềm tin của nhà đầu tư
Cập nhật thông tin về Xử lý nghiêm vi phạm trên thị trường trái phiếu doanh nghiệp, củng cố niềm tin của nhà đầu tư
Illustration. Source: internet
On April 5, 2022, the Investigative Police Agency of the Ministry of Public Security (C03) issued a Decision to prosecute the case of fraud to appropriate property that occurred at Tan Hoang Minh Hotel Trading Service Co., Ltd. relevant organizations and units. At the same time, C03 also issued decisions to prosecute the accused, arrest warrants for the accused for temporary detention, search warrants for Mr. Do Anh Dung – Chairman of the Board of Directors cum General Director of Tan Hoang Minh Group and 06 accomplices. on the crime of “fraudulent appropriation of property” under Article 174 of the 2015 Penal Code, as amended and supplemented in 2017.
It is known that during the period from July 2021 to March 2022, Mr. Do Anh Dung and individuals at Tan Hoang Minh Group committed fraudulent acts, using 03 member companies including Dau Giay Co., Ltd. Vietstar Real Estate Investment Joint Stock Company, Soleil Hotel Service and Investment JSC, Winter Palace JSC and related companies, issued 9 bonds of illegal bonds, totaling 10,300 billion VND, to mobilize investors’ money but do not use it for business activities according to bond issuance records.
Previously, on March 29, 2022, the Investigative Police Agency of the Ministry of Public Security also issued the Decision to prosecute the criminal case No. 06/QD-VPCQCSĐT, the Decisions to prosecute the accused, the arrest warrant and the arrest warrant. against Trinh Van Quyet – Chairman of the Board of Directors of FLC Group Joint Stock Company due to the act of “Manipulating the stock market”, specified in Article 211 of the Penal Code.
Responding to a reporter from Vietnamnet Newspaper, a representative of the Ministry of Finance said that the recent violations on the stock market and corporate bond market are very regrettable events, but also show the determination of the management agency in doing business. transparency for the stock market and corporate bond market. Although such violations are not common and individuals who do it must be held accountable before the law, but the view of the Ministry of Finance is to coordinate with agencies to strictly handle schools. violation cases to contribute to the sustainable development of the stock market and corporate bond market, truly becoming a long-term capital mobilization channel for the economy.
The fact also shows that, looking back over the past time, management agencies, including the Ministry of Finance, have made many drastic moves in strengthening management, supervision, inspection, inspection and rectification. helping the stock market in general and the corporate bond market in particular develop safely and sustainably.
1. Focus on amending, supplementing and perfecting institutions for the corporate bond market
Over the past time, in order for the corporate bond market to develop stably and safely, the Ministry of Finance has regularly reviewed to advise competent authorities or carry out according to its competence the amendments and supplements to perfect institutions, regulates the state management of the financial market sector, including the corporate bond market.
Accordingly, in order to minimize risks for investors and contribute to helping the corporate bond market become an important and effective capital mobilization channel, the Ministry of Finance has advised the Government to issue Decree No. 153/2020/ Decree-CP dated December 31, 2020 stipulating the private offering and trading of corporate bonds in the domestic market and the offering of corporate bonds to the international market; Decree No. 155/2020/ND-CP dated December 31, 2020 detailing the implementation of a number of articles of the Law on Securities.
At the same time, the Ministry of Finance has also issued according to its authority Circular No. 118/2020/TT-BTC dated December 31, 2020 guiding a number of contents on offering for sale, issuance of securities, public offer to buy and purchase. re-share, register a public company and cancel the status of a public company; Circular No. 122/2020/TT-BTC dated December 31, 2020 guiding the information disclosure and reporting regime in accordance with the Government’s Decree No. 153/2020/ND-CP dated December 31, 2020 regulations on offering and trading corporate bonds individually in the domestic market and offering corporate bonds to the international market…
By December 2021, in the face of the hot growth of corporate bonds, the Ministry of Finance also assessed the market situation over the past time to develop a draft Decree amending and supplementing a number of articles of Decree No. 153 2020/ND-CP on private bond issuance.
2. Regularly advise on risks for investors
From 2021 until now, the Ministry of Finance has continuously issued information warning about risks to investors when participating in the corporate bond market. Accordingly, in addition to recognizing the positive effects of corporate bonds, the Ministry of Finance has assessed that the private placement of corporate bonds also exposes many risks to investors and poses the risk of causing insecurity and safety of the financial sector. national government.
In its announcements, the Ministry of Finance has recommended that individual investors should not buy individual corporate bonds if they do not have the ability and resources to fully assess the risks of the bonds, closely follow the disbursement progress, purpose of using capital, financial situation of the issuing enterprise after investing to buy bonds.
“Investors should pay close attention to the basic investment principle that high interest rates come with high risks; therefore must carefully evaluate the risks before deciding to buy bonds; should not buy bonds through invitations of service-providing organizations without carefully understanding the financial situation of the issuer and the bond’s terms and conditions”, the Ministry of Finance recommended.
Besides, investors should also note that the fact that credit institutions and securities companies distribute corporate bonds does not mean that these organizations guarantee the safety of bond purchases. These organizations are only service providers, enjoying service fees from the issuer but are not responsible for the appraisal/evaluation of the issuer’s financial position and debt repayment ability, therefore not is responsible for whether the enterprise will repay the principal and interest of the bond upon maturity or not. The risk of bonds is still the risk of the issuer.
3. Strengthening inspection, supervision and rectification in the corporate bond market
Faced with the hot growth of corporate bonds, which can pose risks to investors and pose a risk to the security and safety of the national financial system, the Ministry of Finance has continuously directed relevant agencies to strengthen inspect and supervise the issuance of corporate bonds.
Specifically, in Document No. 13838/BTC-VP dated December 3, 2021, Minister of Finance Ho Duc Phuoc assigned the State Securities Commission, Department of Finance and Banking, Inspector of Ministry of Finance, General Department of Taxation. The Vietnam Stock Exchange has stepped up inspection and supervision of corporate bond issuance to ensure that the corporate bond market becomes an important and effective capital mobilization channel for businesses and minimizes risks for investors. private.
In this document, the Minister of Finance directs the State Securities Commission to step up inspection and examination, urgently handle strictly and report to the Ministry of Finance inspection results for handling. Implement strict sanctions, widely publicize on the mass media about violations of individuals and enterprises. In case of detecting signs of fraud or appropriation of investor’s property, urgently transfer the file to the investigating agency for handling in accordance with the law…
Previously, on September 10, 2021, the State Securities Commission sent an official dispatch to securities companies reminding them of their compliance with Decree 153/2020/ND-CP of the Government regulating the offering, individual corporate bond transactions in the domestic market and corporate bond offering to the international market.
Not only stopping at the warning, under the drastic direction of the leaders of the Ministry of Finance, the State Securities Commission and related units organized many inspection teams to conduct inspections at 9 securities companies. and 2 enterprises are 2 separate bond issuers. Through inspection teams, the management agency has sanctioned serious administrative violations and requested remedial measures at two enterprises, VsetGroup and Apec Group; at the same time sanctioning VIS Securities Company. At that time, in addition to sanctioning, the State Securities Commission also coordinated and provided documents for the authorities to continue to consider violations.
Most recently, on April 4, 2022, based on dossiers, documents and requests of competent authorities on the cancellation of bond issuances of Viet Star Company, Winter Palace Company. , Soleil Company of Tan Hoang Minh Group due to the act of disclosing untruthful information, concealing information in private bond issuance; Pursuant to the provisions of the Law on Securities in 2019, Decree No. 153/2020/ND-CP; On April 3, 2022, the State Securities Commission issued Decision No. 181/QD-UBCK canceling 9 bond offerings from July 2021 to March 2022 with a total value of 10,030 billion VND. These 3 companies belong to Tan Hoang Minh Group.
4. Rectify operations of auditing firms
A representative of the Ministry of Finance said that in the past time, there are still many errors in the financial statements of a number of listed companies and public companies, even in some cases where the opinion has been completely accepted. of the audit firm. Recent events also show that some enterprises have issued false financial statements, while independent audit units have not fulfilled their responsibilities, leading to incorrect information of enterprises, affecting the quality of the financial statements. to the interests of investors.
Therefore, recently, the Ministry of Finance also issued Official Letter No. 3065/CV-QLKT requesting the general directors, directors of auditing firms, practicing auditors and members of the audit team to strictly implement many contents on auditing law. Accordingly, in the process of performing the audit, the auditing firm and the practicing auditors must ensure independence, objectivity, strictly follow the audit process, fully comply with the requirements of the auditing standards. accounting and professional ethical standards. Strengthen the review, ensure to collect enough appropriate audit evidence as a basis for giving an audit opinion in accordance with the requirements of Vietnamese auditing standards, always uphold professional skepticism in the conduct audits.
The Ministry of Finance requests to strictly implement and uniformly apply in auditing enterprises the service quality control process as required in the Standards on Quality Control Enterprises performing audits, reviewing financial statements, providing services. assurance and other related services (VSQC1), including head office and all branches…
Previously, the Ministry of Finance also sent a document to the State Securities Commission, the Accounting and Auditing Supervision Management Department, and the Ministry Inspector, conveying the direction of Minister of Finance Ho Duc Phuc on the strengthen inspection and supervision of the implementation of legal provisions in the audit of listed enterprises.
Accordingly, in order to improve the quality of audit services for listed companies and public companies, meet the requirements of investors and the public, contribute to the stable and healthy development of the stock market. Minister Ho Duc Phuc requested the Accounting and Auditing Management and Supervision Department to assume the prime responsibility for, and coordinate with the State Securities Commission and the Inspectorate of the Ministry of Finance in, strengthening and accelerating inspection and examination. , supervise enterprises providing audit services. In case of detecting serious violations, it is required to urgently transfer to the police agency for handling according to the provisions of law.
At the same time, strengthen inspection, supervision, and take corrective measures so that auditing firms strictly comply with regulations on: Strictly complying with legal regulations on auditing, the system of Vietnamese auditing standards and relevant legal documents; Ensure independence and objectivity in the audit process; well control the professional ethics of practitioners, improve the capacity of the team of practicing auditors; Strictly and strictly implementing the audit process regulations; clearly define the content and responsibilities of the auditor, the audit firm…
Many opinions say that a series of solutions and measures over the past time by management agencies, including the Ministry of Finance, have helped strengthen investors’ confidence in the stock market and corporate bond market. At the same time, those drastic moves did not affect the psychology of investors, but on the contrary also helped investors to have more confidence in the effective and timely management and administration of the management agencies.