Stocks were sold off, Mr. Do Huu Ha's company said a lot of information was 'fabricated'

Government Inspectorate points out violations at Hoang Huy's project at 275 Nguyen Trai - Photo: MC

At the end of the session on October 15, TCH shares of Hoang Huy Financial Services Investment Joint Stock Company decreased by 2.43% to VND16,050/share. Trading volume recorded more than 13.66 million shares.

Mr. Do Huu Ha's company shares were sold off.

TCH's sell-off continued from yesterday's session, when the matched volume reached 35.1 million units, the market price "evaporated" 6.3%.

Similarly, the HHS stock price of Hoang Huy Service Investment Joint Stock Company also fell sharply in two consecutive sessions, reaching VND6,940/share at the end of today's session. The volume of shares "changing hands" also reached more than 16 million units.

The negative developments of the "Hoang Huy" stock duo occurred right after Hoang Huy Financial Services Investment Joint Stock Company was mentioned by the Government Inspectorate in its conclusion on the conversion of land use purposes from production and business land in the 2011-2019 period of state-owned enterprises and equitized enterprises.

The conclusion pointed out that the investment project to build a commercial, service and housing center at 275 Nguyen Trai Street, Thanh Xuan District, Hanoi City had violations in capital contribution.

This afternoon, TCH leaders sent a document to the Ho Chi Minh City Stock Exchange (HoSE) explaining information related to the conclusion from the inspection agency.

Accordingly, TCH representative added that the transfer of 3.2 million shares of Precision Mechanical Joint Stock Company No. 1 at Hung Viet Trading Joint Stock Company was decided by the Board of Directors of Precision Mechanical Joint Stock Company No. 1. This transaction was completed in 2011.

TCH representative affirmed that it will submit and immediately pay 100% of the value of additional financial obligations as soon as the state agency issues a decision determining the financial obligations to be paid.

Informing HoSE, TCH representative also said that since October 11, there has been a lot of unofficial information appearing on social networks with the intention of distorting the nature of the information.

"Many subjects also exaggerated the scale and influence, causing confusion for shareholders and investors," the TCH document stated.

Who is Mr. Do Huu Ha?

According to the listing prospectus, TCH said that the project at 275 Nguyen Trai has the commercial name Golden Land Building with an area of 2.33 hectares, owned through its subsidiary Hung Viet Trading Joint Stock Company.

Hung Viet's charter capital in 2016 was VND 1,000 billion, of which TCH contributed 99.99% of the capital. In 2020, Hung Viet changed its name to CRV Real Estate Group Joint Stock Company. Currently, Mr. Do Huu Ha - Chairman of TCH - is also Chairman of CRV.

According to the published management report for the first 6 months of 2024, Mr. Do Huu Ha holds more than 262 million TCH shares - equivalent to 39.23% of TCH's capital.

Of Mr. Ha's three sons, Do Huu Hau, Do Huu Huy, and Do Huu Hung, only Mr. Hung holds more than 2.5 million shares, the other two do not own shares at TCH. Mr. Huy is currently a civil servant.

According to the annual report, TCH has a charter capital of more than 6,682 billion VND, headquartered in Hai Phong city.

Initially, this company was the exclusive distributor of Navistar tractors from the United States. It later became more famous when participating in a series of real estate projects such as the 33-storey Gold Tower building and many other projects in Hai Phong.

Currently, Mr. Ha also holds the position of Chairman of the Board of Directors of Hoang Huy Service Investment Joint Stock Company (stock code: HHS).

Source: https://tuoitre.vn/stock-disputed-cong-ty-ong-do-huu-ha-noi-nhieu-thong-tin-bi-theu-det-20241015213320038.htm