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 Corporation, is a famous businessman and also the General Director of Apax English Corporation (Apax Leaders), Chairman of the Board of Directors of Apax Holdings Investment Corporation. Currently, Shark Thuy's ecosystem has Apax Holdings Investment Corporation listed on the stock exchange with the code IBC.

Shark Thuy in a discussion with parents about the tuition refund roadmap in Ho Chi Minh City in April 2023

Shark Thuy's IBC shares started trading on UPCoM from the end of May 2016 and then moved to list on the Ho Chi Minh City Stock Exchange (HOSE). IBC shares had a consecutive floor price drop for 21 sessions in December 2022 after a series of scandals related to companies owned and related to Mr. Nguyen Ngoc Thuy appearing on the list of social insurance debts in Hanoi with amounts ranging from several hundred million to several billion VND. From the end of 2022 to 2023, IBC shares continuously decreased. In particular, many securities companies sold off these shares, causing the price to plummet even further.

The difficult business situation caused Apax Holdings to fail to promptly publish its financial statements. As a result, HOSE 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 has not yet published the 2022 Audited Financial Statements; 2023 Quarter 1, Quarter 2 and Semi-Annual Review Financial Statements; 2023 First-Half-Year 2023 Corporate Governance Report and has not yet held the 2023 Annual General Meeting of Shareholders. After being delisted from HOSE, IBC shares were approved for trading on UPCoM from December 15, 2023. However, this stock was also suspended from trading from December 15, 2023 because it was subject to mandatory delisting due to serious violations of information disclosure obligations, which means the stock is subject to suspension of trading according to regulations.

'Shark' Thuy was arrested, how will the tuition debt owed to parents at Apax Leaders English Center be resolved?

Before the forced delisting by HOSE, IBC shares were suspended from trading since mid-September 2023. At that time, IBC shares were only VND1,700. Compared to the peak of over VND52,000 reached in early 2017, Shark Thuy's shares have now evaporated by nearly 97%. In addition to the fact that the share price is not even worth a glass of iced tea, investors who still own IBC shares may lose all the money they spent when the risk of this stock being traded again is very difficult, especially after Shark Thuy was arrested.

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