PVI Holdings’ headquarters in Hà Nội. — Photo tinnhanhchungkhoan.vn The State Securities Commission (SSC) last week issued a fine of VNĐ185 million (roughly US$8,000) to HDI Global SE for violating rules on foreign ownership and information disclosure. According to the SSC, the German insurer carried out transactions through a third-party business to hide its real ownership in the Vietnamese firm and raise its stake above the foreign ownership limit without gaining approval from market regulators. In its investigation report, the SSC said that HDI Global SE on August 31, 2017 signed a deal to buy bonds issued by Sun Way Investment JSC as the latter wanted to restructure its debts and expand its business activities. The investigation found that Sun Way spent the money raised from the bond sale to buy PVI Holdings shares. Sun Way became a major shareholder in PVI Holdings on July 5, 2018 with a 5.33 per cent stake, or more than 12.3 million shares. As of July 5, 2018, HDI Global SE owned 35.74 per cent of PVI Holdings capital, while Funderbuck Lighthouse Ltd, which was then acquired by HDI Global SE’s parent firm Talanx AG, possessed 11.58 per cent in the Vietnamese firm. In… Read full this story
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