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Founder of Hong Viet Bank trying to get refund
Hoa Phat Group, a founding shareholder of Hong Viet Bank, has said it is trying to draw back VND300bil it contributed to Hong Viet Bank. What is happening there?
On April 5, 2007, the General Director of the Vietnam National Oil and Gas Group (PetroVietnam) signed Decision No 1059 on the establishment of the preparatory committee for the establishment of Petro Bank.
On December 3, 2007, the Governor of the State Bank of Vietnam signed Dispatch NO 12801, agreeing in principle to the establishment of the bank.
Ten days later, Petro Bank held its first shareholders’ meeting, during which members of the management board and supervision board of the bank were selected.
On March 25, 2008, Petro Bank changed its name to Hong Viet Bank, and was declared as having the chartered capital of VND5tril.
Making capital contribution, what for?
Hong Viet Bank has six founding shareholders who have contributed VND2,500bil: PetroVietnam VND1tril (20%), VIB Bank VND450bil (9%), Vietnam Airlines VND150bil (3%), Hoa Phat VND400bil (8%), I.P.A Financial Investment Co Ltd VND250bil (5%) and Habeco VND250bil (5%).
The problem lies in the fact that until now, six months after the day Hoa Phat Group officially handed in the VND400bil it promised, Hong Viet has not been licenced by the State Bank of Vietnam.
Hoa Phat, a private run economic group, has asked the preparatory committee to return VND300bil of the VND400bil it contributed.
The group said that the money being left idle for the last six months is a big waste of capital, especially as interest rates are skyrocketing and businesses are lacking capital.
A representative of Hoa Phat Group that the group cannot take the initiative in using the capital it has because it does not know definitely when the bank will be licenced to become operational. He stressed that the capital must not be left idle, it must be put into business to create added value.
The official does not think that the State Bank of Vietnam will licence the bank soon, especially as the government still has to deal with uncertainties caused by exchange rate fluctuations and overly high interest rates. Meanwhile, the government has recently asked state-owned economic groups to reconsider their investment projects, especially plans to set up banks, insurance and finance companies.
He added that not only Hoa Phat group, but other shareholders have also voiced concern over the tardiness in licencing the bank and asked for an explanation for the tardiness. Meanwhile, the preparatory committee has only said vaguely that it is making every effort to follow the procedures for licencing the bank, while it cannot define when the bank gets an operation licence.
What do relevant parties say?
Nguyen Xuan Son, head of the preparatory committee for the establishment of Hong Viet Bank, said that the claim to draw back capital must not be accepted. Under the current laws, since state agencies have agreed in principle to the establishment and operation of a company, the chartered capital of the company must be kept in an account opened at a bank and not be used until the company is officially licenced.
Son said that all the procedures to set up the bank have been completed, and the only thing the founding shareholders can do now is to wait for the licence from the State Bank.
Dinh La Thang, Chairman of PetroVietnam, which has contributed VND1tril to the bank, said that the project on Hong Viet Bank has been approved by the government, and that the project will only be cancelled if the government stops allowing the establishment of banks.
When asked to comment about Hoa Phat’s proposal to draw back contributed capital, Thang said that all shareholders have to respect the laws.
A question has been raised about why Lien Viet and Tien Phong Banks have been licenced, but Hong Viet has had to wait and wait.
An official of the State Bank of Vietnam, who asked to remain anonymous, said that the State Bank of Vietnam does not have a plan to stop licencing banks, but in the current conditions, investors do not have any other choice than queuing and waiting.
VNN
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