As Lao Dong reported in the article "A series of enterprises use funds from bonds for the wrong purposes", in the conclusion on compliance with legal policies on issuing individual corporate bonds and using funds from individual corporate bonds, from January 1, 2015 to June 30, 2023, Hai Phat Investment Joint Stock Company was concluded by the inspection agency to have used hundreds of billions of VND in bonds for the wrong purpose of issuance.
Hai Phat Investment Joint Stock Company used 250/450 billion VND from issuing the HPXH212 2011 bond code for the wrong purpose.
Accordingly, the purpose of issuing bonds is to invest in project programs, specifically: Urban Residential Area Project at Km3, Km4 Hai Yen Ward, Mong Cai City (old), Quang Ninh Province.
However, Hai Phat Investment Joint Stock Company used VND 9.107 billion to pay support to affected households of Mai Pha New Urban Area Project, Lang Son city according to the unified minutes on the payment of investors' support funds to households and individuals; VND 51.490 billion to pay the winning bid for the auction of land use rights to implement the Commercial Housing Project of extended road B6, road B10 and road TT12 in Lao Cai province; VND 5.027 billion to transfer compensation and resettlement support funds for the An Pha New Urban Area Project, Lang Son city and other expenses of VND 184.37 billion.
Hai Phat Investment Joint Stock Company used 103.968/400 billion VND from issuing 3 bond codes HP-BOND2020/RL01, HP-BOND2020/RL02, HP-BOND2020/RL03 for the wrong purpose.
The purpose of issuing bonds is to serve business cooperation activities and invest in other business activities of the company. However, Hai Phat Investment Joint Stock Company has used 103.968 billion VND for the Cao Bang Project.
About 100 billion VND from bonds coded HPXH212 2002
Purpose of issuing bonds to invest in project implementation and auctioning land use rights to implement projects in provinces and cities across the country (Bac Giang, Lao Cai, Hanoi...); payment of valid costs and other regular expenses of the company.
However, Hai Phat Investment Joint Stock Company used 100 billion VND to invest in increasing charter capital at Saphire Investment Company Limited.
About 104.248/300 billion VND from bonds coded HPXH2224001
The purpose of issuing bonds to invest in project programs, including but not limited to the implementation of investment projects is: Urban residential area project at Km3, Km4 Hai Yen ward, Mong Cai city (phase 1), Quang Ninh province and the Pearl Island Resort villa project; Commercial housing project on extended road B6, road B10 and TT12 road in Lao Cai province. Regular expenses and other reasonable expenses of the issuing organization.
However, Hai Phat Investment Joint Stock Company used 104.248 billion VND to transfer the investment cooperation money of the Kien An - Hai Phong Project with Solaris Vietnam Investment Joint Stock Company.
About bonds coded HPX2124009
Purpose of issuing bonds to serve business activities: Including but not limited to regular payment, payment for construction costs, investment in office renovation, fulfillment of obligations to the state budget, ... and/or investment in project programs: Including but not limited to the implementation of the Mai Pha New Urban Area Investment Project (Lang Son city).
However, Hai Phat Investment Joint Stock Company used 1.9785 billion VND to pay due debts to PSP Urban Services Joint Stock Company and 51.941 billion VND to pay the winning bid for the auction of land use rights to implement the B6 Commercial Housing Project on extended road.
