TGG shares of former chairman Do Thanh Nhan officially delisted

The Ho Chi Minh City Stock Exchange (HOSE) has just announced that it will delist TGG shares of The Goden Group Joint Stock Company. TGG was formerly Louis Capital Joint Stock Company, a member of the Louis "family" headed by Mr. Do Thanh Nhan.

The reason for the mandatory delisting is that TGG shares are currently subject to trading suspension under the decision dated September 11 because the company continues to violate regulations on information disclosure on the stock market after being placed on a restricted trading list.

TGG shares of Louis ecosystem officially delisted on HOSE

To date, The Golden Group has not yet announced its audited financial statements for 2022. In addition, TGG shares are also under control according to the decision of HOSE dated October 4 due to the delay in submitting the audited financial statements for the 2023 semi-annual period of more than 30 days compared to the prescribed deadline. The company has not yet announced the audited financial statements for the 2023 semi-annual period of more than 45 days compared to the prescribed deadline.

At the end of October, The Golden Group issued an official dispatch to facilitate the company to submit its 2022 audited financial statements by November 15 at the latest, but it has not yet been announced.

"Since the time of suspension of trading, the company's information disclosure violations have not been resolved, and are likely to continue and prolong, seriously violating the obligation to disclose information and affecting the rights of shareholders. Based on the regulations and opinions of the State Securities Commission and the Vietnam Stock Exchange, HOSE announces that it will carry out mandatory delisting of TGG shares according to regulations," HOSE's announcement stated.

Currently, TGG stock price is at 2,370 VND before the trading suspension from mid-September. This stock was manipulated by Mr. Do Thanh Nhan and the Louis Holdings leadership group with some other codes. As a result, TGG stock reached a peak of 74,800 VND in the session on September 22, 2021, an increase of nearly 5,950% in value compared to 1,220 VND at the beginning of 2021.

Mr. Do Thanh Nhan and a number of accomplices were arrested in April 2022, immediately after that, all the stocks of the "Louis family" were sold off, and the leadership was constantly changed. At the end of June 2023, Mr. Do Thanh Nhan was sentenced by the Hanoi People's Court to 5 years and 6 months in prison for manipulating the stock market and manipulating stock prices.

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