(NADS) - Electricity Finance Joint Stock Company (EVNFinance) has poured more than VND11,369 billion into short-term loans to participate in cooperation to implement real estate projects. These loans are secured by property rights and future assets.
According to the audited 2024 semi-annual financial report, EVNFinance recorded net interest income of VND760 billion, more than 5 times higher than the same period last year. Although non-interest income also contributed to revenue, it mainly came from financial services. However, the securities investment segment recorded a loss of more than VND14 billion, while the company made a profit of VND344 billion the previous year.
EVNFinance's total outstanding customer loans as of the end of June this year were more than VND37,968 billion, of which more than VND24,900 billion belonged to customer groups with the same representative or working in the same building.
EVNFinance's charter capital increased from VND 2,500 billion to more than VND 7,042 billion by the end of 2023. Regarding shareholder structure, as of December 31, 2023, domestic shareholders held 99.55% of shares, foreign shareholders only accounted for 0.45%.
The most interesting thing is that at the end of June 2024, EVNFinance made "notable" transactions with Amber Fund Management Joint Stock Company and Amya Holdings Joint Stock Company. Specifically, it incurred interest expenses on deposits and documents of VND 22.9 billion with Amber, loan transactions of VND 356 billion and interest receivable of VND 27.6 billion with Amya Holdings.
Notably, Mr. Le Manh Linh, a member of the Board of Directors of EVNFinance, formerly the Chairman of the Amber Fund, has ceased to hold this position since March 18, 2024. EVNFinance also said that from April 4, 2024, Amber Fund Management Joint Stock Company is no longer related to them.
Similarly, Amber Fund Management JSC and Amber Safe Bond Investment Fund also had transactions with EVNFinance. A member of the Board of Directors of EVNFinance is the operator of the Amber Safe Bond Investment Fund. However, the management report for the first 6 months of 2024 also shows that the Amber Safe Bond Investment Fund is no longer related to EVNFinance from April 5, 2024.
Transactions arising between the company and related parties of company insiders are shown in the periodic management report every 6 months, twice a year.
In addition, EVNFinance's management report also shows that there were transactions with Amya Holdings JSC with a loan balance of more than VND 356 billion. EVNFinance's Board of Directors is a member of Amya Holdings' Board of Directors.
In the above-mentioned 2024 semi-annual financial report, the auditing unit emphasized that the company's customer loans and capital contributions and long-term investments may lead to uncertainty about the future economic benefits of other loans and long-term investments.
Source: https://nhiepanhdoisong.vn/evnfinance-rot-hon-11-ngan-ty-vao-cac-du-an-bat-dong-san-giua-luc-thi-truong-con-kho-khan-15225.html
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