DOJI Gold and Gemstone Group Joint Stock Company is one of the famous gold companies in Vietnam, operating in the fields of gold, gemstones, jewelry, real estate and finance.
According to the group's website, DOJI's predecessor was TTD Technology and Trade Development Company, established on July 28, 1994, with initial charter capital of 1,100 billion VND.
Founding shareholders include Mr. Do Minh Phu contributing 770 billion VND, equivalent to 70% ownership, Do Vu Phuong Anh and Do Duc Minh each contributing 165 billion VND, equivalent to each owning the remaining 15%.
DOJI has changed its charter capital many times. Specifically, in 2016, the company increased its capital to VND 1,500 billion. In January 2019, DOJI's charter capital reached VND 2,000 billion. By September 2019, the company continued to increase its capital to VND 3,000 billion. Updated to December 2021, DOJI's charter capital is at VND 4,500 billion.
With more than 30 years of development, DOJI's growth is associated with the name of Mr. Do Minh Phu.
Mr. Phu was the General Director of VIGEMTEC Gemstone Joint Venture Company from 1992 to 1994, before establishing and holding the role of General Director of TTD Technology Development and Trading Company Limited in 1994.
Since switching to a corporate model, DOJI has also begun to expand its investment into other fields and has had many notable deals in the market.
A notable turning point in DOJI's development was the successful restructuring of Tien Phong Commercial Joint Stock Bank ( TPBank ) in 2012, becoming a strategic shareholder of this bank. At that time, Mr. Do Minh Phu, Chairman of DOJI, was elected Chairman of TPBank's Board of Directors.
Under the leadership of Mr. Phu and his associates, TPBank, from a loss of more than VND 1,300 billion (in 2011), has started to make a profit and has continuously grown, from a profit after tax of VND 116 billion in 2012 to a peak of VND 6,260 billion in 2022 and currently a profit after tax of more than VND 6,000 billion in 2024.
However, after the regulation prohibiting bank presidents and general directors from being leaders in other businesses, Mr. Phu transferred the management role at DOJI to the next generation.
In April 2018, Mr. Do Minh Duc - Mr. Phu's son - became the legal representative and General Director of DOJI.
Along with the transfer of management rights, in 2020, DOJI attracted attention when it acquired Diamond World Company - the top 3 largest gold and jewelry retail enterprises in Vietnam. The value of the deal was not disclosed, but according to business circles, the amount spent was not small.
By September 2023, DOJI had a personnel change when the new representative and general director was Ms. Do Vu Phuong Anh - Mr. Phu's daughter. Currently, Mr. Do Minh Phu holds the role of Chairman of DOJI's Founding Council.
Regarding DOJI's financial situation, according to the financial reports for the three years 2021, 2022 and 2023, DOJI's after-tax profit reached VND 234 billion, VND 1,017 billion and VND 491 billion, respectively.
Meanwhile, DOJI Group's liabilities have increased sharply over the years, from VND923 billion (2021) to VND12,405 billion (2022) and reaching VND15,851 billion (2023). By the end of 2023, DOJI will have no outstanding bonds.
According to DOJI, to date, the Group has 14 member companies operating under the parent-subsidiary model, 4 joint ventures, 50 branches, nearly 200 centers and more than 400 agents nationwide.
DOJI has been ranked by VNR500 as one of the top 5 largest private enterprises in Vietnam for 14 consecutive years (2010 - 2023). Also for 12 consecutive years (2012 - 2023), the Group has been recognized as a Vietnamese National Brand.
Details of violations in DOJI's gold business
According to the announcement of the inspection conclusion on the gold trading activities of DOJI Gold and Gemstone Group Joint Stock Company, the State Bank Inspectorate (SBV) pointed out a series of violations by this enterprise.
Specifically, the violations were related to documents and invoices for gold purchases with TPBank and the purchase of raw gold from a number of individuals for DOJI Company; violations of compliance with reporting regulations in gold bar purchases and sales; and violations of some gold sales transactions at prices higher than the listed price.
Notably, other gold trading activities (gold lending activities of people, customers and gold bar custody activities on the EGOLD application) without permission from competent authorities.
According to the State Bank Inspectorate, DOJI also violated regulations on e-commerce, using digital technology to trade gold.
Authorities emphasized that DOJI showed signs of providing misleading information about the business and the goods it provided to customers in order to attract customers of other businesses, which is related to unfair competition.
The preparation of documents for importing and exporting gold kept in custody at DOJI Company still has errors in recording content that is different from the form of the document, the document is not prepared according to the prescribed form; some locations for registering to withdraw gold provide incorrect information and addresses.
The inspection results showed that a number of individuals sold raw gold to DOJI Company in unusually large quantities compared to the occupation and personal background of the individuals selling gold. It was also verified that there were cases where the Company (not DOJI Company) through individuals sold raw gold to gold trading enterprises, possibly with the purpose of not issuing invoices, not declaring and paying taxes on the gold sold, concealing the origin of the raw gold... causing instability to the domestic gold market as in the recent past.
The Governor of the State Bank has sent a document to the Ministry of Public Security to verify, investigate and handle the verification results, proposals and recommendations according to regulations.
Compliance with legal regulations on anti-money laundering activities: DOJI Company violated a number of legal regulations on anti-money laundering activities, specifically issuing internal regulations that were not fully in accordance with regulations; failing to report a number of large-value transactions that must be reported to the State Bank; failing to identify customer information...
DOJI Company violated the regulations on accounting for total deductible interest expenses when determining taxable income for enterprises. The enterprise had activities of borrowing and repaying borrowed gold to customers but did not issue invoices when returning borrowed goods (gold) to the lender according to regulations.
Regarding individuals buying and selling gold (SJC gold bars, jewelry gold) on DOJI's EGOLD application, the State Bank noted that Decree 24 does not stipulate licensing for individuals to trade in gold bars.
However, individuals are allowed to buy and sell gold bars at (or with) licensed organizations....
Immediately after the direct inspection ended, the State Bank Inspectorate reported a number of cases of law violations at DOJI. The Governor of the State Bank approved and sent a document transferring the information to the Ministry of Public Security for verification, investigation and handling.
Pursuant to the direction of competent authorities, the Department of Investigation Police on Crimes of Corruption, Economy, and Smuggling - Ministry of Public Security has responded to the document of the State Bank, accordingly, assigning the Tax authority (General Department of Taxation, now the Tax Department) to preside over the inspection, assessment and handling according to the provisions of law.
Some transactions show signs of tax evasion, concealment of the origin of raw gold, and behavior that could destabilize the gold market. The information has been transferred to the Ministry of Public Security for investigation and handling.
At the same time, DOJI Company was also administratively fined 1,365 billion VND.
In addition to DOJI, the State Bank fined billions of dong to SJC, PNJ, Bao Tin Minh Chau, TPBank, Eximbank and pointed out violations in gold trading activities.
Source: https://nld.com.vn/chan-dung-ong-chu-dung-sau-tap-doan-vang-bac-da-quy-doji-196250531112618502.htm
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