Mr. Nguyen Tu Quang's ambition and the worrying reality at BKAV

Despite debt, BKAV ecosystem continues to expand

Despite the "scandals" about social insurance debts, employee salary debts and the situation of the group of companies related to BKAV on the decline, Mr. Nguyen Tu Quang has just invested capital to establish BkavGPT Joint Stock Company - a company specializing in software publishing.

BkavGPT Joint Stock Company was established on January 22, 2024, headquartered at HH1 building, Yen Hoa urban area, Yen Hoa ward, Cau Giay district, Hanoi . Registered 26 business lines, of which the main activity is software publishing (except publications).

BkavGPT has a charter capital of 1 billion VND. Of which, Mr. Nguyen Tu Quang holds 98% of the shares. The remaining shares belong to Mr. Nguyen Tu Hoang (1%) and Mr. Nguyen Tu Quang (1%). The legal representative and General Director is Mr. Tran Nhan Anh (born in 1987, residing in Hai Phong ).

Mr. Nguyen Tu Quang contributed 98% of the capital to establish BkavGPT. Screenshot of the registration to establish BkavGPT.

As soon as the information about the establishment of BkavGPT appeared, the company name associated with the word "GPT" made people think of ChatGPT - the AI application that has been "feverish" in recent times; at the same time, it is believed that the birth of BkavGPT marks the entry into the AI chatbot model market of Mr. Nguyen Tu Quang.

On social networks, the BKAV CEO has repeatedly expressed his interest in AI, especially ChatGPT. On his personal Facebook page, Mr. Nguyen Tu Quang continuously updates posts related to ChatGPT. In a post in March 2023, Mr. Quang announced that BKAV has made progress in blocking spam messages and emails thanks to the AI model that processes natural language.

Mr. Nguyen Tu Quang affirmed: “We use GPT (AI Model) technology, which is also the technology used by ChatGPT. This way, the spam blocking software is able to "UNDERSTAND" the text content, just like you read a few sentences and immediately know that the email or message is spam”.

Investing thousands of billions in Bphone, after more than 6 years "no return"

Not long before BKAVGPT, Mr. Nguyen Tu Quang also established another company related to Bphone - the phone that Mr. Quang once declared to be "famous" by BKAV. Accordingly, Bphone Service JSC was established on December 1, 2023 with a charter capital of 200 million VND, operating mainly in the field of repairing communication devices and mobile phones.

The shareholder structure of Bphone Service is similar to BKAVGPT, Mr. Nguyen Tu Quang holds 98% of the shares, the rest belongs to Mr. Nguyen Tu Quang and Mr. Nguyen Tu Hoang, each holding 1%. Mr. Quang acts as the legal representative and General Director.

Mr. Nguyen Tu Quang - Chairman of the Board of Directors and General Director of BKAV. Photo: BKAV

Previously, in 2015, Bphone was officially launched after 6 years of investment and research. However, after the product launch event, public opinion reacted contrary to BKAV's expectations, saying that the company was over-advertising, and even Mr. Nguyen Tu Quang's statements at that time were heavily criticized.

After that, BKAV CEO was still determined to continue launching new Bphone models to change public opinion. Mr. Quang even expected Bphone to be in the top 2 market share in 2023.

However, in early 2022, Mr. Quang revealed that he had spent more than 1,000 billion VND to develop Bphone but had not earned any money.

BKAV is drowning in debt and "starving for capital"

Despite showing great ambition with BKAV's products, the actual situation at these businesses and related companies shows that BKAV is drowning in debt and "starving for capital".

In particular, BKAV Antivirus Software Joint Stock Company (BKAV PRO) has a bond debt of 170 billion VND coming due, the bond lot matures on May 26, 2024.

In addition, BKAV PRO also has a debt to VNDIRECT Securities, classified as a bad debt value of VND 31.5 billion. At the end of 2023, VNDIRECT made a provision of more than VND 22 billion for this debt.

Not only that, BKAV also fell into a state of "capital starvation", and Mr. Nguyen Tu Quang had to call for capital from Bphone fans with a commitment to pay more than double after 3 years.

Bkav CEO Nguyen Tu Quang calls for capital on BPhone Fans Club fanpage. Screenshot. — BKAV CEO Nguyen Tu Quang calls for capital on Bphone Fans Club fanpage. Screenshot

Specifically, in October 2022, on the social network Facebook (specifically the Facebook group Bphone Fans Club), BKAV CEO Nguyen Tu Quang called for capital contributions to BHS Electronics Joint Stock Company with an interest rate of 10%/year, paying interest monthly before the 10th of the following month, for a term of 3 years. After 3 years, investors will receive their principal back and receive additional cash equal to the principal amount.

At that time, Mr. Quang said the investment level was 100 million VND, in the form of a business cooperation contract.

For example, an investor contributes 100 million VND to BKAV to conduct business. Each year, the customer will receive 10% of 100 million VND, which is 10 million VND. The amount is divided into 12 months and transferred before the 10th of the following month. In addition, at the end of 3 years, the investor will receive back the original 100 million VND and an additional 100 million VND. In total, this person will receive 230 million VND after 3 years of contributing 100 million VND to Bkav.

Regarding the capital calling plan of BKAV CEO at that time, some financial experts said that this plan had a very attractive profit margin for investors, but there would be risks involved, investors needed to carefully consider the terms of the contract before "putting down money".

However, BKAV no longer mentions any information related to this investment plan or the subsequent capital mobilization results.

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