Former Chairman Bribery in Stocks, Electricity Service Company Speaks Out

Mr. La Quang Binh was accused of bribing bank officials with 200,000 EIN shares - Photo: ECinvest

In an explanatory document recently sent to the Securities Commission, Electricity Investment - Trade - Service Joint Stock Company (EIN) confirmed that Mr. La Quang Binh is no longer the Chairman of the Board of Directors of the enterprise since March last year.

By June 2023, Mr. Binh will no longer be a member of EIN's board of directors. Therefore, the purchase and sale of EIN shares is not related to the company's operations, EIN affirmed.

The above explanatory document of EIN was sent to the securities market management agency right after the domestic press simultaneously published the conclusion of the additional investigation into the bribery case that occurred at a bank branch in Dong Da district, Hanoi .

Among the 16 defendants, one-time tycoon La Quang Binh was proposed to be prosecuted for two crimes: "violating regulations on banking activities and other activities related to banking activities" and "giving bribes".

The conclusion showed that Mr. Binh owned and was involved in 64 companies. Afterwards, the subjects colluded with some officials of Dong Da branch and received thousands of billions of VND and used it for many different purposes, leading to insolvency.

Notably, Mr. Binh also discussed with his sister to bribe 200,000 EIN shares of Electricity Investment - Trade - Service Joint Stock Company (equivalent to 2 billion VND) to Dao Hoang Thang (former branch director) to help Thinh Phat Company avoid bad debt transfer and continue to receive loan disbursement.

EIN stock can't buy a glass of iced tea

About EIN, this company was established in 2007 by Electricity Group. In 2009, EIN issued shares to existing shareholders, increasing its actual charter capital from VND 275 billion to VND 304 billion.

In 2018, the company promoted financial activities in cooperation with Electricity Payment Solutions Joint Stock Company to collect electricity bills. By 2020, the company continued to increase capital by offering private shares, raising capital to 454 billion VND.

At present, the charter capital of this enterprise has increased to 841 billion VND. The two major shareholders include Hanoi Electrical Equipment and Technology Joint Stock Company with 33.03% of shares and Thai Son Investment Solutions Joint Stock Company with 20.09% of shares.

The company operates in many fields, including real estate... It is also the owner of the Dien Luc tourist hotel on Nguyen Sieu Street, District 1, Ho Chi Minh City, the Vung Tau Dien Luc tourist hotel in Ward 2, Vung Tau City...

On the stock market, the market price of EIN shares of Electricity Investment - Trade - Service Joint Stock Company dropped sharply to 2,700 VND/share.

Source: https://tuoitre.vn/vu-cuu-chu-tich-hoi-lo-bang-co-phieu-cong-ty-dich-vu-dien-luc-len-tieng-2024101820595516.htm