Nam An the shell company part 2
Nam An is a shell for Techcombank and Vuong Pham. 100% sure. See part 1 here: How Vuong Pham used a shell company to pump money into Vinfast :
Nam An is a shell owned by trusted people of Hung Anh Ho / Vuong Pham, with the sole purpose of pumping money into Vin ecosystem, and in the case below, to get money from Vuong Pham to Hung Anh Ho. Nam An does not have any operational business activity other than to funnel money back and forth to the tune of hundred millions $. It is a shell company, a pure one.
Vuong Pham let Nam An (Hung Anh Ho) get 1,223B VND / year from Vinpearl rental and 1,920B VND / year from Phu Quoc rental in exchange for other favor: Hung Anh Ho’s help of flipping the debt. Hung Anh Ho is getting some money back as he is holding a huge amount of Vin’s debt: Techcombank Security TCBS is holding about 33K B VND of Vin’s bonds.
Hung Anh Ho must think Vingroup is too big to fail, really, but he has no other choice: he cannot let the house of cards crumble but he is trying to snip at Vuong Pham’s assets one by one.
So what does this post mean? Just shed light on the shady financial back deals among Vuong Pham and Hung Anh Ho that is opaque for the normal Vietnamese people who live under censorship. The two guys use all kind of shady tricks to hide the loss and to cook the book to fool the clueless investors and stakeholders in Vietnam. It is a financial scam, a financial crime. But few Vietnamese know about this. The financial report is there, publicly, and is official from Vingroup, but few people read it. I shed light on this public information. Share, translate and share.
translation:
Posted Sep 10, 2024, 3:48 AM UTC