On March 26, the Police Department of the Ministry of Public Security prosecuted and temporarily detained defendant Nguyen Ngoc Thuy (also known as Shark Thuy, Chairman of Egroup Group) for property appropriation.
At the time of his arrest, Mr. Thuy owned 6.17% of IBC capital. At the same time, the position of Chairman of the Board of Directors of Apax Holdings Investment Joint Stock Company (code: IBC), one of the key companies in the Egroup ecosystem, is still held by Mr. Thuy.
Mr. Nguyen Ngoc Thuy (Shark Thuy).
Apax Holdings borrowed thousands of billions of dong
Information from Tuoi Tre newspaper said that Apax Holdings’ self-made financial statements, as of the end of 2022, the total debt this company is facing is 3,076 billion VND, double its equity. Accordingly, short-term debt is 617 billion VND and long-term debt is 1,298 billion VND. Of the total assets of 4,596 billion VND of the enterprise, short-term receivables only account for 1,589 billion VND. Besides, as of September 30, 2023, IBC has outstanding bond debt at VND 1,130.9 billion.
IBC’s loans at that time were secured by various assets. For example, there is a contract to pledge deposits at banks and guarantees from individuals such as Mr. Nguyen Manh Phu and Ms. Nguyen Thi Huong Lien to ensure a loan of 6 billion VND at Standard Chartered Bank in 2019.
IBC loans are secured by various assets. For example, in 2019, a loan of VND 6 billion at Standard Chartered Bank was secured by assets such as: a deposit mortgage contract at the bank and guarantees from Mr. Nguyen Manh Phu and Ms. Nguyen Thi Huong Lien.
Continuing, in 2017, the loan of 150 billion VND at BIDV – Thanh Xuan branch was secured by assets formed from loans and equity capital of the project “New investment in 50 English teaching centers according to standards”. of Apax”, along with a number of other real estate and 25 million IBC shares owned by Egroup.
To lend, guarantee payment and open L/C to pay the costs of implementing the project “New investment in 45 English teaching centers according to Apax standards”, in 2019, IBC borrowed nearly 150 billion VND from BIDV – Thanh Xuan branch.
Collateral for this loan includes all assets formed after investment of the 45 center project, along with the right to operate and operate the English centers funded by BIDV and 10 million IBC shares of BIDV. Apax Holdings is currently mortgaged for the 50 center project since 2017.
Besides, many other assets such as real estate, shares,… are also mortgaged as collateral for loans. However, the financial costs involved put significant pressure on IBC.
In addition, according to Dan Viet, in the Tax and payables section at the end of 2022, the balance is up to 166 billion VND. Other amounts such as: having to pay the seller 196 billion VND, the buyer paying in advance is 113 billion VND, and having to pay the employees nearly 59 billion VND.