https://www.reddit.com/r/VinFastCommunity/comments/174mdfp/part_1_how_vuong_pham_move_companies_ownership/
Have you checked out How Vuong Pham used a shell company to pump money into Vinfast : VinFastCommunity (reddit.com) yet? It is a huge and long piece of work to read.
Dunno if you have digested it fully yet but I have more for you. In 2 parts, I will show you more analysis about Vingroup that you have never seen before. Stick around.
Part 1: How Vuong Pham move companies ownership around like wood blocks
Moving ownership around like wood blocks
From Vingroup report:
At 12/31/2022, VIC owned 69.23% of Lang Van Investment and Development (tax code 0401880908) not directly but through Thien Nien Ky, Vinhomes, Hoang Gia Real Estate development.
At 05/31/2023, 5 month later, all of the above companies no longer hold Lang Van and now Lang Van is owned 100% by VIC, 91.47% directly and 8.53% through Vinbus and Vincom Security! Wait for it, the implication will be explained later on in this post.
r/VinFastCommunity - Part 1: How Vuong Pham move companies ownership around like wood blocks
r/VinFastCommunity - Part 1: How Vuong Pham move companies ownership around like wood blocks
Sado Trading is another example of this behavior of switching ownership: at 12/31/2022, VIC own 59.52% of Sado Trading directly and 40.48% indirectly, for 100%. At 31/05/2023, VIC own 15.70% directly and 83.97% indirectly for 100%, where Vinpearl was removed and replaced by the newly created SDI Trading, owned 99% by Vinpearl and borned on 2/16/2023. VIC own Sado 100% in both cases but moving ownership around. Why?
r/VinFastCommunity - Part 1: How Vuong Pham move companies ownership around like wood blocks
From 12/2022 to 5/2023, Vuong Pham closed down VinES Manufacturing US, and added: SDI Investment and Trading, NVY Company, S-VIN2 Vietnam, Truong Thinh Real Estate, Ca Tam Travel, Hiep Thanh Cong Invest to VIC.
SDI Investment and Trading is a newly minted company from Vinpearl who owns 99%. It was born 2/16/2023.
NVY is company based in Hai Phong, born 5/12/2023. Vin has a lot a real estate projects there, so likely NVY is a shell company setting up to sell part of the real estate projects in Hai Phong.
