Recommendation on obstacles in the financial sector
Tue, 26 Dec 2017 15:08:00 | Print | Email Share:
Name of recommendations: Recommendation on obstacles in the financial sector
Status: Responded
Recommended by units: The Song Da Cooperation
Official letter: 1389/PTM - VP, dated: 2017-06-13
Recommended contents:
- Although the Government issued the Resolution No. 15 / NQ-CP dated March 6, 2014, Decision No. 51 / QD / 2014 / QD-TTg dated 15 September 2014, Decree No. 91/2015 / ND -CP 13/10/2015 to remove and accelerate the divestment of state-owned enterprises. However, the divestment of inefficient units with transaction prices that be lower par value still faces many difficulties.
- In order to implement the restructuring project, the corporation has merged the joint stock companies. However, according to the provisions of the Law on Enterprise and Circular No. 121/2012 / TT-BTC dated 26 July 2012 of the Ministry of Finance, the concerned shareholders are not allowed to vote on the merger plan. In case of failing to do so due to the insufficient voting rate as prescribed. For example, if the Corporation merges the Se San 3A Electricity Development and Investment Joint Stock Company into Can Don Hydropower Joint Stock Company, due to the Song Da Corporation was not entitled to vote, so at the General Shareholders' Meeting of Se San 3A nvestment and Development Joint Stock Company, The voting power of other shareholders is not enough (≥ 75%) so the merger is not implemented as planned.
The Song Da Corporation proposes to remove financial difficulties: The Government considers issuing regulations to carry out the merger of the member units of the parent company.
Responded by units: The Ministry of Planning and Investment; The Ministry of Construction
Official letter: 1862/BXD - PC; 6343/BKHĐT - PTDN, dated: 2017-08-11
Responded contents:
This recommendation was assigned by the Ministry of Planning and Investment for chairing response and coordinating with the Ministry of Construction. However, this opinion relates to the inadequacies of the law on enterprises, equitization and withdrawal of State enterprises. should be the responsibility of the Ministry of Planning and Investment.
• Ministry of Planning and Investment:
- About divestments that have lower transaction prices than par value
As reflected by the Corporation, the implementation of divestments at ineffective units with transaction prices are lower below par value still faces many difficulties, however, the Corporation does not specify the specific problems . We recommend the Song Da Company to clarify the problems and specific reports to send them to competent agencies for guidance.
- Currently, the Ministry of Finance is drafting a decree replacing Decree 91/2015 / ND-CP, which is expected to amend some regulations guiding the divestment of state capital in enterprises. Therefore, in the case of difficulties in the current divestment of Song Da Corporation are related to mechanisms and policies, please report clearly, send to the Ministry of Finance to study, adjust regulations to be appropriate with practice.
- Concerns related to the merger of enterprises:
- The Law on Enterprises provides for the implementation of the merger of enterprises. In the case that SOEs carry out restructuring or merging their member units according to the plan approved by the state owned representative missions, they face many difficulties due to financial difficulties, or due to the mechanism and policies, It is proposed to make a specific report and submit it to the representative office of the ownership to send to the competent authorities for guidance, and in cases where it is over its competence, we recommend the unit to report to the Government’s Prime Minister for consideration and making decision.
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