Bến Tre province

The Structure of the Transaction and the Unusual Content of the Contract Joint Stock Company T1 was a major shareholder, holding 69% of the charter capital of Joint Stock Company T2.

That company was an enterprise established to develop the wind power plant No. 5, Tan Hai 2 project, in Ben Tre province.

On 5 October 2021, MIS-V and joint stock company T1 entered into share transfer contract No. 01 of 2021, hereinafter referred to as the contract.

Under that contract, joint stock company T1 transferred to MIS-V 3,750,000 shares.

When the deadline arrived, however, the two companies did not hand over the project as agreed.

Instead, on 18 December 2021, joint stock company T2 issued an official letter requesting an extension of the handover date to 30 June 2022, citing the effects of the COVID-19 pandemic in delaying construction and operation of the plant.

In reality, however, the wind power plant No. 5, Tan Hai 2, had already been connected to the grid and had begun commercial operation in late 2021, according to documents from the Department of Industry and Trade of Ben Tre Province.

The plant was connected to the grid on 31 October 2021 and generated commercial electricity output continuously thereafter.