Tuesday, March 27, 2007

The 64-million dollar divorce

An FPT mogul hands over 64 million in stock to his soon-to-be-ex-wife.

As I mentioned before the stock market has gone nuts here and there's a new fascination with multi-millionaires. Hitherto being wealthy would have been hush-hush but as everyone in Vietnam knows, in the last decade a more if-you-got-it-flaunt-attitude has developed (hey, if I could, I'd buy a BMW too), but the real kings of the castle (and you're the dirty rascals!) weren't best pleased to be publicly included in a list of "the top 100 wealthiest people in Vietnam."

From the DPA article, same one that's linked above:
Vietnam's infant stock market - which rose 144 per cent last year - has made overnight millionaires out of several executives at formerly state owned companies.

The rise of stock market millionaires in a country that didn't even have a securities exchange until 2000 has led to another new phenomenon: the 100-richest list.

Earlier this year, several Vietnamese newspapers printed lists of the country's wealthiest investors, based on their publicly disclosed stock holdings, though not including real estate magnates or other business leaders.

The list caused a minor outcry among some on the list, who complained they were exposed to kidnapping and extortion by being outed.
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2 comments:

Anonymous said...

one theory i've heard is that poor(?) Mr. Tien, being a senior FPT exec, is not allowed to sell his shares.

It would seem that - together with most listed companies here - FPT is currently massively overpriced, so the rumour is this divorce may just be a sneaky way for him to realise his assets before the inevitable correction...perhaps followed by a tearful reconciliation, Eminem-style, after a suitable period.

of course, selling off 3.7 million shares might itself put a bit of a dent in the FPT price...

9:38 a.m.
Unknown said...

Oh common, us the vinas read this like a book. who would be fooled with the whole divorcing scheme? Jesus. over the last seven days, this country's infant stock market splunged a little bit, not much. When I asked my cheeky friends if they're hurt, turned out all those little ***kers sold theirs already over the last few weeks. The only people would get hurt are old retired aunties. Poor them. Scam scam scam. I'm one of the only very very very rare vina executives who not involved with stock trading. clean hand.

5:58 p.m.

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