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ACB: Explanation for audit notices in reviewed FS of first 06 months on 30/6/2013
On 09/09/2013, Asia Commercial Bank explained audit notices in reviewed FS dated 30/6/2013 as follows:
1. “VND 718,908 million of term deposit authorized to staff and VND 36,523 million of relevant receivable interests are overdue”
Explanation: Currently, functional authorities were investigating this deposit.
2. “VND 464,733 million of loan for a state corporation, VND 500,000 million of share issue and VND 135,949 million of receivable bonds are allocated in Group 2 - noticeable debts instead of debt group with lower quality”
Explanation: The amount of VND 464,733 million was extended for purpose of purchasing and building ships. According to Decision no. 276/QD-TTg dated 4/2/2013, Circular 2701/NHNN-TD dated 18/4/2013, Circular no. 172/TB-VPCP dated 22/7/2011 and Circular no. 631/NHNN-TD dated 16/9/2011, there was no mention to restructure debts, move and keep credit rank of floating sponsor debts and bonds of the Corporation. However, Management board of ACB believed that the amounts of VND 500,000 million and VND 135,949 million needed to be handled in accordance with loans for purpose of purchasing and building ships as above.
3. “Vietnam State Bank is deploying widespread inspection. Until the moment of approving FSs of first 06 months, the Bank is not informed with result of the inspection. Thus, result of the inspection and its influence (if any) are not recorded in these FSs of first 06 months.”
Explanation: ACB received result of the inspection on 30/8/2013. Inspection influence (if any) on FS would be recorded in FS of 2013.
HNX
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