On 20 Apr 2018, Thanh Hoa Petroleum Construction Joint Stock Company explained the qualified opinion of the auditor as follows:
- Making provision for bad debts, receivables from Mr. Duong Trong Hung related to construction value of 157ha Nghi Son project: issues related to bad debts existed and the auditor gave qualified opinion in previous years. At present, PVC – TH is providing relevant documents to the Police to investigate. As a result, it was impossible to make provisions.
- Loan interest expense for project for PetroVietnam Thanh Hoa housing services, apartment and trade complex: the loan interest expense was not recorded because PVC – TH is in the progress of negotiating PVComBank to adjust loan interest rate.
- Project for Materials and Mechanics Plant was handed over to Hai Ha Co., Ltd. However, General and administrative expense and other expense of VND 10,041,837,378 was returned by Hai Ha Co., Ltd because the expense did not meet project expense criteria.