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SSC fines companies for information disclosure violations
The State Securities Commission (SSC) has recently issued numerous penalties against businesses for non-compliance with information disclosure requirements.
The headquarters of the SSC in Hà Nội. — VNA/VNS Photo Văn Giáp
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The authority imposed an administrative penalty on Saigon Glory Co Ltd, with headquarters on District 1, HCM City.
The company has been fined VNĐ92.5 million (US$3634) for failing to disclose required information as mandated by the law.
Specifically, Saigon Glory did not provide information to the Hà Nội Stock Exchange (HNX) regarding its semi-annual financial report for 2023, the fulfillment of commitments related to the 2023 bond issuance and the utilisation of funds from the audited 2023 bond release.
It also failed to submit timely periodic information disclosures to HNX for the many 2021 financial documents.
Saigon Glory, a wholly-owned subsidiary of Bitexco Group, previously issued 10 separate bond lots worth VNĐ10 trillion to nearly 4,000 bondholders for The Spirit of Saigon project.
In October 2022, despite announcing its intention to repurchase all the bonds before maturity, Saigon Glory did not buy back any batches ahead of schedule, following the arrest of Vạn Thịnh Phát Group's leadership.
This February, the company negotiated with bondholders and reached an agreement to extend the maturity period to 1 - 2 years.
Recently, the SSC imposed an administrative penalty on Bình Dương General Printing JSC, located in Thủ Dầu Một City, Bình Dương Province.
It was fined VNĐ60 million for untimely information disclosure on the SSC's platform and HNX's electronic portal. The documents include the audited 2022 separate financial report and the 2022 annual report.
Additionaly, the company was fined VNĐ15 million for failing to appoint a company administrator.
Similarly, the Inspectorate of the SSC has recently imposed an administrative penalty on Sovico Group JSC, located in Hoàn Kiếm District, Hà Nội.
The company has been fined VNĐ92.5 million for the violation of not disclosing required information as mandated by the law.
Sovico failed to disclose information to HNX regarding the 2022 and semi-annual 2023 periodic reports on the utilisation of funds from bond issuance for audited outstanding bonds.
It also did not timely disclose the 2021 and 2022 financial reports, the semi-annual 2022 financial report, the utilisation of funds from the 2020 bond issuance and the implementation of commitments to bondholders in 2022.
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