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Companies, woman fined for financial misconducts, illegal stock purchase
The State Securities Commission (SSC) has imposed administrative penalties on two companies and one individual for financial misconducts and illegal stock purchases.
The State Securities Commission is responsible for managing activities related to financial securities and the securities market. — VNA/VNS Photo Văn Giáp
The total fine for the three cases was nearly VNĐ523 million (US$21,000).
The AAV Group Joint Stock Company, headquartered in Hải Dương Province, was fined a total amount of VNĐ305 million ($12,300).
This includes VNĐ75 million for failing to report changes in its capital utilisation plan from the private placement of shares in 2021.
According to SSC, although AAV Group’s board of directors approved this change in October 2021, the company did not fulfil its reporting obligations at the annual general meeting of shareholders in 2022.
As a result, the SSC required AAV Group to announce the changes, and the funds raised from the private share placement or issuance in 2021, at the next shareholders’ meeting.
The company was also fined VNĐ65 million for failing to publish information within the required timeframe on the Hanoi Stock Exchange (HNX) regarding its audited separate financial statement and consolidated financial statement for 2023, and the explanations of differences before and after the audit of these statements.
The company was also fined another VNĐ65 million for providing incomplete information about its audited financial statements for 2022.
Specifically, the company had transactions involving advances and reimbursements with an internal party, which was Phạm Văn Hiên, head of the supervisory board.
However, the company’s 2022 governance report did not present these transactions.
The company's 2022 and 2023 annual reports also lacked certain information, including the performance and activities of its subsidiary.
Its self-prepared financial report for the second quarter of 2024 also did not present transactions with an internal party – deputy general director Nguyễn Thanh Hải – while these transactions were recorded in the reviewed semi-annual financial report for 2024 and the corporate governance report for the first half of 2024.
The Saigon Postal Corp (SPC) was fined VNĐ92.5 million for failing to publish several important documents.
They are the financial statements for four quarters of 2023 and the first two quarters of 2024, the reviewed financial statements for the first half of 2023 and 2024, the audited financial statements for 2022 and 2023, the corporate governance reports for 2023, the semi-annual reports for 2023 and 2024, and the annual report for 2023.
Also, a woman named Nguyễn Thương Huyền was fined VNĐ125 million for failing to register a stock purchase with the SSC, as required by law.
Huyền bought over seven million shares of Songhong Joint Stock Corporation on July 28, 2023 but not through a public offering, which in most cases has to be registered with the SSC.
The unauthorised purchase increased her shareholding in the corporation from 0 to 25.96 per cent.
Apart from the fine, Huyền must also forfeit voting rights directly, or through an authorised representative, for the shares acquired through the illegal purchase.
She is also required to sell shares to reduce her holding below the threshold that necessitates a public purchase within a maximum period of six months, from the date that SSC’s fine decision takes effect.
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