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\The State Securities Commission (SSC) has recently issued a decision to impose an administrative fine of over VND 442 million on Minh Duc Chemicals JSC (located in Quyet Hung industrial zone, Minh Duc town, Thuy Nguyen district, Haiphong city) for failing to disclose information as required by law.
Accordingly, Minh Duc Chemicals was fined VND 92.5 million for failing to disclose information on the company’s governance report for the first half of 2023, the record date for existing shareholders to attend the 2023 and 2022 annual general meeting of shareholders (AGM), the signing of the 2022 financial statement audit contract; untimely disclosure of the audited 2022 financial statement, the 2022 and 2021 annual reports, the 2022 corporate governance report, the signing of the 2023 financial statement audit contract, the announcement of the 2023 interim dividend payment and the record date for shareholders to receive the 2023 interim dividend payment, … as stipulated in Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government.
In addition, the company was fined VND 350 million for failing to register for securities trading as prescribed.
Thus, the total fine for the company is VND 442.5 million.
Minh Duc Chemicals is also required to file for securities trading registration within 60 days as prescribed.
The SSC also penalized An Phuoc Garment and Footwear Embroidery Co., Ltd. (located at 100/11-12 An Duong Vuong, Ward 9, District 5, Ho Chi Minh City) with a fine of VND 92.5 million for failing to disclose information as prescribed.
Specifically, An Phuoc Garment and Footwear Embroidery Co., Ltd. did not fulfill its obligation to periodically disclose information on the reports of the use of capital from bond issuance in the first half of 2021, the report of the use of capital from bond issuance in the first half of 2022, the report of the use of capital from bond issuance in 2020, the report of the use of capital from bond issuance in 2021, the financial statement for the first half of 2021, the financial statement for 2020, the financial statement for 2021, the payment of interest and principal on bonds in the first half of 2021, the payment of interest and principal on bonds in the first half of 2022, the payment of interest and principal on bonds in 2020, and the payment of interest and principal on bonds in 2021.
