Apax Holdings has been fined 20 million VND for violating regulations related to reporting and disclosure of information. Their official website, https://apaxholdings.com.vn/, is currently inactive.
Additionally, the company was fined 92.5 million VND for failing to disclose information on the HNX and SSC’s disclosure system. The undisclosed documents included financial statements, periodic reports on the use of proceeds from bond issuances in 2021-2022, and bond principal and interest payment status.
In late March 2024, Mr. Nguyen Ngoc Thuy, Chairman of Apax Holdings, was arrested and prosecuted for fraud and appropriation of assets.
On March 26, 2024, Apax Holdings’ Chairman, Mr. Nguyen Ngoc Thuy, was arrested and prosecuted for asset appropriation.
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Mr. Thuy, also known as Shark Thuy, was a guest on the reality show “Thương vụ bạc tỷ – Shark Tank Việt Nam.” He is the founder and chairman of Egroup Corporation and Apax English.
Following Mr. Thuy’s arrest, three companies associated with him, including Apax English, iGARTEN Education Development Joint Stock Company, and Ozen Health and Beauty Joint Stock Company, were fined by the SSC for violating information disclosure regulations related to bonds.
As of December 6, 2023, Apax Holdings’ 83.15 million IBC shares were officially delisted from the HOSE due to serious violations of information disclosure obligations.
Prior to the delisting, IBC shares were under monitoring for three types of violations: suspension of trading due to continued violations of information disclosure regulations after being placed under restricted trading; under control due to late submission of audited semi-annual financial statements for 2023; and under warning due to the company’s failure to hold the annual general meeting of shareholders within six months from the end of the fiscal year.
According to the HOSE, from the time of the trading suspension, the company’s information disclosure violations had not been rectified, and there was a possibility of recurrence, constituting a serious breach of information disclosure obligations and affecting shareholders’ rights.
| IBC share price movement from its first trading day on UPCoM to May 16 |
After leaving the HOSE, IBC shares began trading on the UPCoM. However, on its first trading day on December 15, IBC was also suspended from trading on the UPCoM due to mandatory delisting from the HOSE for serious violations of information disclosure obligations and falling under the category of shares subject to trading suspension according to legal regulations.
Khang Di
