On August 23, 2024, the Investigation Police Agency of Ha Giang Provincial Public Security initiated a prosecution and arrested Nguyen Lan Huong (DOB 1973, permanent residence at CT 4 Vimeco, Trung Hoa, Cau Giay, Hanoi) – Chairman of the Board of Directors of Bao Chau Pharmaceutical Group Joint Stock Company (Ha Giang) for a period of three months for the act of “Illegally printing, issuing, buying and selling invoices and documents for payment to the state budget”, according to the provisions of Clause 2, Article 203 of the 2015 Penal Code.
Accordingly, the investigation results determined that Nguyen Lan Huong – Chairman of the Board of Directors of Bao Chau Pharmaceutical Group Joint Stock Company had taken advantage of the State’s regulations on enterprise registration conditions, the mechanism of self-declaration and tax payment, and self-printing, issuance, management, and use of invoices to establish many “shell companies”. These shell companies were then used to create fictitious economic contracts, issue illegal VAT invoices, and legalize inputs and outputs for Bao Chau Pharmaceutical Group Joint Stock Company. This also allowed them to enjoy VAT deductions, inflate the company’s business performance, and meet the conditions to participate in the stock market and issue shares to raise capital from investors.
In 2022 and 2023, Nguyen Lan Huong directly performed and directed the accountant of Bao Chau Pharmaceutical Group Joint Stock Company to create fictitious economic contracts and issue 368 electronic VAT invoices worth over VND 367 billion illegally. These illegal activities served the accounting activities of the Bao Chau Pharmaceutical Group Joint Stock Company.
The case is currently being actively investigated and clarified by the Investigation Police Agency of Ha Giang Provincial Public Security.
In August 2019, the Hanoi Stock Exchange (HNX) announced that it had received a dossier for registration of listing securities of 18 million shares, corresponding to a charter capital of VND 180 billion, from Bao Chau Pharmaceutical Group JSC.
Subsequently, the Bao Chau Pharmaceutical Group was fined VND 350 million by the State Securities Commission for registering as a public company with the State Securities Commission from June 18, 2019, but failing to list or trade its securities as prescribed.
On October 17, 2019, the company decided to withdraw its listing registration dossier, stating that it wanted to switch to registering for trading shares on the UPCoM market.
In September 2022, Bao Chau Pharmaceutical Group submitted a listing registration dossier for 21.5 million shares to be listed on the Ho Chi Minh Stock Exchange (HoSE) under the code BCH, corresponding to a charter capital of VND 215 billion. In December 2022, HoSE announced the suspension of the review of the listing registration dossier of Bao Chau Pharmaceutical Group as, after nearly three months, the company had not submitted a complete and corrected dossier and additional documents as requested.
In March 2023, HoSE again received the listing registration dossier of Bao Chau Pharmaceutical Group with the same trading code and number of shares. However, on August 31, HoSE received a document from the company requesting the withdrawal of its listing registration dossier.
Bao Chau Pharmaceutical Group stated that the current stock market situation was not suitable for the company’s share listing. Additionally, the company needed more time to review and complete the dossier as required, leading to the withdrawal of the listing registration dossier.
HoSE also stopped reviewing the listing registration dossier of Bao Chau Pharmaceutical Group as per the company’s request. In case the company resubmits the dossier, HoSE will conduct a review from the beginning.
“DPM’s Profits Vanish Into Thin Air, Accounting for Over 90% in 2023”
“DPM, the industry leader, achieved a remarkable feat by generating a profit post-tax of over 90% in 2023, marking its lowest net earnings since 2019.”
Dragon Capital Chairman: “Long-term vision is needed, accepting necessary adjustments for a safer, more efficient, and higher quality market”
According to Mr. Dominic Scriven, Chairman of Dragon Capital, the role of the finance industry in the stock market will be significant in 2023 and possibly in 2024. The roles of other industries, such as real estate or consumer goods, will depend on their respective challenges.
LandX Services reports a loss of 160 billion VND in 2023, cuts over 1,000 staff
In 2023, Dat Xanh Services incurred a net loss of 160 billion VND primarily due to a shortfall in real estate service revenue. Additionally, the company downsized its workforce by over 1,000 employees in the past year.
