On August 27, Tan Tao Investment and Industry Corporation (HOSE: ITA) sent a written request to the State Securities Commission (SSC) and the Ho Chi Minh City Stock Exchange (HOSE) to temporarily delay the publication of its 2023 audited financial statements, 2023 annual report, and 2024 semi-annual reviewed financial statements due to unforeseen circumstances.
ITA previously submitted three reports to the SSC and HOSE, requesting a delay in publishing its 2023 audited financial statements and annual report for the same unavoidable reasons.
In its letter dated June 24, Tan Tao responded to the SSC, explaining the unavoidable circumstances, but has not received a response from the Commission. Meanwhile, HOSE has decided to place ITA shares under trading restrictions from July 16, 2024.
In all its communications with the SSC and HOSE, ITA has provided clear and detailed explanations for the unavoidable circumstances it has faced over the past several months. The company has made strenuous efforts to engage and persuade all auditing firms (30 auditing firms approved to audit public interest entities in the securities sector for 2023), but all of them have declined, ITA stated.
Regarding the cause, ITA attributes it to the SSC’s unusual and opaque decision to suspend the qualifications of four auditors who conducted the 2021 and 2022 audits and the 2023 semi-annual review for Tan Tao, leading to fears among other auditing firms that they might face similar consequences if they audit ITA.
Given the grave situation that threatens the interests of shareholders and investors, and recognizing the legal obligations of the SSC and HOSE, ITA earnestly requests these authorities to take action to protect the company and its investors by granting a temporary delay in publishing the aforementioned reports until Tan Tao can secure an auditing firm and complete the audit process.
ITA also requests the SSC and HOSE to provide official support by allowing auditing firms to conduct audits for the company.
Tan Tao asserts that it is diligently seeking to persuade auditing firms to perform the 2023 audited financial statements and the 2024 semi-annual reviewed financial statements. The success of this endeavor depends on the SSC and HOSE demonstrating their commitment to safeguarding the rights and interests of shareholders and investors.
ITA emphasizes that if, due to unavoidable circumstances, the company is unable to complete the aforementioned reports, and if the SSC and HOSE use this as a basis for suspending or delisting ITA shares, then these authorities will be held responsible for any losses incurred by domestic and foreign investors, shareholders, and the company itself.
Finally, Tan Tao urgently requests HOSE to revoke its decision dated July 9, which placed ITA shares under trading restrictions from July 16.
Source: ITA
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