Tan Tao Investment and Industry Joint Stock Company (stock code: ITA) continues to request the State Securities Commission and Ho Chi Minh City Stock Exchange (HoSE) to allow ITA to temporarily delay the publication of its 2023 audited financial statements, 2023 annual report, and 2024 semi-annual reviewed financial statements.
According to ITA, on June 24, the company responded to Document No. 3619/UBCK-GSĐC dated June 7 from the State Securities Commission, providing explanations and evidence for the force majeure event. However, the State Securities Commission has not responded to Tan Tao so far. Meanwhile, HoSE has issued Decision No. 414/QD-SGDHCM dated July 9, placing ITA shares under trading restrictions from July 16.
On July 19, Tan Tao reported on its progress in addressing the issues that led to the ITA shares being placed under warning in the third quarter and requested to remove the warning label (7th request). The company also reported on its efforts to address the trading restrictions imposed on ITA shares from July 16 and provided explanations for its request to revoke Decision No. 414/QD-SGDHCM dated July 9 regarding the trading restrictions.
In all documents sent to the State Securities Commission and HoSE, Tan Tao affirmed that it had provided very clear and detailed explanations for the force majeure event. Despite their best efforts in contacting, working with, and persuading all auditing firms (30 auditing firms approved to audit public interest entities in the securities sector in 2023), all of these firms have refused.
The main reason for the refusals, according to Tan Tao, is the State Securities Commission’s decision to suspend the qualifications of four auditors who conducted the audit of Tan Tao’s financial statements for 2021, 2022, and the semi-annual reviewed financial statements for 2023.
Tan Tao believes that this suspension of auditor qualifications is unusual and lacks transparency, causing concerns among other auditing firms that conducting an audit for Tan Tao may lead to similar suspensions of their qualifications.
ITA stated that it has been rejected by 30 auditing firms approved to audit public interest entities in the securities sector in 2023.
ITA requested the State Securities Commission and HoSE to allow Tan Tao to temporarily delay the publication of its 2023 audited financial statements, 2023 annual report, and 2024 semi-annual reviewed financial statements until the company finds an auditing firm and completes the audit.
Additionally, ITA requested the State Securities Commission and HoSE to issue official documents allowing auditing firms to perform audits for Tan Tao.
“Tan Tao is still making efforts to persuade auditing firms to conduct the 2023 audited financial statements and 2024 semi-annual reviewed financial statements. Whether we can find an auditing firm or not depends on the actions of the State Securities Commission and HoSE in fulfilling their duties to protect the rights and interests of shareholders and investors,” the document stated.
ITA further stated that if, due to force majeure events, the company is unable to publish its 2023 audited financial statements, 2023 annual report, and 2024 semi-annual reviewed financial statements, and if the State Securities Commission and HoSE decide to suspend trading or delist ITA shares based on this reason, they will be held responsible for any losses incurred by investors, shareholders, and Tan Tao.
Previously, in late February, Tan Tao also requested a delay in publishing its 2023 audited financial statements and 2023 annual report, citing reasons related to auditors.
ITA shared that on May 5, 2023, the company signed an audit contract for the 2023 semi-annual reviewed financial statements with AASCS. However, on December 29, 2023, AASCS notified ITA of their decision not to proceed with the audit due to a lack of personnel and time, and subsequently terminated the audit contract signed on May 5, 2023.
Specifically, AASCS withdrew from the audit as two of their auditors, Mr. Phung Van Thang and Mr. Ta Quang Long, who conducted the audit for ITA’s 2022 financial statements and 2023 semi-annual reviewed financial statements, had their licenses revoked by the State Securities Commission for a period of two years.
In its self-prepared financial statements for the second quarter and the first half of 2024, Tan Tao recorded revenue of over VND 142 billion and after-tax profit of more than VND 64 billion.
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