Tan Tao Investment and Industry Joint Stock Company (ITA) has recently requested a postponement in the publication of its 2023 audited financial and annual report, as well as its 2024 semi-annual reviewed financial statement.
The company stated that it had exerted “great efforts” in contacting and persuading 30 licensed auditing firms in the market, but was rejected by all. The main reason for these rejections, ITA explained, was due to the suspension of four auditors by the State Securities Commission (SSC) in 2022. These auditors had conducted financial statement audits for Tan Tao in 2021, 2022, and the first half of 2023.
“This has caused all firms to fear auditing for Tan Tao, as they are also concerned about facing similar suspensions,” ITA stated in its explanation. The company affirmed that it will continue to seek and persuade auditing firms to take on the task.
Prior to this, Tan Tao had sent an explanatory document to the Securities Commission regarding this force majeure situation, but has not yet received a response. Despite this, the Ho Chi Minh City Stock Exchange (HoSE) decided to place ITA shares on a restricted trading list starting July 16.
At this year’s Annual General Meeting, Ms. Maya Dangelas (formerly known as Dang Thi Hoang Yen), Chairman of the Board of Directors, asserted that since May 2022, the company has been facing disruptions from malicious forces aiming to acquire ITA. The company has been vigorously fighting for justice, demanding fairness, and seeking compensation for the inflicted damages. The legal proceedings are currently underway, emphasized the chairman.
Ms. Dang Thi Hoang Yen, Chairman of the Board of Directors of Tan Tao. Photo: ITA
For the current year, ITA has planned a cautious business strategy, with expected revenue of VND 530 billion and a net profit of VND 178 billion, representing a 9% and 13% decrease, respectively, compared to the previous year’s performance. In the first quarter, the company recorded revenue of nearly VND 74 billion and a net profit of almost VND 20 billion, reflecting a 15% and 34% increase, respectively.
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