Specifically, Nam Long was fined 100 million VND for failing to disclose or disclose in a timely manner various documents, including explanations for discrepancies in financial statements for the years 2021, 2022, and 2023; progress reports on capital usage for the private placement of shares in 2021; several resolutions of the Board of Directors; and reports related to bonds.
The real estate company was also fined 65 million VND for incomplete disclosure of information, including the Corporate Governance Report for 2022 and 2023, and information on transactions between the company and related parties without disclosing the value of these transactions (the management development contract for the Dai Phuoc villa area, capital sponsorship for Waterfront Company, and participation in the auction of Lot 3-5 Thu Thiem, Thu Duc City).
NLG was fined a total of 505 million VND.
Nam Long was fined 137.5 million VND for violating regulations on transactions with shareholders, managers, and related parties, which had not been approved by the General Meeting of Shareholders or the Board of Directors.
The State Securities Commission also decided to fine Nam Long 137.5 million VND for failing to enter into written contracts when conducting transactions with related parties.
Finally, regarding bonds, the company was fined 65 million VND for failing to disclose audited reports on capital usage, proceeds from the offering or issuance, and project implementation.
On the stock exchange, NLG shares closed down 0.8% at 42,050 VND per unit at the end of today’s trading session (September 26). Mr. Nguyen Xuan Quang, Chairman of the Board of Directors of NLG, has just registered to sell 2 million shares to reduce ownership to 9.99% of charter capital. The transaction is expected to take place from September 30 to October 29.
Previously, Mr. Nguyen Hiep, son of Mr. Nguyen Xuan Quang – Chairman of the Board of Directors of NLG, registered to buy 1 million shares. The transaction aims for investment purposes and is expected to take place from September 26 to October 24.
Another son of Mr. Quang, Mr. Nguyen Nam, also registered to buy 1 million shares for investment purposes. The expected execution time is from September 26 to October 25.
The Stock Market “Legend” Fined Over $200,000 in Tax Evasion with Aggravating Circumstances.
As of the first half of 2024, the company reported a profit of over 350 billion VND. A remarkable achievement, this success story is a testament to the company’s thriving business and bright future ahead.
Enforcing Land Encroachment and Illegal Construction Cases in Quy Nhon (Binh Dinh)
The People’s Committee of Quy Nhon City, Binh Dinh Province, and relevant units have taken action to enforce the law by demolishing illegal structures on land owned by Mr. Le Anh Tuan in Group 48, Ward 5, Quang Trung Ward. This was a case of long-standing violations that had gone unaddressed until now.
Unveiling the Secrets: Unraveling Land Irregularities in Bac Lieu
The Inspectorate of Bac Lieu province has issued Inspection Conclusion No. 73, recommending the transfer of land-related violations by agencies, organizations, and individuals to investigative authorities. The decision was made due to the presence of criminal indicators, suggesting potential criminal activity in land management.
The Upcoming Blockbuster Stock Trades
After the upcoming 2nd of September holiday, key leaders, family members, and major shareholders of several prominent businesses are planning to sell and transfer substantial amounts of their stock holdings.
