The State Securities Commission (SSC) has recently issued Decision No. 173/QD-XPHC on administrative sanctions in the field of securities and the securities market regarding Fat Racing Group Joint Stock Company (Stock code: DFF, on UPCoM).
Accordingly, the company was fined VND 92.5 million for failing to disclose information as required by regulations. Specifically, the company did not publish (CBTT) on the SSC’s system, the electronic information page of the Hanoi Stock Exchange (HNX) and the company’s documents, including the Resolution on approving the 2022-2023 business plan and the Agribank loan proposal; Resolution on approving the content of lending money to Vinh Hoa Co., Ltd.; and several resolutions on transactions with related parties in 2022.
At the same time, the company did not publish CBTT on HNX regarding documents, including pre-announcement of the early bond repurchase of code DFFH2123001 on November 25, 2022.
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In addition, Fat Racing Group JSC has made untimely CBTT on the SSC’s system, HNX, and the company’s website of documents, including explanations related to the first-quarter financial statements of 2024; audited financial statements of 2022 and consolidated financial statements of 2022; the 2022 Annual Report; separate and consolidated financial statements of 2022 audited; Certificate of Enterprise Registration Change dated July 11, 2024; and the Company Charter approved by the 2023 Annual General Meeting of Shareholders on June 9, 2023, and June 25, 2024.
The company made untimely CBTT of the first-quarter consolidated financial statements of 2024 on the SSC’s and HNX’s disclosure systems.
The company made untimely CBTT on HNX regarding the 2024 semi-annual financial statements (separate and consolidated) that have been reviewed; Report on the implementation of semi-annual commitments in 2024; Semi-annual audited report on the use of proceeds from bond issuance in 2024; Semi-annual report on principal and interest repayment in 2024.
Fat Racing Group JSC was also fined VND 65 million for incomplete CBTT. Specifically, the company did not fully present the minutes of the Board of Directors’ resolutions in the 2022, first six months of 2023, 2023, and first six months of 2024 Corporate Governance Reports; the 2022 Corporate Governance Report did not mention the Board of Directors’ Decision on approving the Company Charter and the Resolution on transferring the right to use land, owning houses, and other assets attached to the land.
The enterprise has not presented the advance and repayment transactions with an insider, Ms. Nguyen Thi Thuy Linh – Member of the Board of Directors, in the first six-month Corporate Governance Report of 2023, and the transaction with Ms. Tran Thi Hong Nhung (a related party of Mr. Le Duy Hung – Chairman of the Board of Directors) in the first six-month Corporate Governance Report of 2024.
Moreover, Fat Racing Group JSC was fined VND 175 million for disclosing inaccurate information about the profit-after-tax indicator for the years 2021, 2022, 2023, and the first six months of 2024 in the separate and consolidated financial statements of Q4/2021, Q4/2022, Q4/2023, and the first six months of 2024 compared to the audited financial statements of 2021, 2022, 2023, and the reviewed financial statements of the first six months of 2024.
At the same time, in the 2022 and 2023 Corporate Governance Reports, the company stated that the number of Board of Directors’ meetings in the year was 25 and 11, respectively. However, according to the documents provided by the company, the total number of Board of Directors’ meetings in 2022 was 26, and in 2023, it was 12.
The company supplemented the pledge of 720,000 DFF shares as assets according to the commitment in the Resolution of the Bondholder on June 13, 2022. However, in the semi-annual Report on the Implementation of Commitments to Bondholders in 2024, 2023, the first six months of 2023, and 2022 sent to HNX, the company announced that it had fulfilled its commitment to secure assets for the DFFH2123001 bond.
For the above act of disclosing inaccurate information, the enterprise must rectify by canceling or correcting the information.
Finally, Fat Racing Group JSC was fined VND 137.5 million for violating regulations on transactions with shareholders, enterprise managers, and related parties of these subjects.
Specifically, the company provided loans to Vinh Hoa Co., Ltd. (an organization related to Mr. Le Van Thinh – a shareholder of the company) and Le Gia Logistics Joint Stock Company (an organization related to Mr. Hoang Hiep – a shareholder of the company).
Thus, with the above acts, Fat Racing Group JSC was fined by the SSC a total amount of up to VND 470 million.
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