On May 12, the Inspectorate of the State Securities Commission (SSC) issued an administrative sanction against Joint Stock Company Bamboo Capital Group (HOSE: BCG) with a total fine of VND 92.5 million for violating information disclosure obligations.
Specifically, the company failed to publish its 2024 audited financial statements on the prescribed channels, including the SSC’s information disclosure system, HOSE, HNX, and the company’s website. At the same time, BCG also did not send mandatory documents to HNX such as: Report on the use of capital from bond issuance for the first 6 months and the whole of 2022; status of principal and interest payment for bonds in 2020 and 2022; Report on the implementation of commitments to bondholders in 2022.
In addition, Bamboo Capital also disclosed information beyond the deadline about the reviewed semi-annual financial statements for the first half of 2023, as well as delayed submission of financial statements for the 6-month period and the whole of 2022 to HNX.
On the same day, the Board of Directors of Bamboo Capital decided to appoint Mr. Pham Huu Quoc as the new CEO, replacing Mr. Ho Viet Thuy, who stepped down. Previously, Mr. Quoc was the Chief Financial Officer and Head of Accounting at BCG’s parent company and held the position of Deputy General Director and Chief Financial Officer at BCG Land, a subsidiary of BCG.
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Mr. Quoc holds a degree in Accounting – Auditing and Economic Law from the University of Economics Ho Chi Minh City. According to Bamboo Capital’s announcement, Mr. Quoc has been involved in financial strategy formulation, financial structure advisory for M&A deals, and capital management for the group.
In his new role, Mr. Quoc will focus on streamlining operations, strengthening the financial structure, optimizing resources, and efficiently exploiting the core business fields. Meanwhile, his predecessor, Mr. Thuy, will continue to accompany the Group in a specialized role in project development and operation.
Thus, Bamboo Capital has changed its CEO twice in just over two months, since Mr. Ho Viet Thuy replaced Mr. Nguyen Tung Lam in early March. Previously, on March 17, the Chairman of the Board of Directors of Bamboo Capital, Mr. Kou Kok Yiow (Chris), suddenly passed away. At the same time, two members of the Board of Directors also withdrew for personal reasons and other work.
On May 13, HOSE announced the transfer of BCG shares from the warning status to the controlled status due to the company’s delay in submitting the 2024 audited financial statements for more than 30 days. Previously, BCG had been put on warning status since April 23.
In the explanation, Bamboo Capital stated that the company is currently affected by significant changes related to shareholders and personnel in the parent company and its subsidiaries. These changes, along with the process of serving the investigation, have impacted the progress of preparing the financial reports.
Currently, Bamboo Capital’s subsidiaries and associated companies are in the process of finalizing their 2024 audited financial statements. The company expects to issue the consolidated audited financial statements in early September 2025, after the completion of the individual reports in August.
In the stock market, BCG shares are trading around VND 3,080 per share, down more than 49% in the past quarter, along with an average liquidity of over 14.6 million shares per day.
| BCG share price movement since the beginning of 2025 |
– 18:33 13/05/2025
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The predecessor, Mr. Ho Viet Thuy, will continue his journey with Bamboo Capital Group in a new role. With his extensive expertise, Mr. Thuy will now focus on construction and project operation, ensuring a seamless and strategic transition.
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