DFF Joint Stock Racing Group
(code name DFF) was fined a total of VND 470 million and forced to rectify information. Of that amount, more than VND 92 million was a fine for
the enterprise
failure to disclose or disclose in a timely manner several documents in 2022, 2023, and 2024. These documents include various resolutions of the board of directors,
financial reports
, annual reports, and some documents related to bonds.
Along with that, the Racing Fat Group was fined VND 65 million for failing to fully present the content according to the prescribed template in Appendix V, on the template for reporting on the management situation of the published company.
Racing Fat Group, formerly known as Racing Fat Foundation Joint Stock Company, specializes in construction foundation construction.
Most notably, the company was fined VND 175 million for disclosing misleading information about the criterion
post-tax profit
in 2021, 2022, 2023, and the first six months of 2024 in some annual and quarterly financial reports in the period of 2021 – 2024. In addition, the Report on the Management Situation in 2022 and 2023; Report on the implementation of commitments to bondholders in 2022, 2023, and 2024 all contain incorrect information.
In addition to the fine, the Racing Fat Group is forced to cancel or
rectify misleading information
.
Finally, a fine of VND 137.5 million was imposed for
violating
regulations on transactions with shareholders, business managers, and related entities. Accordingly, 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 –
shareholder
of the company).
Vietnam Revival Health Joint Stock Company
(code name NHV) was fined more than VND 367 million for three violations. Accordingly, the company did not publish the Report on the Management Situation in 2022, 2023, and the first half of 2024; Audited Financial Statements for 2022 and 2023; Annual Report for 2022 and 2023; Minutes of the Annual General Meeting of Shareholders in 2023 and 2024; and untimely disclosure of many reports in the years 2019, 2020, and 2021. This violation was fined VND 92.5 million.
The company was also fined VND 150 million for disclosing misleading information in the 2020 Management Report. Specifically, the company had transactions with related parties, recovering an advance of VND 18 billion from the General Director – Mr. Luu Quang Thinh – to Ms. Phan Thi Thanh Huyen, but the report stated “none”.
The SSC also fined Vietnam Revival Health Joint Stock Company VND 125 million for violating regulations on transactions with business managers. On May 19, 2021, the company advanced to Mr. Luu Quang Thinh – General Director for financial investment with a value of VND 54.16 billion, accounting for 95.6% of total assets but has not been approved by the General Meeting of Shareholders at the time of the advance.
Bamboo Capital Joint Stock Group
(code name BCG) was fined more than VND 92 million for failing to disclose or disclose in a timely manner many documents: Report on the use of proceeds from
bond issuance
in the first 6 months of 2022 and 2022; Debt payment situation in 2020 and 2022; Report on the implementation of commitments of the issuing enterprise to bondholders in 2022; Financial statements for the first 6 months of 2022 and 2022…
To enhance management activities, the Ministry of Finance and the State Securities Commission are collecting feedback on the Draft Decree amending and supplementing a number of articles of the Government’s Decree No. 156 sanctioning administrative violations in the field of securities and the securities market.
The drafting agency proposes
increasing the penalty
and supplementing penalty forms such as temporary suspension of transactions, suspension of brokerage activities for acts such as manipulation, abuse of client assets, account lending, violations in private placement, margin…
A Business Fined Nearly VND 370 Million for Information Disclosure Violations
The Vietnamese health and wellness company, Sức Khỏe Hồi Sinh, has been fined a substantial sum of 367.5 million VND for failing to disclose mandatory information, providing misleading disclosures, and violating regulations regarding transactions with business managers.
“Expired Ingredients: A Costly Mistake for Ho Chi Minh City Food Company”
Let me know if you would like me to tweak it or provide any additional ideas!
The Ho Chi Minh City authorities have just imposed a hefty fine of nearly 3 billion VND on a food company for using expired ingredients. This punitive action sends a strong message about the consequences of compromising food safety and underscores the importance of adhering to strict standards in the food industry.
“The Great Fried Chicken Caper: When Imposters Strike”
In recent times, fried chicken brands have witnessed an influx of imposter accounts on social media platforms like Facebook and TikTok.
Tightening the Reigns on Influencer and KOL Social Media Advertising
False advertising, especially in the realm of health supplements and essential consumer goods, has become a pressing social issue. The discussion on regulating digital advertising, particularly concerning the role and responsibility of celebrities, KOLs, and social media influencers like YouTubers and TikTokers, in promoting products, is a significant concern. This issue was raised and debated by the National Assembly delegates on May 10th.
The Condo Management Fined a Whopping $5 Million for Breaches.
The management board of the Conic Southeast Asia apartment for the term 2024-2027 has committed an administrative violation by failing to issue invoices for goods sold and services provided to customers as mandated by Government Decree No. 125/2020. As a result, they have been fined an amount totaling 119,788,500,000 VND.
