State Securities Commission Imposes Fine on Bac Viet Joint Stock Company
The State Securities Commission (SSC) has recently issued an administrative sanction decision in the field of securities and the securities market against Bac Viet Joint Stock Company (stock code: BVG), with a total fine of over 365 million VND.
Specifically, the company was fined 55 million VND for failing to disclose information within the prescribed time frame. This includes the non-disclosure of information regarding their investment in purchasing privately placed shares of Bac Viet Technology Joint Stock Company and the selection of an auditor for the 2024 financial report.
Bac Viet Group was further fined 60 million VND for incomplete disclosures in its 2023 and 2024 corporate governance reports. The company failed to clearly present transactions and related information between Bac Viet Industrial Joint Stock Company and Bac Viet Technology Joint Stock Company, where Mr. Vu Hoang Chuong concurrently held the positions of Member of the Board of Directors, General Director, and Chairman of the Board of Directors.
In the 2024 governance report, Bac Viet Group also did not provide clear information on the transactions between the two companies mentioned above and details related to Mr. Vu Hoang Chuong. These transactions included service provision, lending, investment trust receipt, bond transfer, and purchase of privately issued shares…
Information about BVG stock
Additionally, the company was fined 112.5 million VND for failing to invite a representative of the approved auditing organization to attend the audit of the financial statements.
Notably, Bac Viet Group was also fined 125 million VND for violating regulations on transactions with shareholders, business managers, and persons related to Mr. Vu Hoang Chuong. In 2023, the company carried out several service provision transactions without disclosing information, such as the buying and selling of bonds and transfers between Bac Viet Group and Bac Viet Technology Joint Stock Company. These transactions amounted to 38.57% of the company’s total assets.
Finally, Bac Viet Group was fined an additional 12.5 million VND for failing to appoint a person in charge of corporate governance. The total penalty amount for the company is 365 million VND.
Bac Viet Group, formerly known as Bac Viet Steel Limited Company, was established in 2000. Currently, Mr. Tran Anh Vuong, often referred to as Shark Vuong, serves as the Chairman of the Board of Directors, while Mr. Vu Hoang Chuong is the General Director.
In 2024, Mr. Vuong sold all of his over 1 million BVG shares. BVG stock is currently restricted from trading. At the trading session on May 30, BVG was traded at 2,300 VND per share.
Proposed Drastic Increase in Fines for Counterfeit Goods Production and Trading: A Maximum Penalty of VND 400 Million
The Ministry of Industry and Trade has proposed a significant increase in fines for the production and trading of counterfeit and prohibited goods.
“Textile Company, Regularly Paying 10-20% Annual Dividends, Loses Public Company Status.”
“HCB stock is often illiquid, a phenomenon stemming from shareholders’ preference to hold onto their shares to reap dividend benefits. This strategic holding reflects a long-term investment mindset, prioritizing steady returns over short-term liquidity.”
The SEC Sanctions Three Businesses
Last week, the State Securities Commission (SSC) imposed fines on three enterprises, totaling VND 930 million. Various violations were identified, including the disclosure of misleading information regarding profit targets and the misuse of funds raised from bond issuances.
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.
“Racing Company Fined VND 470 Million for Information Disclosure Violations”
The Fat Racing Corporation has been fined 470 million dong by the SSC for inaccurate, delayed, and incomplete public disclosures. The corporation also engaged in related-party transactions that did not comply with regulations.
