Simco Song Da JSC
has been fined a total of VND 235 million. Specifically, the company was fined VND 85 million for failing to disclose or delaying the disclosure of financial statements for the second quarter of 2023 and 2024, the third quarter of 2023, the audited consolidated financial statement for 2024, and the annual reports for 2023 and 2024.
The company was also fined an additional VND 150 million for misrepresenting its post-tax profit for 2023 and the first half of 2024 in its quarterly financial reports compared to its audited and reviewed reports. The post-tax profit for 2023 was changed from a loss of over VND 29 billion to a profit of over VND 7 billion, and for the first half of 2024, it was changed from a profit of over VND 4.3 billion to a loss of over VND 6.5 billion. The State Securities Commission (SSC) has ordered the company to revoke or rectify the misleading information.
The SSC has recently announced a series of administrative sanction decisions.
Several other companies have also been sanctioned by the SSC for various violations. Specifically,
Telecommunications Technical Services Joint Stock Company
was fined VND 100 million. This includes a fine of VND 85 million for failing to disclose the audited financial statements for 2024, the corporate governance report for 2024, the annual report for 2024, and the minutes of the annual general meeting of shareholders for this year.
The company was also fined an additional VND 15 million for failing to develop and submit for approval by the general meeting of shareholders the internal regulations on corporate governance, the regulations on the operations of the board of directors, and the supervisory board.
QP Xanh Investment Joint Stock Company
was fined VND 185 million. This includes a fine of VND 60 million for delayed disclosure of documents related to the annual general meeting of shareholders in 2025, the audited financial statements for 2024, the amended charter for 2024, and the change in the chief accountant.
The company was also fined VND 125 million for misrepresenting its post-tax profit for 2024, changing it from a profit of over VND 854 million in the fourth quarter to a profit of over VND 255 million in the audited report. The SSC has ordered the company to revoke or rectify the misleading information.
EIP Industrial Park Development Investment Company Limited
was fined VND 92.5 million for failing to disclose reports on the implementation of commitments to bondholders in 2022, the semi-annual and annual audited reports on the use of proceeds from bond issuances in 2022 and 2023, respectively.
Danh Viet Trading and Services Joint Stock Company
was also fined VND 92.5 million for failing to disclose information to the Hanoi Stock Exchange. The company failed to submit reports on the implementation of commitments to bondholders, semi-annual and annual audited reports on the use of proceeds from bond issuances for 2023 and 2024, the 2024 financial statements, and the status of principal and interest payments for 2024. The company also delayed the submission of certain periodic reports as required.
Tan Hoan Cau Ben Tre Joint Stock Company
was fined the same amount of VND 92.5 million for failing to provide the Hanoi Stock Exchange with reports on capital usage, bond payments, financial statements, and reports on the use of proceeds from bond issuances for the years 2020, 2022, 2023, and 2024. Additionally, the company delayed the submission of reports on bond buybacks, bondholder resolutions, and information regarding amendments to conditions and extensions of bond terms.
CVS Holdings Joint Stock Company
was fined VND 85 million for failing to fulfill its periodic information disclosure obligations to the Hanoi Stock Exchange, including semi-annual and annual financial statements for 2024, reports on the implementation of commitments to bondholders for 2023 and the first half of 2024, reports on the use of proceeds from bond issuances, and semi-annual and annual reports on the status of principal and interest payments for 2024.
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The following companies have been fined by the SSC for violations regarding information disclosure: CVS Holdings, Tan Hoan Cau Ben Tre, and EIP Industrial Park.
A String of Delivery Companies Face Penalties
The National Competition Commission has taken action against four postal delivery companies for providing misleading information to customers.
6 Stalled Projects in Da Nang: Inspection Ordered Amid Concerns of Potential Waste
The Danang Inspectorate has taken decisive action to address delayed projects by forming four task forces, each led by a deputy city inspector. These task forces will thoroughly review and assess the progress of these projects, ensuring that any setbacks or challenges are swiftly identified and addressed. With their expertise and diligence, the inspectors are committed to getting these ventures back on track and delivering results.
Why Hasn’t the Saigon Dai Ninh Project Been Recalled Yet?
The Lam Dong Provincial People’s Committee has announced its decision to initiate procedures for the retrieval of land allocated for the Saigon Dai Ninh project. This move is in accordance with relevant regulations and showcases the committee’s commitment to efficient land management and responsible development practices.
Unveiling the Unlawful: 42 Houses Built Without Permission, Developer Vanishes.
The Khang Thi neighborhood project is strategically located on the main road in the heart of Vinh Long province. With 42 townhouses illegally built on agricultural land, the project initially faced legal troubles. However, instead of criminal prosecution, local authorities opted for procedural solutions, allowing the project to continue. The current challenge lies in the absence of the investor’s representative from the area, creating a roadblock in the already complex situation.
