CII Fined VND 92.5 Million
The State Securities Commission of Vietnam (SSC) issued Decision No. 458/QĐ-XPHC, imposing an administrative penalty on Ho Chi Minh City Infrastructure Investment Joint Stock Company (Stock Code: CII, HoSE) for violations in the securities and stock market.
According to the decision, CII was fined VND 92.5 million for failing to disclose information as required by law.
Specifically, CII did not disclose the following documents: Semi-annual Report on the Use of Bond Proceeds 2021; Annual Report on the Use of Bond Proceeds 2020; Semi-annual Financial Report 2021; Annual Financial Report 2020; Semi-annual Bond Interest and Principal Payment Status 2021; Audited Semi-annual Report on the Use of Bond Proceeds 2023.
Established in late 2001, CII (Ho Chi Minh City Infrastructure Investment Joint Stock Company) began with three founding members. Its shareholders include the Ho Chi Minh City Financial Investment Company (HFIC), Ho Chi Minh City Youth Volunteer Service and Trading Company (VYC), and Ho Chi Minh City Investment and Service Corporation (INVESCO).
Seaside Homes Real Estate
According to Decision No. 454/QĐ-XPHC, Seaside Homes Real Estate Investment and Development LLC was fined VND 92.5 million for similar non-disclosure violations.
The company failed to disclose: Report on the Use of Bond Proceeds 2022; Audited Semi-annual Report on the Use of Bond Proceeds 2023. Additionally, it delayed the disclosure of the Audited Semi-annual Report on the Use of Bond Proceeds 2024.
Founded in October 2017 as NOVA LEGAL Investment and Development JSC, Seaside Homes initially had NOVAGROUP (98% ownership), Võ Thu Thảo, and Ngô Thị Tố Nguyên (1% each) as shareholders. After several ownership changes, it is now majority-owned by Lê Thị Hồng Xuân (99.99%) and Bùi Thị Tuyết Mai.
As of early 2023, Lê Thị Hồng Xuân also serves as the legal representative for Bright Ocean Real Estate Investment LLC (VND 866.195 billion), Light City Real Estate Investment LLC (VND 500 billion), Star Land Real Estate Development JSC (VND 125 billion), and Greenwich Real Estate JSC (VND 400 billion), among others.
Summer Beach Investment
SSC issued Decision No. 451/QĐ-XPHC, fining Summer Beach Investment JSC VND 92.5 million for non-disclosure violations.
The company failed to disclose the Audited Semi-annual Report on the Use of Bond Proceeds 2023 to the Hanoi Stock Exchange (HNX). It also delayed the disclosure of the Audited Semi-annual Report on the Use of Bond Proceeds 2024.
Established in 2017 as Nova Audit Investment JSC, Summer Beach was initially 98% owned by Nova Group. Previously, it partnered with Delta-Valley Binh Thuan LLC (a Novaland subsidiary) on the Ocean Valley Tourism Complex (NovaWorld Phan Thiet).
As of September 2023, HNX data showed Summer Beach’s charter capital at VND 400 billion. Its headquarters are located at Vietphone Building, 127-129 Hoang Van Thu, Ward 8, Phu Nhuan District, Ho Chi Minh City. Its legal representative is Lê Thanh Liêm, born in 1959.
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