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The State Securities Commission (SSC) has issued Decision No. 847/QD-XPHC on administrative sanctions in the securities and stock market field against Pomina Steel Joint Stock Company (Address: No. 1, Road 27, Song Than 2 Industrial Park, Di An Ward, Di An City, Binh Duong Province).
According to this decision, Pomina Steel was fined VND 92.5 million under Point a, Clause 4, Article 42 of Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government on sanctioning administrative violations in the securities and stock market field (Decree No. 156/2020/ND-CP) for failing to disclose information that must be disclosed under the law.
Specifically, Pomina Steel failed to publish its 2023 Audited Financial Statements and 2023 Annual Report; and disclosed information not in accordance with the prescribed time limits for: Documents of the 2024 Extraordinary General Meeting of Shareholders, Semi-annual Financial Statements for 2023 reviewed by auditors, Documents of the 2023 Annual General Meeting of Shareholders, Explanation of profit after tax in the separate and consolidated financial statements in the 2022 reporting period with a difference of 5% or more before and after the audit, 2022 Annual Report, Separate and Consolidated Financial Statements for 2022 audited, Resolution No. 14/NQ-HĐQT/2022 of the Board of Directors dated June 22, 2022 on approval of transactions with related parties.
In addition, the company was also fined VND 125 million under Point a, Clause 6, Article 15 of Decree No. 156/2020/ND-CP, as amended and supplemented under Clause 13, Article 1 of Decree No. 128/2021/ND-CP dated December 30, 2021 of the Government amending and supplementing a number of articles of Decree No. 156/2020/ND-CP, for failing to ensure the structure and number of independent members of the Board of Directors. Pomina Steel has 6 members on its Board of Directors, including 1 independent member, which does not meet the requirement of having at least 2 independent members as prescribed.
The total fine for both violations is VND 217.5 million.
