The State Securities Commission (SSC) has recently issued Decision No. 172/QD-XPHC on administrative sanctions against Vietnam Resurrection Health Joint Stock Company (Stock Code: NHV, on UPCoM).
Accordingly, the company was fined VND 92.5 million for failing to disclose information as required by law. Specifically, the company failed to disclose documents, including the 2022 and 2023 Corporate Governance Reports, the 2024 Semi-annual Report, the 2022 and 2023 Audited Financial Statements, the 2022 and 2023 Annual Reports, and the Minutes of the 2023 and 2024 Annual General Meeting of Shareholders.
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At the same time, the company disclosed the following documents beyond the prescribed time limit: the 2021 Semi-annual Corporate Governance Report; Explanation for the difference in post-tax profit of over 10% between the 2021 Audited Financial Statements and the 2020 Audited Financial Statements; 2020 and 2021 Audited Financial Statements; 2019 and 2020 Annual Reports; 2021 Corporate Governance Report; Documents for the 2021 and 2022 Annual General Meeting of Shareholders; and the Decision on administrative sanctions issued by the tax authority on September 15, 2020.
In addition, Vietnam Resurrection Health JSC was fined VND 150 million for disclosing misleading information. Specifically, the company disclosed misleading information in the 2020 Corporate Governance Report. According to the 2020 Financial Statements, the company had transactions with related parties, including the recovery of VND 18 billion in advances from Mr. Luu Quang Thinh, the CEO, which was then lent to Ms. Phan Thi Thanh Huyen. However, in the 2020 Corporate Governance Report, in Section VII.2. “Transactions between the company and related parties…”, the company stated “none.”
The company was also fined VND 125 million for violating regulations on transactions with enterprise managers. Specifically, on May 19, 2021, the company advanced VND 54.16 billion, or 95.6% of its total assets, to Mr. Luu Quang Thinh, the CEO, for financial investment without the approval of the Annual General Meeting of Shareholders at the time of the advance.
Thus, the total amount that Vietnam Resurrection Health JSC has to pay in fines is VND 367.5 million.
At the same time, the company must rectify its violations by canceling or correcting the misleading information disclosed, as stipulated in Clause 6, Article 42 of Decree No. 156/2020/ND-CP, which has been amended and supplemented according to Clause 33, Article 1 of Decree No. 128/2021/ND-CP.
Vietnam Resurrection Health Joint Stock Company, formerly known as Nam Ha Viet Thai Joint Stock Company, was established in 2009, with its head office located at 25T2 building, N05 land plot, Tran Duy Hung Urban Area, Trung Hoa Ward, Cau Giay District, Hanoi.
According to the latest announcement of enterprise registration information change on July 5, 2022, the company’s charter capital is over VND 54.8 billion. Mr. Luu Quang Thinh (born in 1987) is currently the CEO and legal representative of the company.
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