The Hanoi Stock Exchange (HNX) announces the suspension of trading of TOP shares of TOP One Joint Stock Distribution Company from June 3 onwards.
This is due to the company’s failure to publish its audited financial statements for the years 2022-2024 and the lack of remedial measures. On the same day, HNX announced the continued maintenance of trading restrictions on TOP due to delayed submission of semi-annual reviewed financial statements for 2022, 2023, and 2024. Additionally, the auditing organization refused to provide an opinion on the 2021 financial statement.
Recently, the Supreme People’s Procuracy (VKSND) officially rejected all complaints from TOP One related to the case of fraud and appropriation of assets by the group of former leaders.
Specifically, the Investigative Police Agency of Ha Giang provincial Public Security completed the investigation conclusion and transferred the entire case file of “fraudulent appropriation of property” occurring at TOP in the 2015-2022 period to the Ha Giang provincial People’s Procuracy. The agency proposed the prosecution of the accused, including Dinh Van Tao, Nguyen Huu Kha, Do Xuan Long, and Vu Thai, according to Clause 4, Article 174 of the Criminal Code.
On May 15, the Supreme People’s Procuracy decided to reject TOP One’s complaint. The decision affirmed that the investigation had gathered sufficient evidence to prove the accused’s guilt, including the two former Chairmen of the Board of Directors, Mr. Dinh Van Tao and Mr. Nguyen Huu Kha. They were found to have committed acts of fraud by inflating charter capital, creating fake dossiers to turn TOP One into a public company, and disclosing misleading information about capital contributions and selling “fake” shares on the exchange to appropriate investors’ assets.
The Supreme Procuracy emphasized that these acts constitute criminal offenses, and therefore, the decision to initiate prosecution on December 10, 2024, and the conclusion of the provincial-level complaint resolution on January 19, 2025, are legally grounded.
According to the 2024 annual report, the company reported a profit of over 164.5 million, compared to a loss of 389 million in the previous year. In the first quarter of 2025, the company reported a loss of over 43 million (compared to a profit of 32.44 million in the same period last year).
Previously, Mr. Nguyen Ngoc Duong, Chairman of the Board of Directors, registered to sell 570,000 shares out of his holding of 607,200 shares (2.4%) from May 16 to June 13 to address personal financial needs. The share price is currently halted at 1,000 VND per share. If successful, Mr. Duong is expected to receive approximately 570 million VND and reduce his ownership from 2.4% to 0.15%.
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