AAV Group (AAV) was fined for changing the purpose of capital use without reporting it.

AAV Group Joint Stock Company (Code: AAV), formerly Viet Tien Son Real Estate Company, operates in the business of real estate leasing, trading, and construction. Recently, the company was fined by the State Securities Commission (SSC) under Decision No. 1103/QD-XPHC for administrative violations in the field of securities and the securities market.

AAV Group was fined 305 million VND by the State Securities Commission for changing the purpose of using capital raised from a share offering without reporting it (Photo: Provided).

Specifically, AAV was fined VND 175 million for failing to report changes in the plan for using funds raised from a share offering or issuance. AAV Group conducted a private placement of shares in 2021. However, the company did not report the changes in the plan for using the proceeds from this private placement to the 2022 Annual General Meeting of Shareholders.

In addition, AAV was fined an extra 65 million VND for failing to disclose information within the legally prescribed timeframe. Specifically, AAV published its audited separate and consolidated financial statements for 2023 on the Hanoi Stock Exchange's website outside the stipulated timeframe.

Finally, the company was fined an additional 65 million VND for failing to disclose complete information as required by law. The total fine for AAV Group is 305 million VND.

Source: https://www.congluan.vn/aav-group-aav-bi-phat-do-thay-doi-muc-dich-su-dung-von-khong-bao-cao-post316337.html