Reporting profit but actually losing hundreds of billions, how will Rang Dong Holding be fined?

The State Securities Commission has just issued a decision to sanction administrative violations in the securities sector against Rang Dong Holding Joint Stock Company (RDP) located in District 11, Ho Chi Minh City.

Rang Dong Holding Joint Stock Company is a company chaired by businessman Ho Duc Lam - Photo: RDP

Specifically, Rang Dong Holding Joint Stock Company was fined VND92.5 million for not publishing information on the information disclosure system of the Securities Commission and HoSE regarding the reviewed semi-annual financial report for 2024.

This enterprise also disclosed information late with documents, including: audited separate financial statements for 2023, audited consolidated financial statements for 2023, annual report for 2023, explanation of audit opinions on separate and consolidated financial statements for 2023.

Notably, Rang Dong Holding was also fined up to 150 million VND for publishing false information.

Specifically, the Securities Commission said that this company announced false information about the 2023 after-tax profit target in its separate financial statements for the fourth quarter of 2023 and its consolidated financial statements for the fourth quarter of 2023.

Accordingly, the 2023 after-tax profit on the 4th quarter 2023 financial report is more than 17.3 billion VND, but the 2023 after-tax profit on the audited separate 2023 financial report is -117 billion VND.

In addition, the 2023 after-tax profit on the consolidated financial statement for the fourth quarter of 2023 is more than VND 26 billion, but the 2023 after-tax profit on the audited consolidated financial statement for 2023 is a loss of VND 146.7 billion.

In addition to paying the fine, the Securities Commission forced Rang Dong Holding to cancel or correct information for the act of publishing false information according to regulations.

Many Rang Dong Holding accountants quit their jobs

Rang Dong Holding Joint Stock Company (RDP) also sent a document to the State Securities Commission explaining the reason for the delay in submitting the financial report for the third quarter of 2024.

Accordingly, RDP leaders said that the company is currently facing difficulties with human resources, especially "many accounting staff have quit their jobs". Therefore, the company cannot submit its third quarter financial report on time.

Previously, RDP also received a decision from the Ho Chi Minh City Stock Exchange (HoSE) to transfer the company's shares to restricted trading from October 24. The reason is that RDP delayed the publication of its audited financial statements for the 2024 semi-annual period by more than 45 days compared to the regulations.

Thus, RDP shares are only traded in the afternoon session of the trading day by centralized order matching method and negotiated trading method.

Rang Dong Holding is known as the company chaired by Mr. Ho Duc Lam. In the second quarter of this year, RDP reported a loss after tax of 65 billion VND, while in the same period it still made a profit of more than 10 billion VND. In the first half of 2024, RDP reported a loss of 64.5 billion VND compared to a profit of more than 11 billion VND in the same period last year.

Source: https://tuoitre.vn/bao-cao-lai-nhung-thuc-te-lo-hang-tram-ti-rang-dong-holding-bi-phat-the-nao-20241214094509248.htm