VPG was fined for concealing hundreds of billions of dong in transactions with related parties.

DNVN - By publishing false information about transactions worth hundreds of billions of VND with related parties and publishing information not on time, Viet Phap Import Export Trading Investment Joint Stock Company (stock code: VPG) was fined a total of 235 million VND according to the decision of the State Securities Commission.

The State Securities Commission (SSC) has just issued a decision to administratively sanction Vietnam-France Import-Export Trade Investment Joint Stock Company (stock code: VPG).

Specifically, VPG was fined VND175 million for disclosing false information. According to the audited consolidated financial statements for 2023 and the first 6 months of 2024, the company entered into transactions to purchase goods and services with Viet Phat Real Estate Construction JSC - an organization related to the company's insiders. The value of the transactions reached VND33.59 billion in 2023 and increased to VND133.81 billion in the first 6 months of 2024 alone.

However, in the corporate governance report for the same period, VPG declared "no" transactions with insiders and related parties.

In addition, the company was also fined VND60 million for not disclosing information on time. VPG was late in announcing the appeal judgment No. 549/2023/HC-PT dated July 26, 2023 of the High People's Court in Hanoi regarding the tax complaint.

The head office of Viet Phap Import Export Trading Investment Joint Stock Company is located at 123BT 02-97 Bach Dang Street, Thuong Ly Ward, Hong Bang District (now Hong Bang Ward), Hai Phong City.

Along with the fine, the State Securities Commission has applied remedial measures, forcing Viet Phat to cancel or correct the published false information.

Regarding VPG shares, in the first 5 trading sessions of June (from June 3 to 9), VPG shares continuously hit the floor, "evaporating" from the 12,000 VND/share area to only 8,400 VND/share. This sharp decline caused the company's capitalization to lose nearly 316 billion VND. Notably, liquidity increased dramatically and the amount of outstanding floor sales was always very large, with one session reaching more than 7.6 million shares.

In a response document sent to the Ho Chi Minh City Stock Exchange (HoSE) on June 10, Viet Phat said that the continuous drop in stock prices could be due to investors' sentiment being affected by some information related to insiders announced on June 3. The company also emphasized that the stock price is determined by the market and that the company is currently making efforts to stabilize its human resources to maintain normal production and business activities.

Regarding the business situation in the first quarter of 2025, the company recorded net revenue of nearly VND 4,625 billion, an increase of 43% over the same period, and profit after tax of nearly VND 21 billion, nearly 12 times higher. This growth mainly comes from the real estate and financial revenue segments. In 2025, VPG sets an ambitious target of VND 16,500 billion in revenue and VND 170 billion in profit after tax.

Viet Phat Import Export Trading Investment Joint Stock Company, formerly a transportation service company, was established in 2008. Currently, the company's main business activities focus on items such as iron ore, steel billets, coal and industrial additives.

Thu An

Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/che-giau-giao-dich-hang-tram-ty-dong-voi-ben-lien-quan-vpg-bi-phat/20250710082952958