Truong My Lan's company: Debt of more than 9,000 billion VND, auditors refuse to give opinion

(Dan Tri) - Bong Sen Joint Stock Company is the owner of a series of prime real estate properties in Ho Chi Minh City, such as Palace Saigon Hotel, Bong Sen Hotel...

Bong Sen Joint Stock Company submits periodic reports on its business performance to the Hanoi Stock Exchange (HNX).

Notably, Bong Sen continued to operate below cost. As a result, the company incurred a net loss of nearly 356 billion VND in the first half of this year. As of June 30th, Bong Sen had accumulated total losses to nearly 3,100 billion VND.

In terms of financial structure, losses caused equity to decrease to only 4,539 billion VND. Conversely, total liabilities increased by nearly 9% to 9,076 billion VND.

The auditing firm, A&C Company, declined to comment on Bong Sen's financial statements. The reason given was "inability to obtain sufficient appropriate audit evidence," which raises serious questions about the transparency and reliability of the company's published financial figures.

Bong Sen's financial situation (Photo: HNX).

Bong Sen Company was formerly a member of Saigontourist Corporation with a registered capital of 130 billion VND. The company was privatized in January 2005, and subsequently underwent several rounds of capital increases and reductions in state ownership.

After changing ownership, the company made a major takeover bid at Daeha Joint Stock Company - the owner of Daewoo Hotel in Hanoi - spending trillions of VND to acquire 51.05% of the company's shares.

At the court hearing in mid-March 2024, Ms. Truong My Lan confirmed that Bong Sen belongs to her family and holds 93.6% of the shares in the Daewoo Hanoi Hotel. Ms. Lan proposed selling the hotel to pay for the damages in the case.

Besides Deawoo Hanoi, Bong Sen currently owns a series of prime real estate properties in Ho Chi Minh City, including Palace Saigon Hotel (Nguyen Hue Street), Bong Sen Hotel (117-123 Dong Khoi Street), Palace Saigon (Hai Ba Trung Street), etc.

Source: https://dantri.com.vn/kinh-doanh/cong-ty-cua-truong-my-lan-no-hon-9000-ty-dong-kiem-toan-tu-choi-y-kien-20250908091814078.htm