The education company belonging to Galaxy Group was fined 85 million VND.

On June 10th, the State Securities Commission announced that it had issued Decision No. 160/QD-XPVPHC imposing administrative penalties on Galaxy Education, located at 63A Vo Van Tan Street (Vo Thi Sau Ward, District 3, Ho Chi Minh City).

Galaxy Education Company was fined 85 million VND for administrative violations, specifically for failing to disclose information required by law.

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Specifically, this company failed to periodically disclose to the Hanoi Stock Exchange documents such as: the 2021 semi-annual financial report, the report on the use of capital from bond issuance in the first half of 2021, the status of principal and interest payments on bonds in the first half of 2021, and the 2021 annual financial report.

Furthermore, Galaxy Education also failed to report on the use of funds from the 2021 bond issuance, the use of funds from the 2022 semi-annual bond issuance, and the principal and interest payments on the 2022 semi-annual bonds.

In addition, Galaxy Education also failed to disclose information to the Hanoi Stock Exchange within the prescribed timeframe, including documents such as: the status of principal and interest payments on bonds in 2021, the 2022 semi-annual financial report, and the results of the offering to investors holding bonds with codes GMECH2123005, GMECH2123002, and GMECH2123001.

The State Securities Commission's decision to impose sanctions takes effect from June 9, 2023.

Galaxy Group operates as a conglomerate with a diverse ecosystem in various fields such as: Film production and distribution (Galaxy Studio), Online streaming platform (Galaxy Play), Online education platform (Galaxy Education), and Online publishing and media (Galaxy Media).

Galaxy Studio is the largest film producer and distributor in Vietnam, with many successful Vietnamese films both domestically and internationally, both in terms of revenue and awards, such as: Blood Heart, I See Yellow Flowers on Green Grass, You and Trinh, Blue Eyes…

Galaxy Studio is also the exclusive film distributor for Walt Disney Studios, Sony Pictures, and other renowned independent film studios worldwide in Vietnam, while Galaxy Play is a pioneering online streaming platform offering legally licensed content.

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Source: https://vtc.vn/cong-ty-giao-duc-thuoc-galaxy-group-bi-phat-85-trieu-dong-ar798799.html