VRC Real Estate and Investment JSC (HoSE code: VRC) has just been administratively sanctioned for violations in the field of securities and the securities market for failing to fully disclose information as prescribed by law.
Specifically, on March 17, 2023, the State Securities Commission (SSC) issued Decision No. 70/QD-XPHC on administrative sanctions in the field of securities and the securities market against VRC Real Estate and Investment Joint Stock Company.
VRC was fined by the State Securities Commission for not disclosing information in accordance with the law (Photo TL)
The fine is 60 million VND for the error of incomplete information disclosure according to the provisions of law. The information that is late in disclosure includes the Corporate Governance Report in 2021 and the first 6 months of 2022 with insufficient information content according to the provisions in Point 2, Point 3, Part VII, Appendix V attached to Circular No. 96/2020/TT-BTC dated November 16, 2020 of the Ministry of Finance guiding information disclosure on the stock market.
At the same time, VRC was also fined an additional VND25 million for not providing information on the remuneration of each member of the Board of Directors, the salary of the General Director and other managers as a separate item in the company's Annual Financial Report. The total fine that VRC must pay is VND85 million.
Regarding the business situation in 2022, VRC recorded net revenue of VND 3.6 billion, unchanged from 2021. However, profit after corporate income tax was recorded at VND 16.8 billion. The company's total assets by the end of 2022 reached VND 1,602.1 billion, of which liabilities accounted for VND 342.6 billion and equity accounted for VND 1,259.4 billion.
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