FLC again delays submitting financial report for 2021-2022

Financial Business - Securities

Monday, May 1, 2023 15:38 (GMT+7)
15:38 5/1/2023

According to FLC, the 2021 audited financial report will be announced before May 25 and the 2022 audited financial report is expected to be released in November.

FLC was approved to register for trading on the UPCoM exchange but was also suspended from trading since March 3. Photo: Duc Anh .

FLC Group Corporation has just issued a document updating the roadmap to overcome issues related to violations of corporate information disclosure.

Accordingly, FLC said that according to the working plan with UHY Auditing and Consulting Company Limited, the group plans to issue the 2021 audited financial statements as soon as possible, before April 30.

However, FLC said that in order to reach a consensus between the two parties on the audit opinion, the auditing company and the group are jointly carrying out additional procedures as a basis for issuing appropriate audit opinions after having draft financial statements for 2021.

Therefore, the official audit report will be published within 3 days, after the two parties agree on the content and no later than May 25. The enterprise also commits to promptly complete and publish the 2021 annual report within 20 days from the date of publication of the audited 2021 financial report.

After having the audited financial statements and the 2021 annual report, the Board of Directors of FLC will convene the 2022 Annual General Meeting of Shareholders, scheduled to be held in August. At this meeting, the Board of Directors will submit to shareholders for approval the selection of an audit unit for the 2022 financial statements.

FLC will then work with the auditing firm to produce audited 2022 financial statements, expected to be released in November.

Thus, if following this roadmap, FLC Group shareholders will have to wait at least 6 more months for the company to complete the correction of violations due to the delay in publishing financial reports, annual reports and holding the General Meeting of Shareholders for over a year.

After former Chairman Trinh Van Quyet was arrested on March 29, 2022, FLC continuously violated its information disclosure obligations due to failing to find an auditor to audit its financial statements.

Accordingly, the Ho Chi Minh City Stock Exchange (HoSE) suspended trading of FLC shares from September 9, 2022, and by February 20 this year, FLC shares were officially delisted from HoSE. The Hanoi Stock Exchange (HNX) then approved the registration of trading of nearly 710 million FLC shares on UPCoM, but immediately suspended trading of this stock code from March 3.

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Thanh Thuong

FLC financial report FLC FLC financial report FLC group Trinh Van Quyet audited UHY