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Truong Thanh Wood's bank account is frozen

Báo Dân tríBáo Dân trí09/10/2024


The Ho Chi Minh City Stock Exchange (HoSE) has just issued a document reminding Truong Thanh Wood Industry Corporation (stock code: TTF) about the delay in disclosing information about the company's frozen bank accounts.

According to the document, on October 1, HoSE received information from Truong Thanh Wood about the company's account being frozen according to the decision dated September 12 of the People's Court of Tan Uyen City, Binh Duong Province due to a dispute over a goods sale contract.

According to regulations, public companies must disclose unusual information within 24 hours of the incident. However, Truong Thanh Wood has not complied with the regulations.

Therefore, HoSE reminded Truong Thanh Wood to seriously fulfill its reporting and information disclosure obligations as prescribed to ensure shareholders' rights, and to send an explanatory letter to HoSE before October 14.

Gỗ Trường Thành bị phong tỏa tài khoản ngân hàng - 1

Truong Thanh Wood's bank account was frozen (Illustration photo: TTF).

Previously, on September 24, HoSE also reminded Truong Thanh Wood to delay in announcing information explaining the difference in after-tax profit in the 2024 semi-annual audited financial report.

In the first half of this year, Truong Thanh Wood achieved revenue of VND699 billion, down 2% compared to the same period last year. Profit after tax was nearly VND122 million while in the same period last year it lost nearly VND40 billion. However, the company still had an accumulated loss of VND3,241 billion and high debt.

Truong Thanh Wood has been in the wood industry for 30 years, and was once associated with the founder Vo Truong Thanh. However, in 2016, the company was involved in a major scandal over inventory shortages and a large amount of bad debt provisioning, leading to huge losses.

After that, Mr. Thanh left. The successor at this time was a new group of shareholders with Mr. Mai Huu Tin as Chairman of the Board of Directors. Mr. Mai Huu Tin also led many other businesses, including Chairman of U&I Investment Group Joint Stock Company, with many investment deals, rescuing loss-making businesses from debt.

Since then, Truong Thanh Wood has been working hard to restructure and process inventory to escape debt.



Source: https://dantri.com.vn/kinh-doanh/go-truong-thanh-bi-phong-toa-tai-khoan-ngan-hang-20241009154943361.htm

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