Not publishing much information related to Mr. Nguyen Tri Thin, Dat Xanh was heavily fined

(NLĐO) - Due to failing to disclose important transaction information related to Mr. Luong Tri Thin, Dat Xanh was fined over 500 million VND.

The State Securities Commission (SSC) has just issued a decision imposing administrative penalties in the field of securities and securities market on Dat Xanh Group Joint Stock Company (Dat Xanh - DXG) with a total fine of over 515 million VND.

Specifically, Dat Xanh Group was fined 100 million VND for failing to disclose information as required by law. Specifically, it failed to disclose information as required on the systems of the State Securities Commission, the Ho Chi Minh City Stock Exchange (HOSE), and the company's website. It also failed to disclose documents regarding Board of Directors resolutions approving contracts, agreements, and transactions with related parties; failed to disclose to the Hanoi Stock Exchange (HNX) documents reporting on the use of funds from bond issuance that had been audited for the first six months of 2023; and failed to disclose information within the legally prescribed timeframe regarding documents from several judgments of the Binh Thanh District People's Court and judgments of the Ho Chi Minh City People's Court. The decision of the Ho Chi Minh City High Court and the corresponding enforcement decisions related to the construction contract dispute with the service provider, Construction and Building Materials Joint Stock Company… Furthermore, the documents regarding the use of funds raised from the 2023 audit were not submitted within the prescribed timeframe…

Dat Xanh Group Headquarters

In addition, the company was fined an extra 65 million VND for failing to fully disclose its corporate governance reports and audited semi-annual financial statements for 2024. Specifically, the company had a loan transaction with Mr. Luong Tri Thin (a member of the Board of Directors) worth 30 billion VND in 2024 but failed to report it in the first six months of 2024.

Dat Xanh has guaranteed loans for several related companies and also had a loan transaction of VND 150 billion from Mr. Luong Tri Thin (balance as of December 31, 2023), but this was not disclosed in the company's governance report.

Specifically, in the prospectus for the 2023 public offering of additional shares, at a time when Mr. Luong Tri Thin was the Chairman of the Board of Directors, he was also the Chairman of the Board of Directors of Ihouzz Technology Joint Stock Company and the Chairman of the Board of Directors of Tulip Real Estate Financial Services Joint Stock Company, but the company did not disclose information that the two companies were related parties of Mr. Luong Tri Thin.

In addition, Dat Xanh was fined an extra 350 million VND for changing the plan for using the capital raised from the public offering of securities without the approval of the 2023 Annual General Meeting of Shareholders (AGM). The company also used 36.56 billion VND out of the total 1,220 billion VND raised from the offering to repay loans to Ha An Real Estate Investment and Business Joint Stock Company without the approval of the AGM.

The State Securities Commission (UBBCNN) requires Dat Xanh to rectify the consequences and compel it to obtain approval from the next General Shareholders' Meeting regarding the change in purpose or plan for using the proceeds from the public offering of securities, in accordance with regulations.

Source: https://nld.com.vn/khong-cong-bo-nhieu-thong-tin-lien-quan-ong-nguyen-tri-thin-dat-xanh-bi-phat-nang-196241210182144577.htm