The State Securities Commission has just issued a decision to administratively fine individual investor Mr. Huynh Minh Lam - Chief Accountant of No Va Real Estate Investment Group Corporation (Novaland, stock code NVL) a fine of VND 100 million for violating the disclosure of transaction information.
Specifically, Mr. Huynh Minh Lam sold 603,790 NVL shares on July 28, 2023 (equivalent to VND 6,037,900,000 par value of NVL shares) but did not report the expected transaction.
Mr. Lam violated Point c Clause 3 Article 5 and Point g Clause 5 Article 33 of Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government regulating administrative sanctions in the field of securities and the securities market, amended and supplemented according to the provisions of Clause 4 and Clause 27 Article 1 of Decree No. 128/2021/ND-CP dated December 30, 2021 of the Government amending and supplementing a number of articles of Decree No. 156/2020/ND-CP.
Notably, the profit-taking move of Novaland's Chief Accountant took place in the context of NVL shares recording a strong increase of more than 24% after just over 1 week.
It is worth mentioning that Mr. Huynh Minh Lam quickly bought back all of these sold shares by order matching method from August 3 to August 18 to compensate for ownership. After the transaction, Mr. Huynh Minh Lam's ownership ratio at Novaland increased to 0.031% of capital, equivalent to 606,250 NVL shares.
No Va Real Estate Investment Group Corporation has just announced its audited semi-annual financial report for 2023. Accordingly, Novaland adjusted its profit down by an additional VND 483 billion, corresponding to an increase in the loss from VND 611 billion according to the company's self-made report to a loss of VND 1,094 billion.
The reason was explained as being due to the provisioning and income reduction as required by the auditor. However, Novaland also explained that there was an agreement on the collection schedule, and it is expected that in the 2023 fiscal year, the revenue of VND 283.8 billion out of the above VND 483 billion will be recorded.
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