At the end of the morning trading session, PNJ shares fell to VND77,900 (5.58%) compared to the reference price of VND82,500. The sharp drop in PNJ shares this morning may have been due to investors' reaction after the State Bank announced the conclusion of an inspection of the company's gold trading activities.
In the announcement, PNJ acknowledged the "shortcomings" in the business process that the inspection team pointed out during the 2024 inspection.
At the same time, PNJ said it has overcome all the points raised by the inspection team, helping the company improve its business operations from 2024.
The company also proactively requested that the authorities take steps to investigate and clarify the “unclear” points recorded in the inspection report. PNJ commits to fully cooperate with the authorities during the verification and handling process.
PNJ said that it always tries its best to comply with and strictly abide by the state's regulations and laws in gold and jewelry business activities. PNJ also always promotes transparency, strives to fully comply with the provisions of the law on accounting, making and using invoices and documents; and on declaring and fulfilling tax obligations.
A PNJ jewelry store. Photo: Nam Khanh.
According to the conclusion of the State Bank Inspectorate, PNJ has violated the reporting regime on gold bar trading activities; there are signs of providing misleading information about products and goods provided by the enterprise to attract customers of other enterprises, related to unfair competition; there are signs of violating the regulations on product labels for gold jewelry and fine art products...
Verification results show that there are signs that PNJ Company violated tax laws. The State Bank has sent a document transferring the information to the competent authority for consideration and handling according to regulations.
The inspection conclusion also pointed out that PNJ violated legal regulations on anti-money laundering.
Regarding compliance with legal regulations on accounting, making and using invoices and vouchers; on declaring and fulfilling tax obligations, PNJ violated the regulations on making sales invoices at the wrong time for some invoices; some transactions lacked information or may not have the customer's ID card/CCCD number information on List 01/TNDN...
Immediately after the direct inspection ended, the State Bank of Vietnam sent a document transferring information about the violation of the invoice, accounting and tax regime with signs of criminal law violations at PNJ Company to the Ministry of Public Security for verification, investigation and handling.
The Chief Inspector of the State Bank of Vietnam has issued a decision to impose an administrative penalty on PNJ Company for violations of the law on reporting and reporting on gold bar purchases and sales and anti-money laundering activities with a total fine of VND 1.34 billion. This is the highest penalty among the 6 units (4 enterprises, 2 banks) inspected.
PNJ is a listed company on the stock exchange with a charter capital of over VND 3,800 billion. This company is chaired by Ms. Cao Thi Ngoc Dung and General Director Mr. Le Tri Thong. Ms. Tran Ngoc Phuong Thao (Ms. Dung's daughter) is Vice Chairwoman of the Board of Directors.
According to the 2024 corporate governance report, Ms. Cao Thi Ngoc Dung currently directly holds 2.85% of the company's charter capital, while Ms. Tran Ngoc Phuong Thao holds 2.61% of the charter capital.
Ms. Dung's two other daughters, Tran Phuong Ngoc Giao and Tran Phuong Ngoc Ha, own 2.46% and 3.63% of PNJ's charter capital, respectively.
Mr. Cao Ngoc Duy (Ms. Dung's younger brother) also holds 2.67% of PNJ's charter capital. Ms. Le Nguyen Dang Hang (sister-in-law) holds 0.33%.
In addition, some siblings and relatives of Ms. Dung also hold a certain amount of shares. The total percentage of shares held by Ms. Cao Thi Ngoc Dung and related people is about 13% of the company's charter capital.
As of the end of March 2025, PNJ operates 429 stores nationwide.
At the end of the first quarter, this enterprise achieved 9,635 billion VND in net revenue, down 23.5% compared to the same period last year. Profit after tax reached 678 billion VND, down more than 8% compared to the same period.
Ms. Cao Thi Ngoc Dung is currently Vice President of Vietnam Association of Women Entrepreneurs (VAWE).
State Bank Inspectorate: PNJ Company has signs of violating criminal law. The State Bank of Vietnam has sent a document transferring information about the violation of the invoice, accounting and tax regime with signs of violating criminal law at PNJ Company to the Ministry of Public Security for verification, investigation and handling.
Source: https://vietnamnet.vn/pnj-bi-chuyen-ho-so-sang-cong-an-co-phieu-giam-manh-2406760.html
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