Tan Tao could not find an auditor.

Tan Tao requested to postpone submitting financial reports because AASCS stopped auditing and requested the Securities Commission and HoSE to help find a new unit when "nowhere accepted".

Tan Tao Investment and Industry Corporation (ITA), chaired by Ms. Dang Thi Hoang Yen, has just announced a request to temporarily postpone the announcement of the Audited Financial Statements and Annual Report for 2023.

According to ITA, Southern Accounting and Auditing Financial Consulting Services Company (AASCS) suddenly sent a notice to stop auditing the Financial Statements ending on December 31, 2023 due to inability to arrange personnel and time.

Of which, two auditors, Mr. Phung Van Thang and Mr. Tai Quang Long, who performed audits for ITA in 2022 and semi-annual 2023, had their practice licenses revoked by the Securities Commission.

"This is a case of force majeure, an objective and unforeseeable incident that happened after the fiscal year ended but AASCS Auditing Company suddenly stopped auditing," Tan Tao's explanation wrote.

The company said it had contacted all auditing firms on the list approved by the Securities Commission, but none accepted.

ITA requested the Securities Commission and HoSE to require officers and employees to "stop putting pressure on auditors and need to show objectivity, support listed enterprises according to their functions and duties".

The company also asked the regulatory agency to approve the postponement of the disclosure of the audit report and annual report for 2023, and requested support in finding a new auditing unit.

Ms. Dang Thi Hoang Yen founded Hoang Yen Company Limited, the predecessor of Tan Tao, in 1993. After many consecutive years of absence, the Chairman of Tan Tao has only appeared online at the company's general meeting of shareholders in the past three years.

Last year, Tan Tao reported a return to profit after a heavy loss the previous year. Due to not recording returned sales like in 2022 (liquidation of long-term land lease contracts related to Kien Luong Power Center), ITA achieved revenue of more than 560 billion VND, mainly from leasing land for infrastructure development and providing services. Expenses were also reduced, helping this enterprise earn a net profit of more than 200 billion VND, compared to a loss of nearly 260 billion VND in 2022.

In mid-2023, ITA changed Mr. Nguyen Thanh Phong as the legal representative to replace Ms. Dang Thi Hoang Yen (current name is Maya Dangelas), but Ms. Yen is still the Chairman of Tan Tao.

Minh Son

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