Tan Tao requested a postponement of its financial report submission due to AASCS ceasing its audit and asked the Securities Commission and HoSE for assistance in finding a new audit firm, as "no one has agreed to take on the job".
Tan Tao Investment and Industrial Company (ITA), chaired by Ms. Dang Thi Hoang Yen, has announced a request to temporarily postpone the publication of its audited financial statements and annual report for 2023.
According to ITA, the Southern Accounting and Auditing Financial Consulting Services Company (AASCS) suddenly sent a notice to cease auditing the financial statements ending December 31, 2023, due to a lack of available personnel and time.
Specifically, two auditors, Mr. Phung Van Thang and Mr. Tai Quang Long, who conducted audits for ITA in 2022 and the first half of 2023, had their professional licenses revoked by the Securities Commission.
"This is a case of force majeure, an unforeseen and objective event that occurred after the fiscal year had ended, but the auditing firm AASCS suddenly stopped the audit," Tan Tao's explanation stated.
The company stated that it had contacted all auditing firms on the list approved by the Securities Commission, but none had accepted the job.
ITA suggested that the Securities Commission and HoSE instruct their staff to "stop putting pressure on auditors and instead demonstrate objectivity and support listed companies in accordance with their functions and duties."
The company also requested regulatory approval to temporarily postpone the publication of its 2023 audit report and annual report, and asked for assistance in finding a new auditing firm.
Ms. Dang Thi Hoang Yen founded Hoang Yen Company Limited, the predecessor of Tan Tao, in 1993. After many consecutive years of absence, the Chairwoman of Tan Tao has only appeared online at the company's general shareholders' meetings in the last three years.
Last year, Tan Tao reported a profit again after a heavy loss the previous year. Due to not recording returned goods as in 2022 (liquidation of long-term land lease contracts related to the Kien Luong Power Center), ITA achieved revenue of over 560 billion VND, mainly from land leasing for infrastructure development and service provision. Costs were also reduced, helping the company achieve a net profit of over 200 billion VND, compared to a loss of nearly 260 billion VND in 2022.
In mid-2023, ITA changed its legal representative from Ms. Dang Thi Hoang Yen (currently known as Maya Dangelas) to Mr. Nguyen Thanh Phong, but Ms. Yen remained the Chairwoman of Tan Tao.
Minh Son
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