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FLC Group fined for late announcement of financial report

VietNamNetVietNamNet04/10/2023


The State Securities Commission (SSC) has just decided to fine FLC Group Corporation (FLC) VND 92.5 million for not disclosing information on financial statements from 2021 to present.

By the end of the third quarter of 2023, FLC Group has not been able to release its 2021 audited financial statements and a series of other reports. The company and the auditor have not yet reached a consensus on the audit opinion.

flc self 5 2022 2022052123035755.png
FLC Group continues to be fined for late submission of financial reports. (Photo: Hoang Ha)

The State Securities Commission said that FLC Group Corporation did not disclose information on the State Securities Commission's system, on the websites of HOSE and Hanoi Stock Exchange (HNX) and the company's website for audited separate and consolidated financial statements (FS) for 2021; Annual Report 2021; Audited separate and consolidated financial statements for the 2022 semi-annual period; Audited separate and consolidated financial statements for the 4th quarter of 2022; Audited separate and consolidated financial statements for the 2022 semi-annual period; Separate and consolidated financial statements for the 1st quarter of 2023; Separate and consolidated financial statements for the 2nd quarter of 2023; Annual Report 2022; Audited separate and consolidated financial statements for the 2023 semi-annual period.

In addition, FLC also announced the corporate governance report for the first 6 months of 2023 late.

In the latest explanatory document, FLC said it has not reached a consensus with UHY Auditing and Consulting LLC on the audit opinion of the separate financial statements and consolidated financial statements for the fiscal year ending December 31, 2021.

Accordingly, FLC has not been able to issue the audited financial statements for 2021, 2022, Q1/2023, Q2/2023 and the reviewed semi-annual financial statements for 2023. FLC also said it is working with UHY to carry out additional procedures as a basis for issuing appropriate audit opinions and disclosing information as prescribed.

After the financial statements for 2021, 2022, Q1/2023, and Q2/2023 are released, FLC will continue to audit the semi-annual financial statements for 2023 and disclose information according to regulations.

Up to now, FLC has not been able to organize the 2023 annual general meeting of shareholders.

In addition to the delay in reporting on business activities, FLC also recorded personnel changes with Board member Le Thai Sam submitting his resignation on August 10.

Previously, since the end of February, FLC shares have been suspended from trading on UpCOM after being forced to delist from the Ho Chi Minh City Stock Exchange (HOSE) due to serious violations of information disclosure obligations.

FLC shares put on warning list Hanoi Stock Exchange (HNX) has just announced the decision to put FLC shares of FLC Group Corporation on warning list from July 13.


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