The Golden Group (TGG) profit decreased by 99%, fined 92.5 million VND

The Golden Group Joint Stock Company (UPCoM Code: TGG) has just been issued a penalty decision No. 40/QD-XPHC by the State Securities Commission (SSC) Inspectorate against The Golden Group Joint Stock Company (UPCoM Code: TGG).

Specifically, The Golden Group was fined VND92.5 million for failing to disclose information in accordance with the law. In particular, TGG did not disclose the audited separate and consolidated financial statements for 2022; the audited separate and consolidated financial statements for the 2023 half-year on the State Securities Commission's (SSC) information disclosure system, the Ho Chi Minh City Stock Exchange (HOSE) website and the Company's website.

The Golden Group TGG profit decreased by 99% and was fined 925 million VND, form 1 — The Golden Group (TGG) profit dropped 99%, fined 92.5 million VND (Photo TL)

In addition, the company also disclosed information late on the State Securities Commission's Information Disclosure System, HOSE's website and the Company's website for the 2022 Annual Report.

TGG shares of The Golden Group have been involved in many controversies surrounding the Louis stock price manipulation case of Do Thanh Nhan. Previously, the Company violated regulations on information disclosure related to the delay in submitting the audited financial statements for 2022 and the reviewed semi-annual financial statements for 2023. HoSE has decided to suspend trading of TGG shares from September 18, 2023.

By December 18, 2023, HoSE decided to delist nearly 27.3 million TGG shares because the listing organization seriously violated the information disclosure obligation, which is a case of securities subject to compulsory delisting.

The Golden Group, formerly Louis Capital Joint Stock Company, was established in 2012 with activities revolving around the fields of real estate, securities, debt trading, seafood, agricultural products, cultivation and livestock.

In the first 9 months of 2023, The Golden Group's revenue only reached about 3 billion VND, down 99.5% compared to the same period last year. After-tax profit recorded a negative 21 billion VND, making TGG's profit plan of 8 billion VND almost impossible to achieve.

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