Securities Commission fines many businesses for violations

In 2024, the State Securities Commission strengthened the review, inspection, detection and sanction of many violations in information disclosure of listed enterprises.

Securities Commission strengthens handling of violations in information disclosure with listed enterprises - Photo: SSC

The State Securities Commission has just signed and issued Decision No. 12/2025 to fine AGG VND 325 million for administrative violations in the securities sector because this enterprise changed the plan to use the proceeds from the 2022 public securities offering, but did not go through the general meeting of shareholders.

In addition, this enterprise is also required to approve at the nearest general meeting of shareholders any change in the purpose or plan for using the proceeds from the public offering of securities.

Previously, in 2024, the State Securities Commission strengthened its review and inspection, detecting many violations in information disclosure of listed enterprises. One of the violations that many enterprises encountered was the disclosure of incorrect information between self-prepared financial statements and audited reports.

For example, Phuong Anh International Joint Stock Company was fined VND 125 million for publishing false information about its 2023 after-tax profit figures in its 4th quarter 2023 financial report. Specifically, according to the 4th quarter 2023 financial report, Phuong Anh Company's after-tax profit was VND 106 million. However, according to the audited 2023 financial report, the company lost nearly VND 290 million.

Similarly, Holding International Joint Stock Company located in An Phu Ward, Thu Duc City, Ho Chi Minh City was also fined VND175 million for disclosing false information in the financial report for the fourth quarter of 2023 and the corporate governance report for 2022 and 2023.

According to the 4th quarter 2023 financial report, Holding's 2023 after-tax profit was -4.4 billion VND. But according to the audited 2023 financial report, the company's after-tax profit was -70 billion VND.

The Securities Commission also said that in the corporate governance report for 2022 and 2023, Quoc Te Holding announced that there were no transactions between the company and other entities and related persons of the company.

However, in the audited financial statements for 2022 and 2023, this company had sales and service transactions with related parties, International Tourism and Trade Joint Stock Company (a company that shares the same board members, chairman of the board of directors and related persons with the chairman).

Source: https://tuoitre.vn/uy-ban-chung-khoan-xu-phat-nhieu-doanh-nghiep-vi-pham-20250111100807453.htm