Violations in transactions and information disclosure, Vietnam Revival Health Joint Stock Company was fined more than 360 million VND

NDO - The State Securities Commission has just issued a decision to administratively fine Vietnam Recovery Health Joint Stock Company (VSSC), with a total fine of more than VND 360 million for the following acts: failure to disclose information; disclosure of false information; violation of regulations on transactions with business managers.

Báo Nhân dân•13/05/2025

Accordingly, on May 9, 2025, the State Securities Commission issued Decision No. 172/QD-XPHC on administrative sanctions against Vietnam Revival Health Joint Stock Company (address: 2nd floor, building 25T2, lot N05, Southeast Tran Duy Hung urban area, Trung Hoa ward, Cau Giay district, Hanoi city).

The company was fined VND 92.5 million according to the provisions of Point a, Clause 4, Article 42 of Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government stipulating administrative sanctions for violations in the field of securities and the securities market for failing to disclose information that must be disclosed according to the provisions of law (Decree No. 156/2020/ND-CP).

Specifically, Vietnam Resurrection Health Joint Stock Company did not disclose information as prescribed for the following documents: Corporate governance report for 2022, 2023, semi-annual report for 2024; Audited financial statements for 2022, 2023; Annual reports for 2022, 2023; Resolutions of the Annual General Meeting of Shareholders for 2023, 2024; Disclosed information on time for the following documents: Semi-annual corporate governance report for 2021; Explanation of the difference in after-tax profit changing by more than 10% between the 2021 audited financial statements and the 2020 audited financial statements; Audited financial statements for 2020, 2021; Annual reports for 2019, 2020; Corporate governance report for 2021; Documents of the 2021 and 2022 Annual General Meeting of Shareholders; Decision on administrative sanctions by the tax authority dated September 15, 2020.

Next, the company was fined VND 150 million according to the provisions of Clause 5, Article 42 of Decree No. 156/2020/ND-CP, amended and supplemented by Clause 33, Article 1 of Decree No. 128/2021/ND-CP dated December 30, 2021 of the Government amending and supplementing a number of articles of Decree No. 156/2020/ND-CP (Decree No. 128/2021/ND-CP) for publishing false information.

The Company disclosed false information in the 2020 Corporate Governance Report, specifically: in the 2020 Financial Report, the Company had a transaction with a related party to recover the advance payment of VND 18 billion from the General Director - Mr. Luu Quang Thinh transferred to Ms. Phan Thi Thanh Huyen for a loan, however, in the 2020 Corporate Governance Report, section VII.2. "Transactions between the Company and related persons of the Company...", the above Company "did not have any".

Finally, the company was fined VND 125 million according to the provisions of Point c, Clause 6, Article 15, Decree No. 156/2020/ND-CP, amended and supplemented in Clause 13, Article 1, Decree No. 128/2021/ND-CP, for violating regulations on transactions with business managers.

Specifically, on May 19, 2021, the Company made an advance payment to Mr. Luu Quang Thinh - General Director to make a financial investment worth VND 54.16 billion, accounting for 95.6% of total assets, but it was not approved by the General Meeting of Shareholders at the time of the advance payment.

The total fine imposed on the Company is 367.5 million VND.

In addition to paying the fine, the Company must remedy the consequences by being forced to cancel information or correct information for the act of disclosing false information as prescribed in Clause 6, Article 42 of Decree No. 156/2020/ND-CP, amended and supplemented as prescribed in Point d, Clause 33, Article 1 of Decree No. 128/2021/ND-CP.

Vietnam Revival Health Joint Stock Company, formerly Nam Ha Viet Thai Joint Stock Company, was established on January 21, 2009.

With current charter capital of nearly 55 billion VND, Vietnam Revival Health Joint Stock Company operates mainly in the field of management consulting (excluding legal, financial, accounting, auditing, tax and securities consulting).

Source: https://nhandan.vn/vi-pham-trong-giao-dich-va-cong-bo-thong-tin-ctcp-suc-khoe-hoi-sinh-viet-nam-bi-phat-hon-360-trieu-dong-post879343.html