On June 6, 2025, AEON Financial Services Group (Japan) suddenly issued a notice stating that it had discovered inappropriate accounting transactions at Post and Finance Company (PTF) - a company that has just been acquired by AEON from Southeast Asia Commercial Joint Stock Bank (SeABank).
The Japanese corporation affirmed that the share transfer contract signed with SeABank is invalid under Vietnamese law.
"AEON Mall has officially confirmed to SeABank that the Sharehold Transfer Agreement is invalid" - AEON Mall's official document stated.
According to AEON, the accounting information released by the PTF before the signing of the share transfer contract in October 2023 has "significant deviations from reality", affecting transparency and trading value. The deal was completed on February 3, 2025 with a total value of VND 4,300 billion (equivalent to about 26.2 billion Japanese Yen), helping AEON own 100% of PTF capital and turn this company into a consolidated subsidiary.
However, during the implementation of the post-merger phase (PMI), AEON said it had discovered abnormalities in accounting data before the transfer time. The Group has conducted an independent investigation with the support of lawyers in Vietnam and on June 6, 2025, it officially announced to SeABank that the share transfer contract is not legally valid.
AEON Financial Services affirmed that it will request compensation for damages, legal liability for SeABank and related parties, and closely coordinate with Vietnamese authorities to clarify the incident. The Group also requested a refund for any arising costs related to the transaction.
A statement from AEON stated: The company is determined to pursue necessary legal procedures according to Vietnamese law to invalidate the share transfer contract and protect its legitimate interests.
According to previously published information, on October 20, 2023, Southeast Asia Commercial Joint Stock Bank (SeABank) and AEON Financial Services signed a 100% share transfer contract at Post and Finance Company (PTF), with a total estimated transaction value of about VND 4,300 billion.
By December 30, 2024, the State Bank of Vietnam had issued a document approving the transfer of all of SeABank's capital contributions in PTF to AEON Financial Services.
SeABank said that this is part of the strategy approved by the General Meeting of Shareholders, aiming to restructure capital sources, improve financial capacity to expand scale, invest in technology and promote core business activities.
Along with the capital transfer deal, SeABank and AEON Financial Services also signed a memorandum of understanding on strategic cooperation, aiming to become a comprehensive partner. The two sides hope to take advantage of each other's strengths to contribute to the development of the consumer finance market in Vietnam.
Currently, PTFs have a charter capital of VND 1,550 billion, nearly 2,000 employees and serve about 200,000 customers in 30 provinces and cities nationwide.
