The State Securities Commission (SSC) has just announced a series of decisions to punish enterprises that violate regulations on information disclosure, including cases of adjusting large profit differences after auditing.
Of which, Simco Song Da Joint Stock Company was fined a total of 235 million VND. The company was fined VND85 million for not publishing or delaying the semi-annual financial statements for 2023 and 2024, the third quarter report for 2023, the audited summary financial statements for 2024, and the annual reports for 2023 and 2024.
The enterprise was also fined VND 150 million for false announcement of profit after tax targets in 2023 and the first 6 months of 2024. Accordingly, after-tax profit in 2023 from a loss of more than VND 29 billion was recorded as a profit of more than VND 7 billion; in the first 6 months of 2024, from a profit of more than VND 4.3 billion, it turned into a loss of more than VND 6.5 billion after audit. The State Securities Commission forced Simco Song Da to cancel or correct false information.
Telecommunications Technical Services Joint Stock Company was fined VND 100 million, of which VND 85 million was for not publishing the 2024 audited financial statements, reporting to the company's management in 2024, annual report and resolution of the annual general meeting of shareholders. This enterprise was also fined an additional 15 million VND for not yet developing and submitting to shareholders for approval of internal regulations on governance.
QP Xanh Investment Joint Stock Company was fined VND185 million. The company was slow to announce documents for the shareholders' meeting, the audited financial statements for 2024, the charter, amendments and supplements, and announced changes to the chief accountant. In addition, the profit after tax in 2024 was also disclosed incorrectly, from the profit of more than VND 854 million in the quarterly report to more than VND 255 million in the audited report. The State Securities Commission requested to cancel or correct the information.
EIP Industrial Park Development Investment Company Limited was fined VND 92.5 million for not publishing a report on the implementation of commitments to bondholders in 2022, an audited report on the use of proceeds from the issuance of bonds in 2022, along with the 2023 semi-annual report and the 2023 report.
Danh Viet Trading and Service Joint Stock Company was also fined VND92.5 million for not sending information to the Hanoi Stock Exchange about many reports related to bond issuance, financial situation and principal payment in 2024. Some other periodic reports are also sent later than the regulations.
At the same penalty level, Tan Hoan Cau Ben Tre Joint Stock Company did not send information on the situation of capital use, bond payment, financial reports and reports on the use of money from bond issuance in 2020, 2022, 2023, 2024. The company also sent slow reports of bond buybacks, bondholders' resolutions and amendments to conditions, extending bond maturities.
CVS Holdings Joint Stock Company was fined VND85 million for not publishing the semi-annual financial report, 2024; report on the implementation of commitments to bondholders in 2023, semi-annual 2024 and 2024; along with many audited reports related to the use of issuance money and bond payment.
