Tan Viet Securities suspended from securities purchase activities

TVSI's securities purchasing activities on HoSE, HNX and UPCoM were suspended because the company was placed under special control.

The Vietnam Stock Exchange has just issued a decision to suspend securities purchase activities on the listed market and the registered trading market with Tan Viet Securities Company (TVSI).

The suspension applies to trading on the Ho Chi Minh City Stock Exchange (HoSE) and the Hanoi Stock Exchange (HNX).

The reason for the suspension is that the company has been placed under special control by the State Securities Commission. The suspension will be effective from June 27 until Tan Viet Securities is removed from this special control status.

Previously, due to the failure to audit the financial safety ratio report, the Securities Commission put TVSI under special control from May 18 to September 17.

TVSI said it contacted VACO Auditing Company after the end of the 2022 fiscal year, but the company later sent a request to terminate the audit contract. The company sent invitation letters and contacted all the audit companies on the approved list, but these companies did not respond or did not agree to provide services. It was not until early June that TVSI found an audit company, UHY Auditing and Consulting Company Limited.

This year, TVSI targets revenue of just under VND200 billion, down 92% from last year. The company expects a loss after tax of about VND570 million. TVSI's focus in 2023 is to focus on resolving bond issues, while maintaining its primary brokerage operations.

Tan Viet Securities is one of the bond issuance consultants of An Dong Investment Group - a business related to Ms. Truong My Lan.

Last year, TVSI failed to meet its business plan when net profit only reached nearly 70% of the target. The Board of Directors assessed 2022 as a year of ups and downs with many negative fluctuations, including incidents with the company that "severely impacted" business operations.

From October 2022, TVSI focused on crisis management and restructuring business units by closing and merging branches. The company's business activities fluctuated, with brokerage, securities underwriting, and custody activities decreasing by more than 40%, 73%, and 8%, respectively, compared to the previous year.

Minh Son

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