In addition to being at the top of the list of tax debtors in Binh Tan district, Tan Tao Company's shares are also under scrutiny because of the delay in publishing financial reports.
The Binh Tan District Tax Department, Ho Chi Minh City Tax Department has just announced information on 231 individuals and businesses in tax debt. As of November 15, the total amount of tax debt of individuals and businesses in Binh Tan District is up to 542.3 billion VND.
Topping the list is Tan Tao Investment and Industry Joint Stock Company (Tan Tao Company; HoSE: ITA) with a tax debt of nearly VND127 billion.
Tan Tao Company was established in 2002, operating mainly in the field of industrial park development and industrial services. In addition, the company also invests and trades in residential real estate. The current Chairwoman of Tan Tao Company is Ms. Dang Thi Hoang Yen, also known as Maya Dangelas.
At the end of August, Tan Tao Company sent a document requesting the State Securities Commission and the Ho Chi Minh City Stock Exchange (HOSE) to postpone the announcement of the audited financial statements (FS) for 2023, the annual report for 2023, and the semi-annual audited financial statements for 2024 due to force majeure.
In early September, the Ho Chi Minh City Stock Exchange issued a document reminding the company of the delay in disclosing the audited semi-annual financial statements for 2024, but the company has not yet done so. Therefore, ITA shares were changed from restricted trading to suspended trading since September 26.
Because Tan Tao Company continues to delay submitting its audited semi-annual financial statements for 2024, the Ho Chi Minh City Stock Exchange has decided to put ITA shares under control from October 26.
Regarding the reason for the delay in disclosing financial statements, Tan Tao Company said that it has repeatedly sent written explanations. Specifically, over the past several months, despite efforts to contact and persuade 30 auditing companies, they were all rejected. These are all auditing companies approved to audit public interest entities in the securities sector in 2023.
Tan Tao Company believes that the main reason is that the State Securities Commission has suspended the qualifications of 4 auditors who audited the company's financial statements in 2021, 2022 and the reviewed semi-annual financial statements in 2023. This makes all auditing units concerned when auditing the company.
According to the consolidated financial statements for the second quarter of 2024, as of June 30, Tan Tao Company's total capital reached VND 12,244 billion. In the second quarter of 2024, the company recorded revenue of VND 70.8 billion. Gross profit reached VND 30.4 billion, down 25% over the same period. After deducting expenses, the company's after-tax profit reached VND 44 billion, up 84% over the same period.
Explaining the 25% decrease in gross profit, Tan Tao Company said that it was seriously affected by the decision to open bankruptcy proceedings in 2018 by the Ho Chi Minh City People's Court and the decision to appoint a trustee to manage and liquidate assets. This led to banks not lending capital and many investors stopped negotiating to buy, sell, and lease land and factories.
Ms. Dang Thi Hoang Yen's company did not buy Tan Tao shares before the stop buying and selling order.
In the case of 'withdrawing 2 trillion to the US', Ms. Dang Thi Hoang Yen still has to pay 633 billion VND
Request for explanation of the advance payment of more than 600 billion VND to Ms. Dang Thi Hoang Yen
Source: https://vietnamnet.vn/cong-ty-tan-tao-cua-ba-dang-thi-hoang-yen-no-thue-gan-127-ty-dong-2346059.html
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