Koji Asset Investment (KPF) is forced to ban the use of invoices due to tax debt of 11 billion VND
On August 28, 2023, the Ho Chi Minh City Tax Department implemented an administrative decision on tax by suspending the use of invoices for Koji Asset Investment Joint Stock Company (code KPF). The reason is that this unit has overdue tax debt for 90 days from the deadline for payment according to regulations. The total tax debt is nearly 11 billion VND.
KPF Asset Investment JSC was forced to stop using invoices due to overdue tax debt of nearly 11 billion VND (Photo TL)
Koji Asset Investment JSC, formerly known as Hoang Minh Financial Investment JSC, has just changed its name and seal design since February 2022. The company started operating in the field of investment project consulting, construction material supply and high-tech agricultural investment. This unit was also licensed to exploit 2 sand mines on the Red River, 1 gold sand mine on the Lo River and 1 side of the construction materials business.
Quarter 1 and Quarter 2 almost no revenue generated
Regarding business performance, in the first 6 months of the year, the company only recorded revenue of 1 billion VND in the first quarter. No revenue was recorded in the second quarter. Notably, the majority of revenue achieved in the period came from financial activities revenue of 27.3 billion VND.
KPF's financial expenses were recorded at VND3.6 billion. Although revenue was only VND1 billion, KPF still had to spend VND1.4 billion on business management costs. Total accounting profit after corporate income tax reached VND18.5 billion in the first 6 months of the year, down 73% compared to the same period.
With this result, it can be seen that Koji Asset Investment had almost no business activities in the first 6 months of the year. The profit mainly came from financial revenue, which is interest on bank deposits.
Regarding asset structure, as of the end of the second quarter, KPF's total assets reached VND890.2 billion. Of which, cash and cash equivalents only accounted for VND1.8 billion. In the asset structure, the majority of the company's assets are in the form of long-term financial investments.
Of which, 344 billion VND is invested in affiliated companies including: TTC Deluxe Saigon JSC with 144 billion VND; Vietnam Construction and Trade Investment JSC with 200 billion VND. In addition, the company is also investing 69 billion VND in bonds of Phu Son Clean Agriculture Investment JSC and 86.4 billion VND in bonds of Phuc Hau Investment LLC.
3 times changing chairman in a year, Board members determined to divest 6 million shares
In a difficult business situation, with only symbolic revenue recorded, KPF has changed its chairman 5 times in the past 2 years. The most recent time was in early August, when the Board of Directors added Mr. Nguyen Khanh Toan to the Board of Directors for the 2023-2028 term as Chairman of the Board of Directors.
In 2023 alone, KPF changed its chairman on April 1, 2023, appointing Mr. Vu Ngoc Hoang as Chairman of the Board of Directors. On April 25, 2023, it dismissed Mr. Hoang and appointed Mr. Hoang Van Hau as Chairman of the Board of Directors. On June 15, 2023, it dismissed Mr. Hau and in August appointed Mr. Nguyen Khanh Toan as Chairman of the Board of Directors for the 2023-2028 term.
In another development, Mr. Nguyen Quang Huy, a member of the Board of Directors of KPF, has also registered to sell all 6,043,600 KPF shares he holds to meet personal needs. The transaction will be carried out by order matching or negotiation from September 7, 2023 to October 6, 2023.
It is expected that after the above transaction, Mr. Huy will reduce his ownership ratio from 9.93% to 0%. Previously, from July 31, 2023 to August 29, 2023, Mr. Huy also registered to divest all 10% of KPF shares but was unsuccessful.
Closing the trading session on September 30, 2023, KPF shares were recorded at VND 7,250/share.
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