ANTD.VN - DIC Corp committed a series of violations in information disclosure related to private stock offerings, resulting in administrative fines totaling VND470 million.
The State Securities Commission (SSC) has just issued a decision to sanction administrative violations in the field of securities and the securities market against the Construction Development Investment Joint Stock Corporation (DIC Corp, stock code: DIG).
According to the penalty decision, DIC Corp committed a series of violations, leading to an administrative fine of a total of 470 million VND.
In particular, the Group was fined VND 85 million for failing to disclose information that must be disclosed according to legal regulations. Specifically, DIC Corp did not disclose information on Resolution of the Board of Directors No. 192A/2022/NQ-DICCorp-HĐQT dated January 14, 2022 approving the change in the plan to use capital raised from the private offering of shares.
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DIC Corp committed many violations of information disclosure |
In addition, DIC Corp was also fined VND 175 million for failing to report changes in the capital use plan and the proceeds from the offering or issuance at the most recent General Meeting of Shareholders. Accordingly, this enterprise failed to report changes in the capital use plan obtained from the private offering of shares in 2021 as stated in the Board of Directors Resolution No. 192A/2022/NQ-DICCorp-HĐQT dated January 14, 2022 at the 2022 Annual General Meeting of Shareholders.
DIC Corp was also fined another VND 150 million for disclosing false information in Capital Use Progress Report No. 113/DICGroup-HĐQT dated October 13, 2022, No. 48/DICGroup-HĐQT dated April 14, 2023, No. 118/DICGroup-HĐQT dated October 10, 2023.
These reports state: "Purpose of capital use according to the issuance plan: investment in the Vung Tau New Urban Area project, Ward 12, Ba Ria - Vung Tau province", "Purpose of disbursement to pay for project investment preparation costs, compensation for site clearance".
However, according to Capital Use Progress Report No. 133/DICCorp-KT dated April 20, 2022 and Capital Use Progress Report No. 113/DICCorp-HĐQT dated October 13, 2022, the Company uses capital to: (i) invest in the Vung Tau New Urban Area project, (ii) pay the remaining amount to Tan Long Investment and Development Joint Stock Company.
In addition, this enterprise was also fined an additional VND 60 million for failing to publish a report on the use of capital and the amount of money collected from the offering or issuance to implement the project that has been audited by an approved auditing organization at the annual General Meeting of Shareholders or failing to explain in detail the use of capital and the amount of money collected from the offering or issuance to implement the project in the audited annual financial report.
In addition to the fine of VND470 million, DIC Corp was also required by the State Securities Commission to approve the change in the capital use plan and the amount of money collected from the offering or issuance of individual securities as prescribed for the act of not reporting the change in the capital use plan and the amount of money collected from the offering or issuance at the most recent General Meeting of Shareholders.
Forced correction of information according to regulations for acts of publishing false information.
Compulsory disclosure of the audited capital use report at the most recent General Meeting of Shareholders or disclosure of detailed explanations of the use of capital raised from the private offering of shares in the audited annual financial report.
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