FLC Group owes nearly 770 billion VND in taxes and has just been forced by the Hanoi Tax Department to withdraw nearly 90 billion VND from its bank account and stop using invoices.
The information has just been announced by FLC Group Joint Stock Company. Accordingly, with a tax debt of 90 billion VND including late payment of personal income, corporate income, and administrative fines, this enterprise was forced by the Hanoi Tax Department by withdrawing money from FLC's bank accounts.
In case the amount in the company's account is less than the amount to be enforced, the banks will deduct the remaining amount after deducting the minimum balance. After that, they must continue to monitor and deduct the amount arising in FLC's accounts during the effective period of the decision.
Regarding the overdue tax debt of more than 678 billion VND at the Hanoi Tax Department, Quang Binh Tax Department, Ha Long Tax Department, Sam Son - Quang Xuong Tax Department and land rent at Quy Nhon Economic Zone Management Board, FLC Group was forced by the Hanoi Tax Department to stop using invoices.
Stopping businesses from using invoices is one of the steps for tax authorities to collect debts. If the business still fails to fulfill its obligations, the tax authority can take other steps such as withdrawing money from the bank account or, more seriously, suspending the entry and exit of the company's legal representative.
FLC's current business situation and financial health remain a mystery as the company has not disclosed information since the fourth quarter of 2022. When sanctioned by the Securities Commission in October 2023, FLC explained that it had not yet reached a consensus with the auditor on the audit opinion.
In addition, the company has not yet held its 2023 annual meeting. Recently, FLC also failed to hold an extraordinary meeting due to insufficient shareholder attendance. This meeting is expected to inform about the restructuring results and business plan for 2024. To date, the stock code FLC and all "family" stocks on HoSE have been delisted.
FLC is a business mainly in the real estate sector, founded by Mr. Trinh Van Quyet. Emerging from real estate M&A deals throughout Hanoi since the end of 2013, the company later invested in a series of trillion-dollar resort real estate projects in Thanh Hoa, Binh Dinh, Quang Ninh, Quang Binh, Vinh Phuc...
At the end of March last year, Mr. Quyet was arrested on charges of "manipulation" and "concealment of securities information". Many members of the FLC board of directors were also identified as accomplices. Afterwards, Vice Chairman Dang Tat Thang became the replacement for the chairman position. In early July 2022, Mr. Le Ba Nguyen - Mr. Quyet's brother-in-law, was elected chairman until now.
Siddhartha
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