Hung Thinh Quy Nhon continues to be fined

The State Securities Commission (SSC) Inspectorate has just issued a decision to impose administrative sanctions on Hung Thinh Quy Nhon Entertainment Services Joint Stock Company (abbreviated as Hung Thinh Quy Nhon - headquartered at Lot K20, Hung Thinh residential area, Che Lan Vien street, Ghenh Rang ward, Quy Nhon city, Binh Dinh province).

Applying Point a, Clause 4, Article 42 of Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government regulating administrative sanctions for violations in the field of securities and the securities market, the State Securities Commission Inspectorate fined Hung Thinh Quy Nhon Company VND 85 million for administrative violations of not disclosing information that must be disclosed according to law.

Regarding the Grand Center Quy Nhon project, in 2024, Hung Thinh Quy Nhon was fined 500 million VND.

Accordingly, Hung Thinh Quy Nhon did not make periodic information disclosure on the audited semi-annual report on the use of funds from bond issuance in 2023.

At the same time, the information disclosure content was not submitted to the Hanoi Stock Exchange on time for the following documents: the implementation status of the issuing enterprise's commitments to bondholders in 2022; report on the use of proceeds from the audited bond issuance in 2022; semi-annual financial report for 2023; resolution of bondholders HQNCH2124005 on adding conditions and terms related to bond interest payment, amending the terms and conditions of bond HQNCH2124007.

Hung Thinh Quy Nhon is one of the members of Hung Thinh Group, established in 2018, with the orientation of becoming a key real estate business unit in Binh Dinh province in particular and the entire Central region in general.

In Binh Dinh, Hung Thinh Quy Nhon is the investor of many real estate projects. Including an office, hotel and apartment complex with high-rise apartment buildings and commercial services, at No. 1 Nguyen Tat Thanh, Quy Nhon City (commercial name is Grand Center Quy Nhon).

Regarding this project, in 2024, the People's Committee of Binh Dinh province issued a decision to impose an administrative penalty on Hung Thinh Quy Nhon for committing the following violations: collecting money from buyers and lessees of future real estate exceeding the prescribed percentage of contract value.

Specifically: first collection of money exceeding 30% of contract value includes 14 contracts and collection of money exceeding 70% of contract value when not yet handing over houses and construction works to customers includes 7 contracts.

Applying point d, clause 3, Article 58 of Decree No. 16/2022/ND-CP dated January 28, 2022 of the Government regulating administrative sanctions for construction violations, the People's Committee of Binh Dinh province decided to fine Hung Thinh Quy Nhon 500 million VND.

At the same time, Hung Thinh Quy Nhon is required to collect money from buyers and lessees of future real estate according to project progress or to return to the buyer the excess contract value in accordance with legal regulations.

Yuan You

Source: https://doanhnghiepvn.vn/doanh-nhan/hung-thinh-quy-nhon-tiep-tuc-bi-phat/20250410092322006