(NLDO) - Due to not disclosing many important transaction information that needed to be disclosed related to Mr. Luong Tri Thin, Dat Xanh was fined more than 500 million VND.
The State Securities Commission (SSC) has just issued a decision to sanction administrative violations in the field of securities and the securities market against Dat Xanh Group Joint Stock Company (Dat Xanh - DXG) with a total fine of more than VND 515 million.
Specifically, Dat Xanh Group was fined 100 million VND for not disclosing information that must be disclosed according to regulations. Specifically, not disclosing information (CBTT) according to regulations on the system of the State Securities Commission, Ho Chi Minh City Stock Exchange (HOSE) and the company's website. Not disclosing documents on the Resolution of the Board of Directors (BOD) approving the signing of contracts, agreements, and transactions with related parties; Not disclosing to the Hanoi Stock Exchange (HNX) documents reporting the use of funds from bond issuance that have been audited in the first 6 months of 2023; Not disclosing information within the time limit prescribed by law on documents from a number of judgments of the People's Court of Binh Thanh District; Judgments of the People's Court of Ho Chi Minh City; The decision of the High People's Court in Ho Chi Minh City and the corresponding enforcement decisions related to the construction contract dispute with the service provider, Construction and Materials Joint Stock Company... At the same time, the documents on the use of the proceeds from the audited bond issuance in 2023 were also not on time...
Dat Xanh Group Headquarters
In addition, the company was fined an additional VND 65 million for incomplete disclosure of corporate governance reports and audited semi-annual financial statements for 2024. In particular, the company had a loan transaction with Mr. Luong Tri Thin (Member of the Board of Directors), worth VND 30 billion in 2024 but did not report it in the first 6-month report of 2024.
Dat Xanh has guaranteed loans for a number of related companies as well as had a loan transaction with Mr. Luong Tri Thin of VND 150 billion (balance as of December 31, 2023) but did not present it in the corporate governance report.
In particular, the prospectus for the public offering of additional shares in 2023, at that time Mr. Luong Tri Thin was Chairman of the Board of Directors, concurrently Chairman of the Board of Directors of Ihouzz Technology JSC and Chairman of the Board of Directors of Tulip Real Estate Financial Services JSC, but the company did not present information that the two companies were related to Mr. Luong Tri Thin.
In addition, Dat Xanh was fined an additional VND350 million for changing the capital use plan, the amount of money collected from the public securities offering but not through the 2023 General Meeting of Shareholders (GMS). The company also used VND36.56 billion out of the total VND1,220 billion collected from the offering to pay off the loan to Ha An Real Estate Investment and Trading Joint Stock Company but not through the GMS.
The State Securities Commission requested Dat Xanh to remedy the consequences and force it to approve the nearest General Meeting of Shareholders on changing the purpose or plan to use the proceeds from the public offering of securities according to regulations.
Source: https://nld.com.vn/khong-cong-bo-nhieu-thong-tin-lien-quan-ong-nguyen-tri-thin-dat-xanh-bi-phat-nang-196241210182144577.htm
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