An Gia Real Estate fined for arbitrarily using 200 billion without approval from the shareholders' meeting

An Gia Real Estate Investment and Development Joint Stock Company has just been fined for changing the plan to use the money raised from the public offering of securities, but without going through the shareholders' meeting.

An Gia Real Estate is the investor of many projects in Ho Chi Minh City - Photo: AGG

An Gia Real Estate arbitrarily changed the capital usage plan

The State Securities Commission has just signed and issued Decision No. 12/2025 on administrative sanctions in the field of securities against An Gia Real Estate Investment and Development Joint Stock Company headquartered in District 1, Ho Chi Minh City.

According to the decision, An Gia Real Estate was fined VND 325 million for changing the capital use plan, the amount of money collected from the public offering of securities in 2022, but not through the general meeting of shareholders.

"An Gia used VND200 billion out of the total VND206 billion collected from the 2022 offering to sign a business cooperation contract with Western City Company Limited," the decision stated.

Then, from March 9 to 13, 2023, Western City Company returned the business cooperation capital contribution to An Gia to finalize the above business cooperation contract.

In addition to paying the money, the State Securities Commission also required An Gia to approve the nearest general meeting of shareholders on changing the purpose or plan for using the money raised from the public offering of securities.

An Gia is a real estate company chaired by Mr. Nguyen Ba Sang. According to the financial report, An Gia recorded revenue in the first 9 months of 2024 reaching 1,750 billion VND, down more than 52% over the same period, and profit after tax reached 239 billion VND, down 32%.

Continuously fine businesses for reporting losses as profits

Previously, in 2024, the State Securities Commission strengthened its review and inspection, detecting many violations in information disclosure of listed enterprises.

One of the violations that many businesses encounter is the disclosure of incorrect information between self-prepared financial statements and audited reports.

For example, Phuong Anh International Joint Stock Company was fined VND 125 million for publishing false information about profit after corporate income tax in 2023 in the financial report for the fourth quarter of 2023.

Specifically, according to the financial report for the fourth quarter of 2023, Phuong Anh Company's after-tax profit was VND 106 million. However, according to the audited financial report for 2023, the company lost nearly VND 290 million.

Similarly, Holding International Joint Stock Company located in An Phu Ward, Thu Duc City, Ho Chi Minh City was also fined VND175 million for disclosing false information in the financial report for the fourth quarter of 2023 and the corporate governance report for 2022 and 2023.

According to the financial report for the fourth quarter of 2023, Holding's after-tax profit in 2023 is -4.4 billion VND.

But according to the audited financial report for 2023, the company's after-tax profit was -70 billion VND.

The Securities Commission also said that in the corporate governance report for 2022 and 2023, Quoc Te Holding announced that there were no transactions between the company and other entities and related persons of the company.

However, in the audited financial statements for 2022 and 2023, this company had sales and service transactions with related parties, International Tourism and Trade Joint Stock Company (a company that shares the same board members, chairman of the board of directors and related persons with the chairman).

Source: https://tuoitre.vn/phat-bat-dong-san-an-gia-vi-tu-y-dung-200-ti-khong-thong-qua-dai-hoi-dong-co-dong-20250111100807453.htm