Tan Tao requested to postpone submitting financial reports because AASCS stopped auditing and requested the Securities Commission and HoSE to support finding a new unit when "nowhere accepted".
Tan Tao Investment and Industry Corporation (ITA), chaired by Ms. Dang Thi Hoang Yen, has just announced a request to temporarily postpone the announcement of the Audited Financial Statements and Annual Report for 2023.
According to ITA, Southern Accounting and Auditing Financial Consulting Services Company (AASCS) suddenly sent a notice to stop auditing the Financial Statements ending on December 31, 2023 due to the inability to arrange personnel and time.
Of which, two auditors, Mr. Phung Van Thang and Mr. Tai Quang Long, who performed audits for ITA in 2022 and semi-annual 2023, had their practice licenses revoked by the Securities Commission.
"This is a case of force majeure, an objective and unforeseeable incident that occurred after the fiscal year ended but AASCS Auditing Company suddenly stopped auditing," Tan Tao's explanation wrote.
The company said it had contacted all auditing firms on the list approved by the Securities Commission, but none accepted.
ITA requested the Securities Commission and HoSE to require officers and employees to "stop putting pressure on auditors and need to show objectivity, support listed enterprises in accordance with their functions and duties".
The company also asked the regulatory agency to approve the postponement of the disclosure of the audit report and annual report for 2023, and requested support in finding a new auditor.
Ms. Dang Thi Hoang Yen founded Hoang Yen Company Limited, the predecessor of Tan Tao, in 1993. After many consecutive years of absence, Tan Tao's Chairwoman has only appeared online at the company's general meeting of shareholders in the past three years.
Last year, Tan Tao reported a return to profit after a heavy loss the previous year. Due to not recording returned sales as in 2022 (liquidation of long-term land lease contracts related to Kien Luong Power Center), ITA achieved revenue of more than VND560 billion, mainly from leasing land for infrastructure development and providing services. Expenses were also reduced, helping this enterprise earn a net profit of more than VND200 billion, compared to a loss of nearly VND260 billion in 2022.
In mid-2023, ITA changed Mr. Nguyen Thanh Phong as the legal representative to replace Ms. Dang Thi Hoang Yen (current name is Maya Dangelas), but Ms. Yen is still the Chairman of Tan Tao.
Minh Son
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