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Saturday, November 26, 2022

PVFI fined VND420 million for securities violations

The Saigon Times

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HCMC – The State Securities Commission has fined PetroVietnam Insurance Financial Investment JSC (PVFI) a total of VND420 million for breaching securities market regulations.

A fine of VND350 million was imposed on PVFI for failure to register securities trading and listing, and another totaling VND70 million for failure to disclose information.

The company did not adhere to financial reporting obligations for the fourth quarter of 2014, all quarters of 2015, the first quarter of 2016, and annual audited reports for 2014, 2015 and 2021, among others.

Additionally, PVFI failed to update financial statements for several years on the State Securities Commission’s information system.

The firm registered as a public company prior to January 1, 2016. However, it has not applied for listing as required.

PVFI must submit an application for the registration of securities trading and listing to the Vietnam Stock Exchange and its subsidiaries within 60 days, according to the commission.

PVFI, a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), began operations on June 1, 2007.

The company’s recent loss-making operations have led to a VND173 billion negative equity. Its financial revenue fell substantially in 2021, dropping by 39% to under VND2 billion.

In September, several companies, including KB Securities Vietnam, Tien Phong Securities, VPS Securities, Everest Securities and An Binh Securities, were fined more than VND1.3 billion for violations in securities activities.

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