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Tuesday, July 16, 2024

Simco Song Da fined for inadequate information disclosure

The Saigon Times

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HCMC – The State Securities Commission of Vietnam on July 8 imposed a fine of VND185 million on Simco Song Da JSC (SDA) for disclosing inadequate information.

In specifics, the company was fined VND60 million for giving inadequate information about the positions of individuals in the company, transactions and balance in its 2019, 2020 management reports, and the H1 management reports for 2019, 2020, and 2021.

The company also failed to disclose adequate information about short-term loans and debt repayments conducted by Nguyen Thi Minh Thu, vice general director at the company in its 2019 and 2020 annual financial statements; short-term loan transactions carried out by Nguyen Thi Hong Ngoc, board chairwoman at the firm, in its 2020 annual report.

SDA was fined VND125 million for violating regulations while conducting transactions with the company’s executives.

According to its reviewed 2021 semi-annual financial statement, SDA gave a short-term loan of over VND16 billion to Vu Duc Quan, a board member, but no prior approval by the shareholders’ council was secured.

SDA was fined VND185 million in total.

Closing the trading session today, July 12, SDA advanced 6.92% at VND13,900 per share.

With up to 326 stocks rising and 96 others falling, the benchmark VN-Index of the HCMC stock exchange bounced back and gained 19.53 points, or 1.69% over the session earlier at 1,174.82. Trade on the southern bourse inched up 28% in volume and 18% in value at 525 million shares and over VND10.6 trillion.

The HNX-Index also ended on an upbeat note. It added 5.06 points, or 1.83% against the previous session at 281.99, with 154 winners and 49 losers.

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