Cencon Vietnam fined 392.5 million VND for publishing false information

According to the State Securities Commission, Cencon Joint Stock Company located at Thuy Hoa Street, Duyen Hai Ward, Lao Cai City has committed administrative violations in the field of securities and the securities market.

Specifically, the company did not disclose information regarding the Explanation of after-tax profit in the reporting period of loss in the financial report for the fourth quarter of 2023. The company also did not disclose information on the electronic information page of the financial report for the first quarter of 2023, the semi-annual corporate governance report for 2023 and many other documents that must be disclosed. For these violations, Cencon Vietnam was fined VND 92.5 million.

Cencon Vietnam Joint Stock Company was fined 392.5 million VND for publishing false information. (Photo: ST)

In addition, this enterprise was also fined 175 million VND according to regulations for publishing false information.

According to the decision of the State Securities Commission, in the section Transactions between the company and the company in which the members of the Board of Directors, members of the Board of Supervisors, Directors (General Directors) and other managers have been and are founding members or members of the Board of Directors, Directors (General Directors) in the past 3 years (calculated at the time of making the report) in the Corporate Governance Reports (2021, 6 months of 2022, 2022, 6 months of 2023, 2023), the company presents "None".

However, according to the Prospectus for Public Offering of Additional Shares dated July 16, 2021, Mr. Tran Manh Son, Chairman of the Board of Directors of the company, was the Director of Duyen Hai Lao Cai One Member Co., Ltd. from April 2020 to April 2021.

On September 16, 2021, Duyen Hai Lao Cai One Member Co., Ltd. and Cencon Vietnam Joint Stock Company signed the Contract for the transfer of the entire Project: Lan Huy Hoang Hotel and Restaurant Tourism Area No. 1609/2021/CNTS-CENCON; in Section 5 of the 2023 and 2023 Semi-Annual Corporate Governance Report (Resolutions/Decisions of the Board of Directors), the company presented Resolution No. 1904/2023/CEN/NQ-HĐQT dated April 19, 2023 on approving the results of production and business activities in the first quarter of 2023 and the production and business plan in the second quarter of 2023.

However, the Resolution of the Board of Directors approving the business performance results of the first quarter of 2023 and the business performance plan of the second quarter of 2023 is recorded as No. 1204/2023/CEN/NQ-HĐQT dated April 12, 2023.

Thus, the company has presented incorrect numbers and Resolution dates in the 2023 Corporate Governance Report.

The State Securities Commission requests Cencon Vietnam to correct information regarding the act of disclosing false information as prescribed in Clause 6, Article 42 of Decree No. 156/2020/ND-CP, amended and supplemented as prescribed in Point d, Clause 33, Article 1 of Decree No. 128/2021/ND-CP.

The company was also fined VND 125 million according to the provisions of Point a, Clause 6, Article 15 of Decree No. 156/2020/ND-CP, amended and supplemented according to the provisions of Clause 13, Article 1 of Decree No. 128/2021/ND-CP, for failing to ensure that members of the Board of Supervisors meet the standards and conditions and are not in the cases prescribed by law.

Specifically, Ms. Tran Thi Ha, a member of the company's Board of Supervisors, graduated with a Bachelor's degree in Political Education Pedagogy, but was not trained in economics, finance, accounting, auditing, law, business administration or a major suitable for the company's business activities.

The total amount of money that Cencon Vietnam was administratively fined for the above violations is 392.5 million VND.

Source: https://www.congluan.vn/public-information-misconduct-cong-ty-cp-cencon-viet-nam-bi-phat-3925-trieu-dong-post308042.html