One more FLC Group family stock suspended

By Trang Nguyen
Mon, September 5, 2022 | 3:39 pm GTM+7

HAI shares of HAI Agrochem JSC will be suspended from September 9 over information disclosure violations, the same time as its parent FLC Group's shares.

A halt on trading has been imposed on HAI as the company continued to violate regulations on information disclosure after the shares had been placed under trading restrictions, according to the Ho Chi Minh City Stock Exchange (HoSE).

A facility to introduce agricultural products of HAI Agrochem JSC at 358 Kinh Duong Vuong street, Binh Tan district, HCMC. Photo courtesy of the company.

A facility to introduce agricultural products of HAI Agrochem JSC at 358 Kinh Duong Vuong street, Binh Tan district, HCMC. Photo courtesy of the company.

Before receiving the decision, HAI had not submitted its 2021 audited financial statements, nor held its 2022 annual general meeting.

The company said it would soon find an auditor to complete the 2021 financial statements in October and hold the shareholder meeting in December this year.

On the HoSE, HAI shares dropped to VND1,700 ($0.07) on Monday, bringing the firm's market capitalization to VND332 billion ($14.12 million).

HAI is the third stock in the FLC Group family to be subject to trading suspension, following ROS of FLC Faros Construction JSC and FLC of FLC Group.

The HoSE will impose a trading ban on FLC Group’s shares from September 9 over information disclosure violations.

The property developer has continued violating regulations on information disclosure after the trading of its shares had been placed under restrictions, the bourse announced on August 31. The violations include failure to release financial statements in time.

On August 15, the Ministry of Public Security announced a decision to investigate "the act of cheating to appropriate assets" by FLC's former chairman Trinh Van Quyet and his two sisters under the Penal Code.

The trio, along with Huong Tran Kieu Dung, former acting vice chairman of FLC Group, are suspected to have artificially raised the chartered capital of Faros Construction JSC, and related companies.

Faros allegedly saw its chartered capital artificially expanded from VND1.5 billion ($64,000) to VND4,300 billion ($183.5 million), equivalent to 430 million ROS shares, which were listed and traded to reap illicit gains.

Previously, on March 29, Quyet was arrested on charges of “manipulating” and “concealing information in securities activities”.

Before Quyet was arrested, FLC Group had been known as one of Vietnam's leading property developers with many projects or investment proposals across the country.

Comments (0)
  • Read More
VN-Index plunges amid global market downturn

VN-Index plunges amid global market downturn

Vietnam’s benchmark VN-Index dropped Monday by nearly 30 points on massive selling driven by global market downturn and the State Bank of Vietnam’s deposit rate ceiling hike.

Finance - Mon, September 26, 2022 | 5:32 pm GTM+7

HCMC office market maintains momentum, awaits new supply

HCMC office market maintains momentum, awaits new supply

Ho Chi Minh City’s office market has recorded robust leasing transactions across all sub-markets this third quarter, thus keeping healthy performance, property services firm Knight Frank said Monday.

Real Estate - Mon, September 26, 2022 | 4:53 pm GTM+7

Solar power plants in southern Vietnam fined for unauthorized operation

Solar power plants in southern Vietnam fined for unauthorized operation

Two solar power plants in Ba Ria-Vung Tau province have been fined VND160 million ($6,700) for operating without official appraisal and acceptance.

Energy - Mon, September 26, 2022 | 4:44 pm GTM+7

FDI disbursement grows 16% in nine months

FDI disbursement grows 16% in nine months

Disbursed foreign investment capital in Vietnam reached $15.4 billion in the year to September 20, up 16.2% year-on-year.

Economy - Mon, September 26, 2022 | 4:27 pm GTM+7

Word Bank urges Vietnam to adopt low-carbon rice to cut emissions

Word Bank urges Vietnam to adopt low-carbon rice to cut emissions

Transitioning to low-carbon rice production offers the highest potential for Vietnam to meet its goal of reducing methane emissions by 30% by 2030 while boosting the competitiveness of this significant export item, a new World Bank study says.

Economy - Mon, September 26, 2022 | 4:08 pm GTM+7

Australia's Corio seeks larger offshore wind energy opportunities in Vietnam

Australia's Corio seeks larger offshore wind energy opportunities in Vietnam

Corio Generation, an offshore wind energy branch of Australia’s Macquarie's Green Investment Group, wants to make larger inroads into Vietnam via cooperation with Petrovietnam.

Energy - Mon, September 26, 2022 | 3:04 pm GTM+7

Dollar up again after slight drop

Dollar up again after slight drop

The U.S. dollar at commercial banks has risen against the Vietnamese dong after a slight decrease late last week.

Banking - Mon, September 26, 2022 | 11:05 am GTM+7

Vietnam solar energy costs 'lowest' in Southeast Asia

Vietnam solar energy costs 'lowest' in Southeast Asia

Vietnam has the lowest “levelized” cost of solar energy in Southeast Asia, the International Renewable Energy Agency (IRENA) says in its latest major energy-transition publication.

Energy - Mon, September 26, 2022 | 9:58 am GTM+7

Three military airports may include civilian operations: Deputy PM

Three military airports may include civilian operations: Deputy PM

The government is considering turning three military airports in Ninh Thuan, Dong Nai and Hanoi into military-civil airports.

Infrastructure - Sun, September 25, 2022 | 8:42 pm GTM+7

Heineken opens Southeast Asia’s biggest brewery in southern Vietnam

Heineken opens Southeast Asia’s biggest brewery in southern Vietnam

Heineken Vietnam inaugurated an expanded brewery in Ba Ria-Vung Tau province Saturday, saying it was the the biggest in Southeast Asia and used 100% renewable energy.

Industries - Sun, September 25, 2022 | 8:12 pm GTM+7

Agriculture major Hoang Anh Gia Lai suspends $72 mln share issuance

Agriculture major Hoang Anh Gia Lai suspends $72 mln share issuance

Hoang Anh Gia Lai JSC (HAGL) has suspended registration documents for a private placement of shares worth VND1,700 billion ($71.7 million) that it had submitted to the State Securities Commission.

Companies - Sun, September 25, 2022 | 5:42 pm GTM+7

Three Vietnamese carriers among world's top 100 airlines

Three Vietnamese carriers among world's top 100 airlines

Vietnam Airlines, Bamboo Airways and Vietjet Air have been honored with titles in different categories by UK-based air transport rating organization Skytrax.

Travel - Sun, September 25, 2022 | 3:53 pm GTM+7

Northern, central provinces prepare for supertyphoon Noru arrival

Northern, central provinces prepare for supertyphoon Noru arrival

Northern and central provinces have been told to prepare for supertyphoon Noru, which is heading in a northwest direction with wind speeds of up to 183 km per hour.

Society - Sun, September 25, 2022 | 3:35 pm GTM+7

Expensive HCMC apartments in large supply

Expensive HCMC apartments in large supply

More and more luxury and high-end apartment projects have appeared in Ho Chi Minh City, Vietnam’s southern economic hub, with prices exceeding VND200 million ($8,400) per square meter in some cases.

Real Estate - Sun, September 25, 2022 | 10:12 am GTM+7

HCMC anti-smuggling cop in the dock for smuggling

HCMC anti-smuggling cop in the dock for smuggling

Hoang Duy Tien faces prosecution for overseeing the smuggling of goods worth VND211 billion ($8.9 million) when he was an officer with the HCMC economic police division.

Society - Sun, September 25, 2022 | 8:34 am GTM+7

Long Thanh Airport police station opens on construction site

Long Thanh Airport police station opens on construction site

A police station has been set up at the Long Thanh International Airport construction site in Dong Nai province to ensure security and traffic safety.

Society - Sun, September 25, 2022 | 8:18 am GTM+7