The Inspectorate of the State Securities Commission of Vietnam (SSC) on November 26 imposed administrative sanctions for violations in the securities market against Lucky House Investment Services JSC.
Accordingly, the firm was fined VND175 million (over $6,600) for disclosing false information. Specifically, the company’s report on the use of proceeds from private bond placements (for the periods ending December 31, 2022, and June 30, 2023)—which was audited by Nam Viet Financial Accounting Consulting and Auditing Company Ltd.—contained inaccurate information regarding the company's capital usage.
Previously, on November 25, the SSC Inspectorate also issued a sanctioning decision against No Va Thao Dien Company Limited.
The company was fined VND92.5 million ($3,500) for failing to disclose information required by law. The company did not meet the deadline for disclosing the audited report on the use of proceeds from bond issuances for the first half of 2024.
On the same day, the SSC Inspectorate also issued sanctions against No Va Land Investment Group Corporation (Novaland Group). Accordingly, the Group was fined a similar amount of VND92.5 million for failure to disclose information required by law.
Regarding Novaland, previously on October 17, the Government Inspectorate released its conclusion on the compliance with legal policies regarding private corporate bond issuance and the use of bond proceeds for the period from January 1, 2015, to June 30, 2023.
Notably, the conclusion signed on August 5 stated that the Government Inspectorate has transferred the case regarding Novaland Group’s violations in corporate bond issuance and fund usage to the Ministry of Public Security for further investigation.
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