FLC was fined 495 million VND due to improper information disclosure

On March 25, information from the State Securities Commission (SSC) said that this agency had issued Decision No. 164/QD-XPHC on sanctioning administrative violations in the securities and market sectors. securities for FLC Group Joint Stock Company (FLC Company). FLC Company is chaired by Mr. Trinh Van Quyet.

According to the decision, FLC Company was fined 100 million VND for not disclosing information required to be disclosed in accordance with the law (the company did not disclose information on the information disclosure system of the State Securities Commission and the website of the State Securities Commission). of the Ho Chi Minh City Stock Exchange).

In addition, a fine of VND 200 million was imposed on FLC company and remedial measures were applied to correct information for publishing false information. Specifically, according to the audited 2020 and semi-annual financial statements for 2021, the company has transactions with related parties, but in the reports on corporate governance in 2020 and 2021, the company presents no related party transactions.

The company also disclosed misrepresentation of the revised 2021 semi-annual financial statements. Specifically, these financial statements do not present the difference in the valuation of assets to other income.

FLC Company was also fined VND 70 million for disclosing incomplete information in accordance with the law, related to the financial statements of 2019, 2020 and 2021. In addition, with the failure to ensure the basis of the financial statements. In terms of structure, number of independent members of the Board of Directors, FLC Company was also fined 125 million VND.

Immediately after receiving the decision, the FLC side said that it had fully implemented and complied with the sanctioning content, and completed overcoming problems related to additional disclosure and information correction under the guidance of the Government. State Securities Commission. Along with that, the additional election of independent members of the Board of Directors will be conducted by the enterprise in the upcoming General Meeting of Shareholders.