FLC fined for flouting financial disclosure regulations

By Phuong Dong March 25, 2022 | 10:24 pm PT

A resort of FLC in Quy Nhon in the central province of Binh Dinh. Photo by Shutterstock/TommyTeo

Real estate developer FLC has been fined VND495 million ($21,650) for violating information disclosure laws two months after its chairman Trinh Van Quyet received a similar fine.

The State Securities Commission imposed the fine for filing incorrect financial information for 2020 and the first half of 2021.

The company also failed to file in time for 2019 and the first half of 2020 besides delaying some other disclosures too.

It was also fined for failing to appoint an independent board member as required under the law to represent the interests of the shareholders.

FLC-related company FLC Homes was fined VND145 million in January for incorrect and late disclosure of its earnings.

Also in January Quyet was fined VND1.5 billion ($65,800) and banned from trading in the securities market for five months for failing to disclose plans to sell shares in his company.

He sold 74.8 million FLC shares on Jan. 10, but the SSC only received the disclosure by the evening of that day though regulations require a notification three working days in advance.