HAGL fined for giving loans to chairman, shareholders

By Minh Son August 17, 2022 | 08:30 pm PT

Workers process fresh bananas at a facility of Hoang Anh Gia Lai Group, February 2020. Photo by HAGL

The State Securities Commission said it has fined agricultural company HAGL VND245 million (US$10,470) for giving loans to shareholders, including its chairman, and filing delays.

The company gave them loans worth hundreds of billions of dong last year, including more than VND100 billion to chairman Doan Nguyen Duc, who owns a 34.5% stake in the company.

For this it was fined VND125 million.

For failing to submit its financial reports in time and filing inadequate information, it was fined VND120 million.

The company saw revenues more than double year-on-year in the first half to VND2 trillion, and posted pre-tax profits of nearly VND500 billion, a turnaround from its VND200 billion loss in the same period last year, thanks to income from fruits and husbandry.

It is constructing nine barn complexes to produce 600,000 pigs annually.