Ocean Group stock trade restricted for filing delay

By Dat Nguyen   June 3, 2022 | 12:50 am PT
Ocean Group stock trade restricted for filing delay
An outlet of Trang Tien Ice Cream in Hanoi operated by Ocean Group. Photo courtesy of Trang Tien Ice Cream
The main bourse Ho Chi Minh Stock Exchange (HoSE) has restricted the trading in the stocks of diversified company Ocean Group for delayed submission of earnings reports last year.

OCG will be traded only in the afternoon starting June 9, as it has failed to submit its 2021 earnings reports for 45 days after the deadline.

OGC has fallen 43 percent from its peak in early April.

Ocean Group, which owns popular brands include Star City apartment building, Sunrise resorts, and Trang Tien Ice Cream, started seeing governance issues since 2014 when chairman Ha Van Tham was jailed in one of Vietnam’s biggest trials.

Tham had been sentenced to life imprisonment for "deliberately violating State regulations on economic management causing severe consequences", "breaching lending regulations of credit institutions", "property embezzlement", and "abusing positions and power to appropriate assets".

Ocean Group had accumulated losses of VND2.52 trillion ($109.97 million) as of the end of last year, or 84 percent of its charter capital.

Asset manager IDS Equity has recently taken over Ocean Group by representing the shareholders who have a combined ownership of 51 percent stake in it.

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