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The audit unit of Tan Hoang Minh member company is suspended

Committee Stock The State (SSC) has just issued a decision to suspend the audit status of Hanoi Accounting and Auditing Company Limited (CPA Hanoi) from May 19, 2022 to the end of December 31, 2022.

At the same time, the securities regulator also suspended the auditor status of two individuals, Ms. Nguyen Thi Le Hong Thu and Nguyen Tran Hang Phuong of Hanoi Accounting and Auditing Company Limited (CPA Hanoi).

CPA Hanoi is the auditor for the consolidated financial statements and the parent company of General Bach Hoa Joint Stock Company (stock code: TBH), a member of Tan Hoang Minh Group. Ms. Nguyen Thi Le Hong Thu and Nguyen Tran Hang Phuong are also individuals who signed the audit report of General Bach Hoa.

Auditing unit of Tan Hoang Minh member company is suspended - 1

The audit unit of Tan Hoang Minh member company was suspended.

Previously, on May 10, the State Securities Commission also sent an official dispatch to General Department of Bach Hoa regarding the financial report for 2021 of this company audited by CPA Hanoi – Saigon Branch. This document clearly states that the audit report on the 2021 financial statements of General Bach Hoa does not meet the requirements of audit quality because the audit side has not fully implemented the procedures and has not collected sufficient appropriate evidence. appropriate to express an unmodified opinion on the Company’s 2021 consolidated and separate financial statements. Therefore, the State Securities Commission has requested General Department of Bach Hoa to re-audit the separate and consolidated financial statements for 2021.

General Bach Hoa Company was established in 1995, under the Ministry of Trade (Ministry of Industry and Trade), equitized in 2004; operating in the field of commercial business, warehouse leasing and real estate business. The company with the only major shareholder owning 96.65% of capital is Phu Thanh Construction Investment Joint Stock Company – a subsidiary of Tan Hoang Minh. This is also the only enterprise of this group that is trading shares on the stock market.

According to the financial statements for 2021 audited by CPA Hanoi, the net revenue of General Bach Hoa reached VND 4.51 billion, down 79.5% compared to 2020, resulting in a gross loss of nearly VND 2.4 billion, in when 2020 gross profit is 12.4 billion dong.

However, the financial income of General Bach Hoa suddenly increased sharply by 791 billion VND along with the expenses decreased significantly. As a result, General Department of Bach Hoa reported an after-tax profit of up to VND 709 billion in 2021.

According to the notes, the financial revenue of General Bach Hoa in 2021 mainly comes from investments in two companies, Investment JSC. Real estate Ngoc Vien Dong and Winter Palace Joint Stock Company – are both member companies of Tan Hoang Minh Group.

General Bach Hoa stock once surprised investors when it “shocked”. Listed on UPCoM since August 2021, although liquidity is very meager, the market price of TBH suddenly increased rapidly, 18 times in less than 4 months, from 5,700 VND to the floor on 13/8/2021 and peaked. 101,800 dong closed on January 4, 2022.

However, after the Chairman of Tan Hoang Minh Group Do Anh Dung was prosecuted and arrested, TBH shares dropped to the floor continuously. The market closing price on May 26 reached 52,600 VND/share, which is 51% decrease compared to the peak.

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