On 12 February 2020, the State Securities Commission (SSC) issued Decision No. 33/QĐ-XPVPHC on administrative sanction marke with regard to Vietnam - Italy Steel Joint Stock Company (Address: Noi A Street Industrial Park, Giai Pham Commune, Yen My District, Hung Yen Province), as follow:
- A fine of 70,000,000 (Seventy million Vietnamese dongs) as prescribed in clause 3, Article 33, of the Decree No. 108/2013/ND-CP.
For the following administrative violation: Disclosure of information not on time, inadequate content as prescribed by law (Vietnam-Italy Steel Joint Stock Company (Company) on information disclosure system of SSC and on website of Ho Chi Minh City Stock Exchange (HOSE) and on the Company's website: Explanation for audited business results after in 2017 and 2018; The company has not disclosed information on time on the SSC's information disclosed system and HOSE's website: Notice and document of the 2018 Annual General Meeting of Shareholders; Notice and documents on collecting opinions of the General Meeting of Shareholders in writing on May 8, 2018; the Report No. 100/BC-VIS dated February 2, 2018; Announcements and documents for Extraordinary General Meeting of Shareholders dated July 10, 2018; Decision No. 21/QDBN-VIS dated July 24, 2019; Explanation of difference in the financial statements in 6 months of 2018. The company disclosed information about corporate governance report in 2017, 2018 and the first 6 months of 2018, 2019 which had incomplete content).
- A fine of 70,000,000 (Seventy million Vietnamese dongs) as prescribed in clause 4, Article 11, of the Decree No. 108/2013/ND-CP amended and supplemented in clause 12, Article 1 of the Decree No. 145/2016/ND-CP.
For the following administrative violation: Violating the law on corporate governance of transactions with the person related to shareholders (According to the audited 2018 Financial Statements of the Company, in 2018, the Company had transactions with the Thai Hung Trading Co., Ltd which is a related organization to Thai Hung Trading Joint Stock Company (its shareholders), however, the transaction between the Company and Thai Hung Trading Co., Ltd. in 2018 has not been approved by the General Meeting of Shareholders / Board of Directors).
The decision takes effect from the date of 12 February 2020.