Monday , July 4 2022

Regulator fines HAGL for failing to disclose share sale

The securities watchdog has fined agricultural company HAGL VND3 billion (US$129,600) for failure to report the forced sale of over 25 million shares in a subsidiary.

HAGL deposited shares of HAGL Agrico as collateral for a bond issue by a related company, Tay Nguyen Agrico.

On January 7 and 10 some 25.4 million of the shares were forced to be sold to recover overdue debt from Tay Nguyen Agrico.

But HAGL did not report the transaction, which was reported to be worth around VND325.12 billion.

The State Securities Commission also suspended trading in the HAGL account for five months.

Founded in 2015 to support HAGL’s agricultural activities, Tay Nguyen Agrico has the same headquarters address as HAGL.

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