Hoa Binh Securities discloses financial statement anomalies, board members implicated

Hoa Binh Securities Joint Stock Company has announced the disclosure of financial statements subject to internal control for the period from January 1, 2021, to December 31, 2024. This follows a review that uncovered a series of irregularities related to cash flows and asset management.

Key findings include VND8,154,354,715,309 in cash inflows and VND8,096,504,751,431 in outflows across 15 bank accounts, which were allegedly omitted from official accounting records. These transactions are linked to customer payments for apartments and land, as well as transfers of shares. The company notes that these funds were reportedly used to misappropriate assets and conceal corruption.

The company's board of directors, including chairman Tran Kien Cuong and general director Phan Sy Hai, along with other key personnel, are implicated in these transactions. The total value of unaudited stock trading transactions for the period from January 1, 2021, to December 31, 2024, is reported as VND4,540,257,664,350 for purchases and VND4,878,021,132,710 for sales. These figures have raised concerns about the company's financial transparency and compliance.