How do securities companies involved in the FLC, APEC, and Van Thinh Phat cases do business?

Some securities companies that were involved in criminal cases at Trinh Van Quyet's FLC Group; Nguyen Do Lang's APEC Company or related to Truong My Lan's Van Thinh Phat case have reported their 2023 business results.

Specifically, Asia Pacific Securities Joint Stock Company (stock code APS) achieved revenue in the fourth quarter of 2023 of nearly VND 27 billion, down 66% compared to the fourth quarter of 2022. All main business segments saw revenue shrink, in which profit from financial assets recorded through profit/loss (FVTPL) decreased by 72% to less than VND 20 billion. Operating expenses decreased by 91% but the company continued to report a loss of nearly VND 4 billion in the last quarter of 2023.

Companies involved in criminal cases such as FLC, Van Thinh Phat... continue to report losses.

In total, for the whole year of 2023, the company reported a loss after tax of 172 billion VND, down from the loss of 445 billion VND for the whole year of 2022 thanks to a 57% reduction in operating costs. The company said that its business results in the fourth quarter of 2023 and 2023 fluctuated significantly due to the company restructuring its proprietary trading portfolio, leading to fluctuations in investment items. APS Securities Company is one of three companies of the "APEC family" that were prosecuted by the Investigation Security Agency - Hanoi City Police for criminal securities manipulation in mid-2023.

Another unit, Tan Viet Securities Company, also reported a net loss of more than VND66 billion in the fourth quarter of 2023, narrowing compared to the loss of more than VND202 billion in the same period in 2022. Accumulated for the whole year of 2023, the company's after-tax loss was VND397.3 billion, while the plan for 2023 was only a loss of VND570 million.

At the end of June 2023, the Vietnam Stock Exchange (VNX) issued Decision No. 44/QD-SGDVN to suspend the purchase of securities on the listed securities market and the registered trading market for Tan Viet Securities. The reason for the suspension is that the company was placed under special control by the State Securities Commission. According to the investigation conclusion of the Ministry of Public Security , Tan Viet Securities Joint Stock Company belongs to the group of financial institutions in Vietnam of Van Thinh Phat Group, along with Saigon Commercial Joint Stock Bank (SCB).

In particular, Tri Viet Securities Company (stock code TVB) - the company involved in the "Louis family" stock price manipulation case of Mr. Do Thanh Nhan - former Chairman of Louis Holdings - reported a return to profit after a heavy loss in 2022. Specifically, in 2023, Tri Viet Securities had revenue of 125 billion VND, down 19% compared to 2022 and profit after tax of 63 billion VND compared to 2022, with a loss of 318 billion VND.

Previously, BOS Securities Company (stock code ART) - the company involved in the stock manipulation case of former FLC Group Chairman Trinh Van Quyet - reported a loss of more than VND 986 billion in 2022 business results. The company explained that the reason was due to operating expenses increasing by more than VND 1,000 billion due to having to set aside provisions for GABm stock loans, capital contributions to FLCHomes Real Estate Development and Investment Joint Stock Company and FLC Capital and Asset Management Company...

Source link: https://thanhnien.vn/cong-ty-chung-khoan-dinh-vao-cac-vu-an-flc-apec-van-thinh-phat-kinh-doanh-ra-sao-185240125112106356.htm