Nice Star Fined Nearly 100 Million VND by ‌State Securities Commission

Nice Star Real Estate Investment and​ Development‌ Company Limited, a company related to Nova Group, has been fined VND⁢ 92.5 ⁣million ‍by the State Securities Commission ⁢(SSC) ‍for violating securities and securities market regulations.

Nice Star,​ formerly ⁢known as Nova Furniture Joint Stock Company, is ​98% owned ⁤by Nova Group,⁢ the parent company of Novaland. The company’s legal representative is Mr. Ly Truong An,‍ who also represents⁢ several​ other businesses.

The reason for the ⁤penalty is that Nice Star failed to disclose ⁣required information and did not report on the use of capital from bond issuance and related financial statements from 2021 to ⁣2023.

This is not the first time a company related to Nova Group⁤ has been fined⁢ for similar errors. Nova Lucky Palace Joint Stock Company was also fined VND 92.5⁢ million for violating securities and securities market regulations.

In addition⁢ to Nice Star and Nova Lucky Palace, the⁣ State Securities Commission also imposed administrative sanctions on Nam‌ Land Company Limited‌ and Machinery and Spare Parts Import-Export‌ Joint Stock Company for violating information disclosure regulations.

Nam Land Company‌ Limited was fined VND⁤ 92.5 million for failing to disclose required ‍information, including financial reports and‍ bond issuance⁤ documents. Machinery and Spare Parts ​Import-Export Joint Stock Company was also fined‌ VND 92.5 million⁢ for failing to disclose financial reports from 2020 to 2023.

These fines highlight the importance of transparency and compliance with ⁢securities regulations in Vietnam. Companies must ensure that ⁤they disclose required information in a timely and accurate manner to avoid penalties and maintain investor confidence.