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.