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Tan Viet Securities (TVSI) escaped special control 

 Friday, September 29,2023

AsemconnectVietnam - On September 15, the State Securities Commission (SSC) decided to end the special control status of Tan Viet Securities Joint Stock Company (TVSI).

Previously, the State Securities Commission put Tan Viet Securities under special control on the grounds that the financial safety ratio report dated December 31, 2022 prepared by the company was not audited. The special control period is from May 18 to September 17.
Currently, the enterprise has published its audit report, so the State Securities Commission decided to end the special control situation because the company has overcome the cause.
According to TVSI's 2023 semi-annual reviewed financial statements, the after-tax loss is up to VND336 billion, a large difference compared to the profit of VND24 billion on the self-made financial statements.
Business indicators after review have almost no change. The big difference between reviewed and self-prepared financial statements in business management costs. After review, business management costs were VND377 billion, nearly 38 times higher than self-funded and nearly 14 times the same period, mainly due to an increase in provisions for bond repurchase contracts of nearly VND398 billion.
At the end of August, TVSI just announced its 2022 audited financial report with profit after tax of VND148 billion, down 62% compared to its own report. According to TVSI's explanation, this significant difference is due to the company's additional accounting of costs for re-evaluating financial assets through profit/loss (FVTPL), provisions for bad debts, and expense provisions. Other payables total is VND244 billion.
Notably, TVSI recorded VND18,800 billion of bonds that have not been repurchased and are overdue, of which VND14,800 billion is unpaid.
On the other hand, the auditor noted that as of November 2, 2022, TVSI's deposit balance at Saigon Commercial Joint Stock Bank (SCB) is about VND1,609 billion, including investor deposits to serve securities transaction payment needs about VND879 billion, TVSI's deposits serving other payment obligations for customers are about VND730 billion that cannot be traded.
The audit opinion also stated that TVSI has spent VND74.6 billion on salaries set aside as provisions according to regulations from 2021, causing pre-tax profit in 2022 to increase correspondingly. At the same time, at the end of 2022, the company has made a provision for salaries payable according to regulations of VND34.1 billion, this amount will be paid in 2023, causing pre-tax profit in 2022 to be correspondingly reduced.
Source: VITIC/Tinnhanhchungkhoan


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