Vietnam’s stock market watchdog has warned confectionery maker Bibica that it broke rules concerning information release and could face punishment.
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A letter by the State Securities Commission (SSC) said Bien Hoa Biscuit and Candy (Bibica) had “systematically violated the information release regime”, adding that the infringements had “caused suspicion among investors”, reported Reuters.
The ruling follows a formal investigation into the company’s delay in reporting audited results for 2002. The audited figures, released two months late in May, showed Bibica had lost more than $350,000 last year.
Brokers said the company could face fines of up to several thousand dollars.
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