On June 10, the State Securities Commission announced that it had issued Decision No. 160/QD-XPVPHC on administrative sanctions against Galaxy Education located at 63A Vo Van Tan (Vo Thi Sau Ward, District 3, Ho Chi Minh City).
Galaxy Education Company was fined VND85 million for administrative violations such as not disclosing information that must be disclosed according to law.
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Specifically, this company did not periodically disclose information to the Hanoi Stock Exchange such as: semi-annual financial report for 2021, report on the use of capital from semi-annual bond issuance for 2021, payment of principal and interest of semi-annual bonds for 2021, and financial report for 2021.
In addition, Galaxy Education also did not report on the use of capital from bond issuance in 2021, the use of capital from semi-annual bond issuance in 2022, and the payment of principal and interest on semi-annual bonds in 2022.
In addition, Galaxy Education also disclosed information to the Hanoi Stock Exchange late on documents such as: the situation of principal and interest payments of bonds in 2021, semi-annual financial report 2022, content on the results of the offering to investors owning bonds with codes GMECH2123005, GMECH2123002, GMECH2123001.
The State Securities Commission's penalty decision takes effect from June 9, 2023.
Galaxy Group operates under a corporate model with a diverse ecosystem in areas such as: Film production and distribution (Galaxy Studio), Online movie viewing platform (Galaxy Play), Online education platform (Galaxy Education), Online publishing and communication (Galaxy Media).
In particular, Galaxy Studio is the largest film producer and distributor in Vietnam with many successful Vietnamese films in terms of both revenue and awards at home and abroad such as: Bloody Heart, I See Yellow Flowers on the Green Grass, You and Trinh, Blue Eyes...
Galaxy Studio is also the exclusive film distributor for Walt Disney, Sony Pictures and other world- famous independent film studios in Vietnam, while Galaxy Play is a pioneering online movie viewing platform with legal copyrighted content.
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