AEON Financial Service (AFS) has declared its acquisition of Vietnamese lender Post and Telecommunication Finance Company (PTF) invalid, citing serious accounting irregularities prior to the deal, the firm has said in a statement.
The value of the deal was not disclosed, but AEON completed the share purchase from SeABank in February 2025, after signing the equity transfer agreement in October 2023.
Key details:
- Discovery timeline: AFS uncovered “inappropriate accounting transactions” during post-merger integration and launched an internal investigation with a local external lawyer.
- Legal action: AFS notified SeABank on June 6 that the equity transfer agreement was invalid and is now looking, under Vietnamese law, to annul it.
- Compensation sought: AEON is seeking return of expenses, damages, and legal accountability from SeABank and its directors.
- Strong language: AFS called the accounting falsehoods “absolutely unacceptable” and “totally against international business practice.”
The move sends a warning signal to foreign investors about due diligence challenges in Vietnam’s financial sector. As AEON pushes for legal redress, the case could trigger broader scrutiny of M&A governance and transparency standards, particularly in deals involving local financial institutions.
See also: Banking in Vietnam 2025: Account Ownership, Mobile Money & Key Players