Violations of information disclosure rules have seen APAX Holdings, which runs a chain of English training centres in Vietnam, delisted from the Ho Chi Minh Stock Exchange, VN Express is reporting.
Why it matters: APAX well over-expanded before COVID and when the pandemic broke out and centres were forced to close, it very quickly ran out of money. Foreign and local staff went unpaid for months, centres closed, and angry parents became very vocal on social media. That the company has managed to survive this long is baffling, although this latest delisting may be its chickens finally coming home to roost.
