Nearly a year after publishing its 2023 financial report, Thang Long Thermal Power Joint Stock Company — a member of Geleximco Group — has acknowledged a significant reporting error, revising its 2023 profit of VND 122 billion (US$4.8 million) to a loss of more than VND 528 billion (US$20.6 million). The correction comes after the company issued nearly VND 1,800 billion in bonds over the last twelve months since the incorrect statements were made public, VietnamNet has reported.

Moreover, actual equity at the end of 2023 was VND 3,981 billion (US$155.6 million), not VND 4,509 billion (US$176 million) as previously stated.

This correction raises questions about transparency, internal controls, and investor protection, especially given the timing—close to a major bond issuance. Of course, this misreporting, whether accidental or not, can significantly impact investor confidence, particularly in the corporate bond market where accurate financial data is crucial for assessing credit risk.

That said, this kind of misreporting is not uncommon. Real estate giant Novaland, for example, banked its worst half year on record in the first six months of 2024, after audited financial reports found huge discrepancies from what the firm’s internal accountants had claimed. Specifically, the company’s own financial statements reported a profit of VND 3.5 trillion or US$142.2 million, however, an audit found the company had actually made a loss of VND 7.3 trillion or US$296.6 million.