The Ho Chi Minh City Stock Exchange (HoSE) has placed BMI shares of Bao Minh Insurance Corporation under warning status, effective 10 April.
The decision follows a qualified audit opinion issued on the company’s 2025 audited consolidated financial statements.
Previously, BMI released its 2025 financial report, which was audited by PwC Vietnam. The auditors issued a qualified opinion over outstanding assets awaiting resolution, amounting to more than VND155.9bn ($6.1-6.3m).
The auditor said it was unable to obtain sufficient appropriate audit evidence regarding the recoverability of the amount and therefore could not determine whether a provision for doubtful receivables was necessary.
In its explanatory filing to the State Securities Commission, BMI said the discrepancy in assets stemmed from a fraud case involving a company employee in relation to a payment account at a domestic bank.
According to the document, the corporation promptly lodged a police complaint to report the incident and has also initiated the necessary legal procedures to determine the responsibilities of the organisations and individuals involved.
Currently, the largest shareholder is the State Capital Investment and Business Corporation (SCIC) holding 50.7% of the capital, followed by AXA Financial and Insurance Group (France) with 16.65%, and Firstland Company Limited with over 5%.