The Ho Chi Minh City Stock Exchange (HoSE) has suspended the trading of IBC shares belonging to Apax Holdings JSC, which owns the APAX Leaders English-language center chain, as the company violated regulations on information disclosure even after having its shares classified as restricted.

IBC was placed in the restriction list due to Apax Holdings JSC’s lateness in submitting its audited 2022 financial report.

The company later failed to release its financial reports for the second quarter and the first half of this year by the official deadlines.

Apax Holdings, whose chairman is Nguyen Ngoc Thuy, is the parent company of APAX English Corporation, the operator of APAX Leaders English centers, Igarten Education Development JSC, and Firbank Australia School JSC.

Thuy once attributed the lateness in submitting such financial reports to his company facing several issues in internal governance.

He added that APAX English Corporation was confronted by a shortage of human resources and was in a restructuring process, which hindered the completion of Apax Holdings’ 2022 financial report.

He affirmed that the company would strictly comply with regulations on information disclosure in 2024 and organize an annual shareholder meeting as required.

In November 2022, many parents accused APAX Leaders centers of having collected tuition fees for long-term courses but failed to arrange classes.

In addition, many former employees denounced the chain for failing to pay their salaries.

Apax Holdings chairman Thuy later told HoSE that the firm would act to come up with appropriate solutions.

Thuy added that the scandal did not affect Apax Holdings’ business as Apax Holdings was the parent company which operated independent APAX Leaders centers.

Apax Holdings reported a decline in business results in the last quarter of last year with revenue of negative VND45.5 billion (US$1.9 million).

In the quarter, the firm incurred an after-tax loss of nearly VND93 billion ($3.9 million).

In the entirety of last year, Apax Holdings generated net revenue of over VND1.3 trillion ($54.3 million), up 35 percent over the preceding year.

However, the firm suffered losses amounting to over VND81 billion ($3.4 million), its highest ever.

IBC has tumbled to VND2,400 ($0.1) from nearly VND20,000 ($0.8) over the past year.

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