Two Đức Giang Chemicals subsidiaries face financial trouble as Tibaco is fined and PAT delays 2025 audited financial statements

Two subsidiaries of Đức Giang Chemicals (DGC) are facing regulatory and financial setbacks after one unit was fined and assessed for tax issues, while another sought to delay the submission of its 2025 audited financial statements amid an ongoing investigation.

Tibaco (TSB) fined and hit with tax assessments

CTCP Ắc quy Tia Sáng (Tibaco, ticker: TSB) was fined nearly VND 122 million by the Hai Phong City Tax Department for mis-declaration that led to underpayment of corporate income tax and an over-refund of value-added tax (VAT).

The tax authority also issued additional remedial assessments, including:

• Additional corporate income tax assessments of about VND 451 million
• VAT assessments of more than VND 145 million
• Late-payment penalties of nearly VND 328 million

The Hai Phong Tax Department said the late-payment figure is calculated as of March 30, and Tibaco is responsible for calculating and paying any amounts arising after that date.

On the same day, the tax authority issued a separate decision to recover nearly VND 112 million in VAT refunds related to Tibaco’s mis-declaration of input tax deductions. The agency also noted that late payments up to March 30 exceed VND 41 million and asked the company to self-calculate and pay any late payments after that date.

Tibaco to extend AGM timeline

Tibaco also announced that its 2026 annual general meeting will be extended to no later than June 30 to allow for the election of additional board members and a supervisor.

Previously, Tibaco had planned an extraordinary general meeting in May to elect these positions after several executives were prosecuted for accounting-rule violations at Đức Giang Chemicals, which the article says involved serious consequences, resource extraction, and environmental pollution.

At the end of 2025, Tibaco’s leadership included Chairman Đào Hữu Huyền; board member Đào Hữu Duy Anh (son of Đào Hữu Huyền); and Head of the Supervisory Board Hoàng Thúy Hà, who were identified as being connected to the case.

Business overview

Tibaco’s predecessor was Tam Bạc Battery Factory, established in 1960. The company produces lead-acid batteries and dry-charge batteries, supplying materials for battery production. It currently produces nearly 100 types of lead-acid batteries, with the domestic market remaining its primary market.

PAT seeks delay for 2025 audited financial statements

CTCP Phốt pho Apatit Việt Nam (PAT) announced it would delay the submission of its 2025 audited financial statements.

On 17 March 2026, the Police Investigation Agency – Ministry of Public Security announced the initiation of a case titled “Environmental pollution; violations of regulations on exploration, exploitation of resources; violations of accounting regulations causing serious consequences,” involving Đức Giang Chemicals Group and related units, including PAT. The case is under investigation, with many accounting records sealed, preventing completion of the 2025 audit.

PAT has asked the Vietnam State Securities Commission and the Hanoi Stock Exchange to consider allowing a delay in submitting the 2025 audited financial statements under Circular 96/2020/TT-BTC. Once the audit can resume, the company said it will work with its auditor and publicly disclose the full 2025 audit results after completion.

Ownership and upcoming corporate actions

Đức Giang Chemicals Group currently holds controlling interest in PAT through its subsidiary Đức Giang Chemicals - Lao Cai. As of year-end 2025, Đức Giang Lao Cai is the controlling shareholder with 51% of charter capital, while Đào Hữu Duy Anh and Đào Hữu Huyền together hold 16.72% of PAT.

On 13 May 2026, PAT is scheduled to hold an extraordinary general meeting in Hanoi to elect four new board members, with the final registration deadline set as 13 April 2026.

Market context

On the stock market, Tibaco’s TSB has fallen sharply following news of leadership prosecutions and is trading near three-year lows. The article states Tibaco’s market capitalization is around VND 130 billion, while PAT trades around VND 68,000 per share.