HVA Auditor Disclaims 2026 Semi-Annual Statements After Ex-Chairman Eric Vuong Arrest

Overview

HVA Investment JSC (ticker HVA, UPCOM) disclosed that auditor A&C has disclaimed its semi-annual 2026 financial statements, citing the arrest of former chairman Vuong Le Vinh Nhan (Eric Vuong) in a criminal case tied to the ONUS crypto exchange. The disclaimer leaves up to VND 147 billion in investments and receivables at risk of non-recovery, a figure equal to roughly USD 5.88 million.

Key Facts

• On 24 March 2026, the Ministry of Public Security’s security investigation agency opened a criminal case into the ONUS crypto exchange and arrested Vuong Le Vinh Nhan, former HVA chairman, and Ngo Thi Thao, director of HanaGold.
• Auditor A&C disclaimed its conclusion on HVA’s semi-annual 2026 financial statements, stating it could not obtain sufficient evidence on the scope and impact of the case.
• All HVA accounting records and documents for transactions from 1 January 2026 to 24 March 2026 were seized by investigators, and the auditor was not granted access.
• At 30 June 2026, HVA held more than VND 125 billion in held-to-maturity investments, mostly from business cooperation contracts, plus VND 22 billion in receivables from Trustpay JSC.
• The two items total VND 147 billion, the maximum value affected if none can be recovered.
• Within the VND 125 billion: VND 25 billion with Onuschain (HVA’s largest service revenue partner and linked to Eric Vuong), VND 35 billion with HanaGold, VND 5 billion with Vfilms, and VND 15 billion with BTC.
• The Vfilms and BTC contracts were terminated on 8 December 2025 and had passed their repayment deadlines, but capital remained unrecovered as of 30 June 2026.

What Happened

HVA published its reviewed semi-annual 2026 financial statements, and auditor A&C declined to issue a conclusion. The auditor cited the 24 March 2026 criminal case into ONUS and the arrest of Vuong Le Vinh Nhan, HVA’s former board chairman, alongside Ngo Thi Thao, director of HanaGold. As of the review report date, the auditor said it had not gathered adequate evidence to assess the case’s scope and impact on HVA, its transactions, or related balances.

Investigators seized all of HVA’s accounting files and vouchers for transactions from 1 January 2026 through 24 March 2026. Without access and unable to perform alternative procedures, A&C could not verify the existence, completeness, accuracy, classification, or period of those transactions, nor their effect on balances at 30 June 2026. The auditor therefore could not determine whether additional adjustments to the interim statements are needed. HVA also did not receive balance confirmations from related parties, could not reach partners, and provided no other suitable evidence on recoverability for the VND 125 billion investment.

Market Context

HVA trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 4,000 on 11 October 2026. The stock sits in the financial services sector, where counterparty and related-party exposure is a core credit-risk consideration. A disclaimed audit opinion is a severe escalation for a small-cap UPCOM issuer, since it removes the auditor’s assurance on the interim numbers and shifts the burden of proof onto management and any subsequent review.

Strategic Significance

The central issue is not the headline arrest but the recoverability of HVA’s business cooperation contracts. A VND 25 billion exposure to Onuschain, described as HVA’s largest service revenue partner and linked to Eric Vuong, plus VND 35 billion to HanaGold, whose director faces charges in the same case, means a material share of the balance sheet depends on counterparties now inside a criminal investigation. The VND 5 billion Vfilms and VND 15 billion BTC contracts, terminated in December 2025 and still unpaid by 30 June 2026, suggest collection weakness predating the March 2026 arrests. For long-term holders, the key question is whether HVA can recover capital, restate or adjust the interim accounts, and rebuild an audit trail that regulators have seized.

What to Watch

• Any HVA announcement on recovery of the VND 125 billion investments or the VND 22 billion Trustpay receivable.
• The company’s next audited or reviewed financial statements and whether the disclaimer is repeated or resolved.
• Developments in the ONUS criminal case, including charges against Vuong Le Vinh Nhan and Ngo Thi Thao.
• Disclosure of any restatement, impairment, or additional adjustments to the semi-annual 2026 accounts.
• UPCOM trading activity and any regulatory filing on HVA’s listing status or disclosure compliance.