Aeon Financial Service said on Friday that its deal to buy a financial company owned by Vietnam’s Southeast Asia Commercial Joint Stock Bank was invalid due to “inappropriate accounting transactions”.
The Japanese financial services company, a subsidiary of the Aeon retail group, in February completed the acquisition of Post and Telecommunication Finance, a non-banking credit organisation, from SeABank for about 26.2 billion yen ($181.81 million).
But the Japanese company later found that accounting information disclosed before the agreement “significantly diverged from reality,” it said in a statement.
SeABank did not immediately reply to a request for comment.
Aeon Financial said it will seek to invalidate the equity transfer agreement and wants to recoup expenses incurred in concluding the equity transfer agreement.
Reuters
