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Vien Dong Securities JSC is registered in HCM City with a charter capital of VND135 billion in 2008. The firm had been facing losses since 2010. — Photo thiennamanh.com
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HA NOI (Biz Hub) — The State Securities Commission (SSC) has stopped the business operations of Vien Dong Securities JSC (VDSE) in the local market, according to Decision No 884/QD-SSC, dated August 23.
Based in HCM City, VDSE was registered with a charter capital of VND135 billion (US$6 million) in 2008. The firm had been facing losses since 2010. In 2012, it closed its branch in Ha Noi due to losses. At the same time, it shut down some businesses at the head office.
On January 12 this year, the SSC chairman issued Decision No 17/QD-SSC that suspended work at VDSE for six months as the firm's financial status failed to meet the financial safety condition for operations.
But VDSE could not rectify its financial problems even after the deadline expired.
The SSC had fined the firm VND60 million last August for failing to submit its financial report on time. – VNS