Market watchdog fines violators VND5 billion in January

Friday, Jan 20, 2023 09:26

The State Securities Commission's headquarters in Ha Noi. The watchdog has fined market violators VND5 billion (US$212,000) in January. — Photo

The State Securities Commission (SSC) has fined companies and individuals who violated rules on the stock market a total of nearly VND5 billion (US$212,000) in January.

On Monday, SSC sanctioned Thanh Nam Group, a firm specialising in steel trading and real estate, VND120 million for its failure to disclose sufficient and on-time information as prescribed by law.

Last week, the market watchdog fined Tan Viet Securities JSC VND300 million for its violations in providing consulting services on corporate bond offering documents from January 2021 to September 2022 which caused mistrust in the market.

The brokerage company was also penalised other fines worth a total VND445 billion for law-breaking errors including not registering and depositing bonds offered for sale or making private placement on time as prescribed and failing to disclose information on time.

It also violated regulations on investment restrictions for securities companies. Specifically, from January 1 to August 30 last year, many times the total value of the company’s investment in corporate bonds exceeded 70 per cent of its equity.

The commission fined Techcombank Securities JSC VND405 million for its failure in information disclosure, in preparing information in bond offering documents and in registering and depositing bonds offered for sale. It also penalised the Trade Union of Asia Commercial Bank (ACB) VND3 billion for its “underlying” purchase of 10.3 million shares of the bank without reporting to the authority. The union was also suspended from trading for four months.

Other companies had to pay penalties including Vinaceglass Joint Stock Company, Tan Binh Vegetable Oil JSC, Hiep Phuoc Industrial Park JSC and Long An Export Processing JSC with fines of between VND85 billion and VND210 billon.

Meanwhile, the watchdog fined an individual, Le Thai Hung – CEO of Que Phong Hydropower JSC – VND75 million for not buying shares during the registration time and violation on disclosing information of ownership for major shareholders (holding 5 per cent of a public company’s equity). — VNS

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