Foreign bank fined for slow disclosure

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Deutsche Bank AG, London Branch, was fined VND70 million (US$3,300) by the State Securities Commission for being late in reporting that it is no longer a large stakeholder in Tu Liem Urban Development (NTL) and Hoa Phat Group (HPG).

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HA NOI (Biz Hub)— Deutsche Bank AG, London Branch, was fined VND70 million (US$3,300) by the State Securities Commission for being late in reporting that it is no longer a large stakeholder in Tu Liem Urban Development (NTL) and Hoa Phat Group (HPG).

The fine was based on the Government's Decree No 85/2010/ND-CP about administrative punishments in the securities sector.

In June, the bank sold shares of NTL and HPG, reducing its holdings to below 5 per cent.—VNS



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