Illustrative image.—VNA/VNS Photo

HA NOI (Biz Hub)— The recent dispute between investors and a securities firm relating to abuses with investors' money is again raising concerns about the lack of protection.

Two investors who deposited about VND900 billion (US$43 million) at Dai Viet Securities Co's Ha Noi branch recently accused the company of using the money without their consent. They claim the money was secretly transferred to the account of the branch's director, Dang Kim Thoa, without their request.

Lawyer for Dai Viet Securities Nguyen Thanh Cong told ttvn.vn that Thoa and his colleagues seriously violated company rules.

"(However) the company did not illegally appropriate customers' money and we will pay the money back," Cong said.

The State Securities Commission will send an inspection team to check trading at the company's Ha Noi branch.

After the incident, many investors expressed concern about the possibility of their money being used by securities companies without their knowledge. According to lawyer Le Duc Thang, head of Le & Dong law office, transferring investors' money without their request violates Ministry of Finance regulations.

Phung Thi Thanh Ha, head of MB Securities Co's risk-management department, said in many cases, leaders of securities companies did not know about the violations until clients complained.

According to market insiders, the misuse of investor funds can be avoided if every money transfer is controlled and compared with the clients' request, data and signature.

They said that this should be done daily or at least monthly, but for many reasons, the regulation seems to be ignored at many securities firms. — VNS