Market watchdog fines violators VNĐ5 billion in January

Market watchdog fines violators VNĐ5 billion in January

HÀ NỘI — The State Securities Co妹妹ission (SSC) has fined companies and individuals who violated rules on the stock market a total of nearly VNĐ 五 billion (US$ 二 一 二,000) in January.

On Monday, SSC sanctioned Thành Nam Group, a firm specialising in steel trading and real estate, VNĐ 一 二0 million for its failure to disclose sufficient and on-time information as prescribed by law.

Last week, the market watchdog fined Tân Việt Securities JSC VNĐ 三00 million for its violations in providing consulting services on corporate bond offering documents from January  二0 二 一 to September  二0 二 二 which caused mistrust in the market.

The brokerage company was also penalised other fines worth a total VNĐ 四 四 五 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  一 to August  三0 last year, many times the total value of the company’s investment in corporate bonds exceeded  七0 per cent of its equity.

The co妹妹ission fined Techcombank Securities JSC VNĐ 四0 五 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 Co妹妹ercial Bank (ACB) VNĐ 三 billion for its “underlying” purchase of  一0. 三 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, Tân Bình Vegetable Oil JSC, Hiệp Phước Industrial Park JSC and Long An Export Processing JSC with fines of between VNĐ 八 五 billion and VNĐ 二 一0 billon.

Meanwhile, the watchdog fined an individual, Lê Thái Hưng – CEO of Quế Phong Hydropower JSC – VNĐ 七 五 million for not buying shares during the registration time and violation on disclosing information of ownership for major shareholders (holding  五 per cent of a public company’s equity). — VNS