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VietNamNews

SSC forces GPFund to suspend operations

Update: September, 11/2013 - 08:30

The Global Petroleum Fund Management Corporation (GPFund) was forced to suspend operations two years after starting on September 6, 2013, following Decision No.548 by the State Securities Commission of Viet Nam.— Photo baohaiquan

HA NOI (VNS) — The Global Petroleum Fund Management Corporation (GPFund) was forced to suspend operations two years after starting on September 6, 2013, following Decision No.548 by the State Securities Commission of Viet Nam (SSC).

The GPFund was responsible for publicising its operation suspension and must follow laws and regulations during the two-year business postponement.

In the previous year, the group was alerted to operation control because of not satisfactorily meeting financial security regulations.

At the moment, GPFund has not published its business results for the first six months of this year. However, according to the 2012 audit result, total assets for the corporation was VND7.7 billion (US$366,666).

The company has a charter capital of VND25 billion ($1.19 million) but its cumulative losses reached VND22.3 billion ($1.06 million). In 2012 alone, GPFund lost more than VND2 billion ($95,238).

The corporation, which commenced operations in 2008, focuses on doing research and providing diversified services for investors as well as connecting the supply and the demand in the financial market. — VNS

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