|The State Securities Commission's headquarters in Hà Nội. The watchdog has fined market violators VNĐ5 billion (US$212,000) in January. — Photo tuoitrethudo.com.vn
HÀ NỘI — The State Securities Commission (SSC) has fined companies and individuals who violated rules on the stock market a total of nearly VNĐ5 billion (US$212,000) in January.
On Monday, SSC sanctioned Thành Nam Group, a firm specialising in steel trading and real estate, VNĐ120 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 VNĐ300 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 VNĐ445 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 VNĐ405 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) VNĐ3 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, Tân Bình Vegetable Oil JSC, Hiệp Phước Industrial Park JSC and Long An Export Processing JSC with fines of between VNĐ85 billion and VNĐ210 billon.
Meanwhile, the watchdog fined an individual, Lê Thái Hưng – CEO of Quế Phong Hydropower JSC – VNĐ75 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