Employees on the trading floor of Tân Việt Securities Company in Hà Nôi. Photo  courtesy of the company

HÀ NỘI – Tân Việt Securities Joint Stock Company (TVSI) will be partially halted from trading on the stock market starting on June 27, said The Vietnam Securities Exchange (VNX).

In an announcement, VNX said that the TVSI will be suspended from purchasing securities on the listed stock market and the trading registration market (UpCOM) at both the Ho Chi Minh City Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX).

The suspension is due to its placement under special control by the State Securities Commission (SSC) and will be effective from June 27 lasting until TVSI is lifted from the special control status.

Previously, on May 18, the SSC placed TVSI under special control after the securities firm was unable to find an auditing agency for its financial statements for 2022 and financial adequacy ratio statements on December 31, 2022.

Under the suspension, TVSI forfeits its ability to distribute profits and rewards to capital contributors as well as its right to pay dividends to shareholders. It is also prohibited from using its assets to convert unsecured debts into secured debts.

TVSI is further forbidden from making capital contributions to the creation of subsidiaries and from making real estate investments. TVSI is also banned from high-risk operations.

In the first six months of the year, TVSI was fined nearly VNĐ1 billion for errors related to bonds and margin allocation. — VNS