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Viseco was fined a record of nearly $45,000 for a series of violations. — Photo vietsc.vn |
HÀ NỘI — Việt Securities Joint Stock Company (Viseco) has been handed administrative fines totalling VNĐ1.17 billion (approximately $45,000) for a series of breaches in securities operations and corporate governance, drawing widespread attention across the market.
According to the State Securities Commission of Vietnam (SSC), since April 2024, Viseco allowed its total debt-to-equity ratio to exceed five times the permitted limit, resulting in a fine of VNĐ175 million.
The company was also fined VNĐ187.5 million for unauthorised lending to employees outside margin trading and for advancing proceeds from securities sales to related parties, in contravention of regulations.
Notably, Viseco unilaterally used more than VNĐ169 billion from a private placement to repay bank loans without securing approval from the General Meeting of Shareholders, leading to a further fine of VNĐ175 million.
The company also failed to disclose several board resolutions concerning these loans and lending activities, incurring an additional penalty of VNĐ92.5 million.
In addition, Viseco submitted inaccurate reports on its financial safety ratios and transactions with insiders, resulting in another fine of VNĐ175 million. The firm was also penalised for failing to maintain an internal audit system and for providing advance payment services on securities sales without regulatory approval, which drew a combined fine of VNĐ360 million.
Alongside the financial penalties, Viseco has been ordered to rectify the breaches, disclose accurate information and convene a General Meeting of Shareholders to approve changes in the use of raised capital.
The total fines are almost equivalent to the company’s net profit for the entire year of 2024 (VNĐ1.2 billion). Prior to this, Viseco recorded consecutive losses from 2019 to 2023, and as of now, its accumulated losses have exceeded VNĐ13 billion.
For 2025, the company has set a revenue target of VNĐ10 billion and an operating profit of VNĐ2 billion, down 46 per cent compared to the previous year. — VNS