Vietnam’s securities watchdog has announced penalties on several listed companies and securities firms for violating rules after wrapping up a probe which began late last year.
The State Securities Commission (SSC) has slapped a penalty of VND50 million (3,100 US$) on Petrolimex Tanker Joint Stock Company for submitting false documents before issuing shares.
Vietcombank Securities Company, an arm of the state-run Bank for Foreign Trade of Vietnam, will have to pay VND30 million for violating rules on managing customer accounts, and for abetting illegal stock trading by customers.
IndoChina Capital Corporation (ICC), Saigon Securities Inc (SSI), and the Bank for Investment and Development of Vietnam Securities (BSC) have all been fined VND10 million.
ICC was found guilty of trading Vinamilk shares without reporting the transactions to the Ho Chi Minh City Securities Trading Center.
SSI was fined for increasing its chartered capital on several occasions from VND52 billion to VND500 billion without informing the securities watchdog before the deadline.
BSC was found abetting clients in violating market rules.
The SSC also plans to examine other brokerages following complaints from investors about some listed companies whose stocks have run up sharply.
It warned of harsh penalties for violations.
The International Monetary Fund said recently that Vietnam should improve transparency to ensure the reliability of the stock exchange
Source: Thanh Nien
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