Wednesday, March 07, 2007

TVS scandal: press conference held

Executives at Thien Viet Securities Joint Stock Company (TVS) yesterday held a press conference to correct media reports regarding its licence and name change from Viet Nam Financial Securities Joint Stock Company.

Chairman Nguyen Trung Ha said executives followed regulations on establishing securities firms, and denied the sale of Viet Nam Financial Securities’ licence to TVS, as reported by the media.

In July 10, 2006, executives petitioned the State Securities Commission (SSC) to create Viet Nam Financial Securities Joint Stock Company.

On November 10, 2006, the SSC approved the petition in principle.

However, managers felt the company’s name was too similar to Viet Nam Securities Company, and 15 days later submitted documents to the commission to change it to Thien Viet Securities Joint Stock Company (TVS).

On December 25, 2006, TVS was officially granted an operation licence by the SSC under its new name.

From July to December, the company was under the scrutiny of market regulators with the SSC examining their facilities and confirming their readiness to operate as a brokerage, said Ha.
"During the petition and licensing process, the chairman of the management board of both the Viet Nam Securities Financial Joint Stock Company and TVS was always me," Ha said at the conference.

Local papers had earlier reported that one Le Huy Hoang was chairman of Viet Nam Securities Financial Joint Stock Company, raising concern that TVS had bought its licence.
Ha called the claim absolutely false, and said all founding shareholders listed in the Viet Nam

Securities Financial Joint Stock Company and TVS petitions were the same.
TVS executives yesterday also reconfirmed the company’s link with Goldman Sachs. Ha said the companies have signed a co-operation agreement, but due to confidentiality clauses full details could not be released.

Source: VNS

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