The Vietnamese securities watchdog has slapped a fine of VND30 million (US$1,859) on an investor for manipulating stock prices.
The State Securities Commission (SSC) found Nguyen Diem Khanh, a director of of the Ho Chi Minh City-based LiLi Joint Stock Company which specializes in financial investment, guilty of “illegal cooperation in securities trading” to create fake demand and rig stock prices.
But it did not disclose any further information like whom she was in collusion with and which stock prices they manipulated.
This has raised protests from investors who are also indignant that the SSC took nearly one month to make the charges and fine public after making the decision on May 30.
Khanh is the first investor to be fined for stock rigging.
The fine amount is the lowest provided for under the law, with the maximum being VND50 million.
An employee of a Hanoi-based fund said even the maximum penalty was not enough deterrent to stop rigging. He added that the most important issue was for the watchdog to come clean on the matter and not give the appearance of hiding something.
Source: Thanh Nien
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