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Deputy PM urges strict punishment for securities fraud
Ngoc Mai 15:42, 2022/03/31
It is imperative for the stock market authorities to timely provide information to the public and protect the lawful rights of investors.

Deputy Prime Minister Le Minh Khai has instructed Government agencies to strictly punish any deceptive practice on the stock market, considering the move as a key step to maintaining market order and its sustainable development.

 Investor at a securities company in Hanoi. Photo: The Hanoi Times

“It is imperative to continue finalizing legal framework on dealing with violations of securities law for greater transparency, contributing to the market stability and its healthy development,” Khai said in a directive on March 30.

The instruction was issued amid the arrest of FLC Group Chairman Trinh Van Quyet one day earlier [March 29] for market manipulation, which had caused negative impacts on investors’ sentiment and resulted in market instability.

Khai called for leaders at the Ministry of Finance (MoF) and the State Securities Commission of Vietnam (SSC) to closely monitor the situations of the international and local stock markets, especially the capital flows for effective management, and timely intervention, if needed.

Khai also noted the necessity for the stock market authorities to timely provide information to the public and protect the lawful rights of investors.

In addition, the MoF and the SSC are responsible for addressing ongoing shortcomings in the stock market, including the transaction system, information listing of public firms, and the quality of corporate auditing services.

The FLC Group today [March 31] announced the appointment of Dang Tat Thang into the position of Chairman of the Board of FLC Group and Bamboo Airways.

Thang, currently the Vice Chairman of the Board at Bamboo Airways and FLC, would be the successor for Trinh Van Quyet at both companies, previously arrested by the police for alleged market manipulation.

Quyet has authorized Vu Dang Hai Yen, vice General Director of FLC, to represent his rights as a shareholder at FLC and Bamboo Airways.  

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TAG: Vietnam stock market vietnam market manipulation vietnam flc vietnam trinh van quyet
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