Stock manipulation, an individual fined more than half a billion dong

The State Securities Commission has just issued a decision to impose an administrative penalty on Mr. Nguyen Thanh Tung, whose permanent address is Room C1A-12A03, Ecohome 2 apartment building, Tan Xuan street, Dong Ngac ward (Bac Tu Liem, Hanoi).

Mr. Tung was fined 575 million VND according to the provisions of Clause 3, Article 29 of Decree No. 108 dated September 23, 2013 of the Government.

According to the State Securities Commission, Mr. Tung has manipulated the stock market. Specifically, from December 13, 2019 to July 16, 2020, Mr. Nguyen Thanh Tung used 5 accounts, including 1 account in his name and 4 accounts in the names of 4 other people, to continuously buy and sell HCI shares, and reciprocal transactions of HCI shares between accounts with the aim of creating fake supply and demand, manipulating the stock market for HCI shares.

However, the State Securities Commission said the above individual did not have any illegal profits gained from stock manipulation.

Along with that, the State Securities Commission also issued a decision to sanction administrative violations in the field of securities and the securities market against Minh Huu Lien Joint Stock Company with head office address: 41-43 Street D1, Him Lam residential area, Tan Hung ward (District 7, Ho Chi Minh City).

The total amount of fines that this company must pay is 282.5 million VND. Of which, 92.5 million VND is due to failure to disclose information that must be disclosed according to the law; 175 million VND is due to disclosure of incorrect information and 15 million VND is due to failure to develop and submit to the General Meeting of Shareholders for approval of internal regulations on corporate governance, regulations on the operation of the Board of Directors and the Board of Supervisors.

At the same time, the company is forced to correct information for the act of publishing false information.