return icon Vietnamnet.vn

FLC chairman gets highest fine for unannounced share sale

The State Securities Commission of Vietnam (SSC) has imposed the highest possible fine of VND1.5 billion (US$65,850) on Trinh Van Quyet, chairman of local conglomerate FLC, for his unannounced sale of FLC shares. 

{keywords}

Trinh Van Quyet, chairman of FLC Group – PHOTO: VNA

The decision was made on January 18 in accordance with Government Decree 128 on sanctions against violations in stock trading that took effect early this year.

The decree stipulates that those infringing stock trading rules will be fined at least VND5 million or 3-5% of the value of transactions worth over VND10 billion but no more than VND1.5 billion. Besides, Quyet is banned from making stock transactions for five months.

Quyet registered to sell 175 million FLC shares to reduce his ownership in the company from 30.34% to 5.7%. However, the SSC only received a report of his transaction at 5:45 p.m. on January 10. By then, Quyet had already sold 74.8 million FLC shares.

The Hochiminh Stock Exchange has canceled the FLC chairman’s sale of 74.8 million FLC shares due to his failure over pre-transaction information disclosure.

Prevailing regulations require major shareholders to announce their share plans in advance.

Since then, a host of stocks linked to FLC Group such as ROS, AMD, KLF and HAI have dropped sharply for seven consecutive sessions.

This is the second time that Quyet has been fined for violating stock trading regulations. In November 2017, Quyet was fined VND65 million for selling 57 million FLC shares without announcing his sale in advance.

At that time, the FLC shares were sold at VND7,100-7,700 each. After Quyet’s transaction, FLC lost approximately 10%.

Source: SGT

FLC share sell surprise incites scrutiny of process

FLC share sell surprise incites scrutiny of process

The move to block the securities account of FLC Group chairman Trinh Van Quyet for failing to disclose stock sales in advance has triggered a debate around the equity market’s transparency and conflict-of-interest rules.

MORE NEWS

Ministry listens to firms' difficulties, pledges to raise support

The Ministry of Planning and Investment will propose policies to remove obstacles for enterprises and enable them to seize opportunities to accelerate production and business, Minister Nguyen Chi Dung said.

Vietnam's e-government procurement system set to launch in August

The e-GP would allow effective and transparent management of the public procurement process.

VIETNAM BUSINESS NEWS JUNE 29

Newly-established businesses in H1 exceed 70,000

Australian Foreign Minister enjoys Pho ga in Hanoi

Australian Foreign Minister Penny Wong enjoys Hanoi's specialty of Pho ga or chicken noodles as she arrived in the city on her first visit to Vietnam.

Vietnamese ceramic artist sets two Guinness World Records

Two Vietnamese ceramic works will be recognised as having set Guinness World Records at a ceremony in Hanoi today (June 30).

VIETNAM NEWS HEADLINES JUNE 29

USAID assists Vietnamese businesses to reduce greenhouse gas emission

Vietnam Airlines plans to restore its entire flight network by the end of 2023

The restoration of international flight routes is an important condition for Vietnam Airlines to reduce losses and become profitable in the near future.

Saigon Zoo elephant dung used to make paper

A Saigon Zoo member of staff and a group of students are transforming elephant dung into paper.

Future of Hanoi’s 120-year-old Long Bien Bridge unclear

Long Bien Bridge, the iconic bridge across Hanoi’s Red River, has degraded, but no major repair plan has been finalized and its future is unclear.

Information & Communications Ministry works to create modern digital infrastructure

The Ministry of Information and Communications will exert efforts to create a modern and safe national digital infrastructure, and a new space for digital economic growth, and developing e-government towards the building of a digital government.

Vietnamese NA Chairman begins official visit to UK

National Assembly (NA) Chairman Vuong Dinh Hue arrived at Heathrow Airport in London on June 28 (local time), beginning his three-day official visit to the UK.

Vietnam to establish industrial environmental index

The Ministry of Planning and Investment (MPI) has called for the implementation of an industrial environmental index in Vietnam, according to Le Thanh Quan, head of MPI's department of economic zone management.

Rising costs cast doubt on wood companies growth prospects

As wood export turnover is rebounding with rising demand in the domestic market, the revenues of wood enterprises are expected to advance.

Vietnam’s GDP expands 7.72% in second quarter of 2022

Vietnam’s Gross Domestic Product (GDP) in the second quarter of this year was estimated to increase 7.72% year-on-year, higher than the growth rates in the same quarters during the 2011-2021 period.

Danish Crown Prince Couple to visit Vietnam in November

Wind energy and energy efficiency will be in focus during the visit, which will take place on November 1-2.
back_to_top