The President was arrested, how are APEC Securities, BOS, and Tri Viet doing?

APEC stocks reverse trend to profit

APEC Securities Joint Stock Company (APS) has just announced its Financial Report for the second quarter of 2023 with a profit after tax of more than 16 billion VND, compared to a loss of 363 billion VND in the same period last year. Accumulated for 6 months, APS's profit after tax was 46 billion VND, compared to a loss of more than 304 billion VND in the same period last year.

APEC Securities' profit in the second quarter of 2023 from financial assets recorded through profit/loss (FVTPL) was 14 times higher than the same period (up to VND 233 billion), mainly from revaluation of proprietary trading portfolio.

Meanwhile, loss from FVTPL assets decreased sharply from VND492 billion in the same period last year to VND209 billion. Besides, management costs also decreased.

APEC Securities has sold almost all of the HPG, CEO and BCG shares held in its proprietary trading portfolio.

In June, APEC Securities was on the list of securities ineligible for margin trading of the Hanoi Stock Exchange (HNX), because the 2022 after-tax profit in the audited financial report was negative.

Securities companies cut margins on stocks in the “APEC family” after news of the prosecution of a stock manipulation case in this group on June 23. According to the State Securities Commission, the Investigation Security Agency (Hanoi City Police) decided to prosecute a criminal case of stock market manipulation occurring at APS, API, and IDJ.

On June 28, Hanoi City Police issued a decision to prosecute and temporarily detain five suspects for the crime of stock market manipulation, including Mr. Nguyen Do Lang, General Director of Asia Pacific Securities Joint Stock Company (APS) and Pham Duy Hung, Chairman of APS.

These are the people involved in the criminal case that occurred at 3 companies: Asia Pacific Securities JSC, Asia Pacific Investment JSC (API) and IDJ Vietnam Investment JSC (IDJ), commonly known as the “APEC family”, related to the APEC Group ecosystem.

All three enterprises API, APS and IDJ are listed on the Vietnamese stock exchange and are part of the APEC Group ecosystem of businessman Nguyen Do Lang.

At APS Securities, Mr. Nguyen Do Lang holds 14.3% of this enterprise's shares, while APEC Group holds 4.6%.

At Asia Pacific Investment (API), Mr. Nguyen Do Lang holds 16.34% of shares, APS Securities holds 13.1%.

At IDJ, APEC Group holds 9.9%, APS Securities 9.47%, APEC Holding 2.83%; Asia Pacific Energy 1.43% and Mr. Nguyen Do Lang holds 1.3%. APS Chairman Pham Duy Hung holds 0.92% of IDJ shares.

Ms. Huynh Thi Mai Dung (1975), wife of Mr. Nguyen Do Lang, was also prosecuted with her husband. Ms. Dung owns 2.02% of APS shares, more than 8% of API shares...

*Many securities companies reported sharp increases in profits despite the arrest of their leaders. (Photo: HH)*

Tri Viet Securities reduces staff and costs

According to the Financial Report for the second quarter of 2023, Tri Viet Securities (TVB) recorded a revenue decrease of nearly 46% compared to the same period to 17.3 billion VND. However, expenses decreased sharply by nearly 95% to 660 million VND.

In the second quarter, Tri Viet reported a profit 4.5 times higher than the same period last year, up to 6.5 billion VND.

Accumulated in the first 6 months of this year, the company's after-tax profit was 7.6 billion VND, down 81%.

According to the explanation, the decrease in revenue was due to a decrease in margin lending and brokerage services. Meanwhile, the decrease in expenses was due to the company reducing its scale of operations, streamlining its staff and managing costs well. The decrease in revenue was lower than the decrease in expenses, leading to a sharp increase in profits compared to the same period.

The report also showed that profit from financial assets recorded through profit/loss (FVTPL) reached VND5.5 billion, 8.5 times higher than last year's figure, mainly due to the increase in revaluation of FVTPL financial assets in the context of a strong stock market increase.

At the end of 2022, the Supreme People's Procuracy issued a decision to prosecute Mr. Pham Thanh Tung, Chairman of Tri Viet Securities JSC - TVSC (TVB), for the crime of stock market manipulation, based on the Decision to prosecute the case occurring at Louis Holdings JSC, Louis Capital JSC (TGG), Louis Land JSC (BII), Tri Viet Securities JSC on April 20.

In April 2022, the Ministry of Public Security prosecuted and temporarily detained: Mr. Do Thanh Nhan (Chairman of Louis Holdings), Mr. Do Duc Nam (CEO of Tri Viet Securities)... The defendants used tricks to manipulate the stock prices of TGG, BII and other stock codes.

In 2021, when the market was boiling and growing strongly, most stocks, big and small, good and bad, increased sharply in price. Many stocks skyrocketed several dozen times, even though the businesses were doing poorly. The "Louis family" group of stocks was among them, with a series of codes hitting the ceiling for a long time and a rush of "selling room".

BOS Securities: Delisting from August 11

The Hanoi Stock Exchange (HNX) has just announced information on the mandatory delisting of ART shares of BOS Securities JSC. Accordingly, August 11 is the date of delisting of more than 96.9 million ART shares.

The reason, according to HNX, is that BOS Securities has seriously violated its information disclosure obligations.

Previously, in October 2022, HNX decided to transfer ART shares to restricted trading from October 12 due to late submission of audited semi-annual financial statements more than 45 days after the prescribed deadline.

In the explanatory document, BOS Securities said that the company has completed the draft of the semi-annual financial report and has tried very hard to find an auditor to audit the report. However, no auditor has accepted it. Therefore, the company has not been able to issue the audited semi-annual financial report for 2022 within the prescribed time limit.

BOS Securities, formerly Artex Securities Company, was established in 2008.

Since Mr. Trinh Van Quyet, former Chairman of the Board of Directors of FLC Group Corporation, and his accomplices were arrested for their involvement in stock price manipulation, stocks in the “FLC family” ecosystem, including FLC, GAB, ROS, BOS, AMD, HAI, KLF… have been in turmoil.

Most of the "FLC family" stocks have been delisted (AMD, GAB, FLC, ROS, HAI) and suspended or restricted from trading (KLF).

The famous stock manipulation cases that landed the chairman in trouble with the law . Many stocks involved in the price manipulation cases increased and decreased dozens of times in a short period of time. The businesses involved did poorly, even suffered losses, but were still praised on social media.

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