A series of businesses were fined billions of dong before the 2024 Tet holiday

On the last working day before the 2024 Lunar New Year holiday, the State Securities Commission announced a fine of VND 14 enterprises and 1 individual. Of which, ROX Living Joint Stock Company was fined a total of more than VND 2.9 billion for not reporting the expected transaction. Specifically, ROX Living (renamed from TNG Realty Joint Stock Company) is an organization related to Mr. Tran Xuan Quang - an independent member of the Board of Directors at Vietnam Maritime Commercial Joint Stock Bank (stock code MSB). ROX Living Company sold more than 9.7 million MSB shares by agreement in August 2022 but did not report the expected transaction.

In addition to being fined, ROX Living was also suspended from securities trading for three months.

Một loạt doanh nghiệp bị xử phạt tiền tỉ trước kỳ nghỉ Tết Giáp Thìn 2024- Ảnh 1. — Many businesses were fined billions for securities violations before the 2024 Tet holiday

Next, BOS Securities Company (stock code ART) was fined more than 1 billion VND for many violations. This is a securities company related to FLC Group and the stock price manipulation case of former FLC Chairman Trinh Van Quyet.

Specifically, BOS Securities allowed customers to place orders to buy securities when they did not have enough money at the time of placing the order, violating regulations on receiving and executing transaction orders. In addition, there were violations of regulations on restricting lending (lending money to customers to execute purchase orders); not fully storing records, data, and operating documents (not keeping evidence of orders placed by some customers); providing prepayment services for sales even though they had not been approved by the State Securities Commission. In particular, ART also violated regulations on restricting margin trading by opening margin accounts and disbursing to people related to insiders. Specifically, FLC Group Joint Stock Company - related to Ms. Huong Tran Kieu Dung - former Chairwoman of ART Board of Directors, Vice Chairwoman of FLC Board of Directors; Thinh Phat Development Investment and Service Trading Company Limited related to Ms. Trinh Thi Thuy Nga - member of the Board of Directors and Deputy General Director of ART; Mr. Nguyen Van Hien is a person related to Ms. Nga; Ms. Nguyen Thi Toan is Ms. Nga's mother-in-law...

At the same time, a number of other securities companies were also fined, such as VnDirect Securities Company (stock code VND) was fined more than 642 million VND for many violations. Or Stanley Brothers Securities Company (stock code VUA) was fined 450 million VND; Vietcap Securities Company (stock code VCI) with 295 million VND; VPBank Securities Company was fined 340 million VND; Hoa Binh Securities Company was fined 92.5 million VND; Hestia Company (stock code HSA) with 435 million VND, SCG Construction Group with 152 million VND...

The only individual fined was Mr. Bui Van Tu - a member of the Board of Directors of SCG, who was fined VND 85 million for being a member of the Board of Directors of 7 other companies at the same time, exceeding the prescribed level (5 companies).

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