Singer Khánh Phương fined 245 million VND for illegally purchasing shares.

According to information from the State Securities Commission (SSC), on June 26th, the SSC issued Decision No. 514/QD-XPVPHC on administrative penalties for violations in the field of securities and securities market against Mr. Pham Khanh Phuong (singer Khanh Phuong - PV).

Accordingly, the State Securities Commission of Vietnam (UBCKNN) decided to fine Mr. Pham Khanh Phuong 150 million VND for failing to register a public tender offer as required by law. Specifically, between June 23, 2022 and October 28, 2022, Mr. Phuong purchased 3,155,718 shares of Song Da 1.01 Joint Stock Company (stock code SJC), increasing his ownership from 0% to 45.5%; on December 23, 2022, Mr. Phuong conducted transactions to buy 100,000 SJC shares and sell 21,800 SJC shares, increasing his ownership from 1,711,896 SJC shares (corresponding to 24.69%) to 1,790,096 SJC shares (corresponding to 25.81%) without registering a public tender offer.

Singer Khanh Phuong was fined 245 million VND for illegally purchasing shares. (Illustrative image)

According to the State Securities Commission, remedial measures require the relinquishment of voting rights, either directly or through authorized representatives, on shares acquired from the violation, and the sale of shares to reduce the holding ratio to below the level requiring a public tender offer for the violation, within a maximum period of 06 months from the date the decision to apply these measures takes effect.

Mr. Pham Khanh Phuong was fined an additional 60 million VND for failing to report when he acquired 5% or more of the voting shares of a public company. Specifically, on October 14, 2022, Mr. Phuong purchased 96,600 SJC shares, increasing his ownership from 289,200 SJC shares (4.17%) to 385,800 SJC shares (5.56%), making him a major shareholder of SJC, but he failed to report this to the Hanoi Stock Exchange.

At the same time, the State Securities Commission also fined Mr. Phuong 35 million VND for failing to report changes in his shareholding ratio exceeding 1% of the total number of voting shares.

Specifically, from October 21, 2022 to December 30, 2022, Mr. Phuong continuously bought and sold SJC shares, changing the ownership percentage of Mr. Phuong and related parties after transactions exceeding 1% of SJC's voting shares, specifically: increasing from 5.56% to 8.42%; increasing from 47.66% to 48.62%; decreasing from 48.13% to 24.53%; decreasing from 48.06% to 47.83%; increasing from 47.83% to 48.26%; increasing from 25.81% to 26.04%. However, Mr. Phuong did not report/reported incorrectly to the Hanoi Stock Exchange when there were changes in the ownership percentage of SJC shares.

Therefore, the total fine imposed on Mr. Pham Khanh Phuong for the three violations is 245 million VND. The decision is effective from the date of signing.

Thanh Lam

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