Female tycoon gets heavy fine for buying millions of shares without reporting

The State Securities Commission (SSC) has just decided to administratively sanction Ms. Nguyen Thuong Huyen for not publicly purchasing shares in accordance with regulations.

Previously, on July 23, 2023, Ms. Huyen did not register to buy more than 7 million SHG shares of Song Hong Corporation (equivalent to more than 70 billion VND at par value) with the State Securities Commission, increasing the ownership ratio from 0% to 25.96%.

This is a transaction of a large number of shares and a holding ratio of over 5% in the enterprise. Ms. Huyen is officially a major shareholder of Song Hong.

Therefore, Ms. Huyen was fined 125 million VND. At the same time, Ms. Huyen was forced to give up her right to vote directly or through an authorized representative on the shares obtained from the violation.

In addition, Ms. Huyen is forced to sell shares to reduce her holding ratio below the level required for a public offering for the violation within a maximum period of 6 months from the effective date of the decision to apply this measure.

Regarding the personnel situation of Song Hong, on August 23, Ms. Tran Huyen Linh submitted a resignation letter from the position of Chairman of the Board of Directors for the 2020-2025 term for personal reasons.

On October 1, the Board of Directors elected Mr. Phan Viet Anh, General Director, to take the position of Chairman of the Board of Directors; at the same time, elected Mr. Tran Minh Quang, member of the Board of Directors, as General Director to replace Mr. Viet Anh.

According to the recently reviewed 2024 semi-annual business results, Song Hong's revenue reached nearly 9 billion VND, down 4 times compared to the same period last year (over 37 billion VND). After-tax profit in the first 6 months of the year was negative 70 billion VND. Meanwhile, in the same period last year, it lost more than 178 billion VND.

At the end of the trading session on October 10, SHG shares reached 1,900 VND/share.

After resigning from the chairmanship, the Nam Dinh tycoon wants to sell all his shares . After submitting his resignation, the chairman of An Phat Holdings registered to sell all the shares he holds. This Nam Dinh tycoon could earn more than 75 billion VND.

Source: https://vietnamnet.vn/mua-hang-trieu-co-phieu-nhung-khong-bao-cao-nu-dai-gia-bi-phat-nang-2330956.html