Manipulating FRM and ABR stocks, an individual was fined more than 570 million VND

On July 21, the State Securities Commission issued a decision to administratively sanction individual investor Tran Viet Thang with a fine of up to VND575 million for creating fake supply and demand, manipulating FRM shares and ABR shares. Along with that, the State Securities Commission also issued a decision to sanction KB Securities Vietnam JSC with a total fine of VND80 million for violations in information disclosure.

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Accordingly, based on the results of supervision and inspection by the State Securities Commission, Mr. Tran Viet Thang (address at 58 Xuan Thuy, Thao Dien Ward, District 2, Ho Chi Minh City) used accounts in his name and in the names of others to conduct transactions of buying, selling, and matching stocks between accounts to create fake supply and demand, manipulating shares of Saigon Forestry Corporation (stock code: FRM) and shares of Viet Brand Investment Corporation (stock code: ABR).

On July 21, the State Securities Commission issued Decision No. 617/QD-XPHC imposing an administrative penalty for the above violation of Mr. Tran Viet Thang, with a fine of VND 575 million.

Along with the fine, Mr. Tran Viet Thang was also forced to return the illegal profits gained from the violation of VND 87,243,324 according to regulations.

* KB Vietnam Securities Joint Stock Company (located on the 16th-17th floors of Tower 2, Capital Place Building, 29 Lieu Giai, Ngoc Khanh Ward, Ba Dinh District, Hanoi ) was fined VND 20 million according to Decision No. 215/QD-XPVPHC for failing to keep information disclosed according to legal regulations. Specifically, the Company's website has not kept information disclosed for at least 5 years as prescribed.

Next, the Company was fined 60 million VND for not disclosing information on time as prescribed by law.

Previously, the Company disclosed information late regarding 9 Board of Directors' Decisions in 2021 and 2022 on borrowing capital with a value of over 10% of total assets.

The total fine imposed on KB Vietnam Securities Joint Stock Company is 80 million VND.

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