Manipulating stocks of FRM and ABR codes, an individual was fined half a billion VND

On July 21, 2023, the State Securities Commission (SSC) issued a decision to penalize Mr. Tran Viet Thang for manipulating the stock prices of two stocks, FRM and ABR.

According to information from the State Securities Commission, Mr. Tran Viet Thang used accounts under his own name and others to repeatedly conduct buy and sell transactions of the two aforementioned stocks in order to create artificial supply and demand and manipulate stock prices.

During the stock price manipulation scheme, Mr. Thang illegally profited 87.2 million VND. He was ordered to return this illegal profit along with a fine of 575 million VND.

Regarding the two stocks involved in the above case, FRM is the stock code of Saigon Forestry Joint Stock Company, formerly Ho Chi Minh City Forestry Products Company. The company was established in 1993 with its main business activities being wood processing and crocodile farming. As of July 22, 2023, the FRM share price was recorded at VND 5,700 per share.

An individual was fined 575 million VND for manipulating the stock prices of FRM and ABR (Photo: Provided).

FRM's business results for 2022 showed net revenue of only VND 33.7 billion and after-tax profit of VND 6.3 billion. However, considering only its core business operations, the company incurred a loss of VND 6.7 billion.

Meanwhile, ABR shares of Vietnam Brand Investment Joint Stock Company, formerly Kien An Wood Processing Joint Stock Company, were established in 2012 with an initial charter capital of approximately 1 billion VND. The company began trading on the stock exchange in 2018. As of July 22, 2023, ABR shares were trading at 13,700 VND per share, an increase of 1.5 times compared to the beginning of 2023.

ABR's business results for the most recent second quarter show net revenue reaching VND 19.9 billion and after-tax profit amounting to VND 15.4 billion.

Source: https://www.congluan.vn/thao-tung-co-phieu-ma-frm-va-abr-mot-ca-nhan-bi-phat-nua-ty-dong-post257339.html