SSC carries out sanctioning procedures of FLC Chairman's huge share sale

A leader of the State Securities Commission of Vietnam (SSC), on January 12, said that directing the Ho Chi Minh City Stock Exchange (HoSE) to cancel the sale of 74.8 million FLC shares by Mr. Trinh Van Quyet, Chairman of the Board of Directors of FLC, for not reporting and disclosing information before performing the transaction was an unprecedented measure on the Vietnamese stock market.

The SSC also directed the HoSE, the Vietnam Securities Depository (VSD), and securities companies to coordinate in reviewing reciprocal and selling transactions from Mr. Trinh Van Quyet's account on January 10 to cancel them.

According to the SSC, the review and identification of these reciprocal transactions take a lot of effort and time. However, the SSC and relevant units are determined to complete it as soon as possible to ensure discipline in the market.

Along with that, the SSC has decided to freeze the securities account of Mr. Trinh Van Quyet from January 11 until SSC’s Chairman makes another decision.

A source from the SSC said that, according to the order of violation handling procedures, at first, the inspection agency of the SSC will ask violators to sign the minutes, and after five days will issue an administrative sanction decision according to regulations.

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