The State Securities Commission of Vietnam (SSC) has imposed the highest possible fine of VND1.5 billion (US$65,850) on Trinh Van Quyet, chairman of local conglomerate FLC, for his unannounced sale of FLC shares.
Trinh Van Quyet, chairman of FLC Group – PHOTO: VNA
The decision was made on January 18 in accordance with Government Decree 128 on sanctions against violations in stock trading that took effect early this year.
The decree stipulates that those infringing stock trading rules will be fined at least VND5 million or 3-5% of the value of transactions worth over VND10 billion but no more than VND1.5 billion. Besides, Quyet is banned from making stock transactions for five months.
Quyet registered to sell 175 million FLC shares to reduce his ownership in the company from 30.34% to 5.7%. However, the SSC only received a report of his transaction at 5:45 p.m. on January 10. By then, Quyet had already sold 74.8 million FLC shares.
The Hochiminh Stock Exchange has canceled the FLC chairman's sale of 74.8 million FLC shares due to his failure over pre-transaction information disclosure.
Prevailing regulations require major shareholders to announce their share plans in advance.
Since then, a host of stocks linked to FLC Group such as ROS, AMD, KLF and HAI have dropped sharply for seven consecutive sessions.
This is the second time that Quyet has been fined for violating stock trading regulations. In November 2017, Quyet was fined VND65 million for selling 57 million FLC shares without announcing his sale in advance.
At that time, the FLC shares were sold at VND7,100-7,700 each. After Quyet's transaction, FLC lost approximately 10%.
- Nevada Gold & Casinos Announces Sale / Merger Agreement
- Sacramento’s Measure U headed toward passage, but where sales tax money will go remains uncertain
- Tesla Shares Slide On SEC Lawsuit; Sources Say Musk May Reach Settlement
- ‘Government overreach?’ Fresno may abandon water fines and credit customers
- The Ferrari of bus shelters: Miami Beach stops get makeover from Italian car gods
- Retailers Could Ring Up More Than $1.1 Trillion in Holiday Sales, Topping Last Year
- Overstock Customer Day, The Best Sale in Site History, is Here!
- Donald Trump Doesn't Want to Punish the Saudis For Khashoggi, But Sanctions, Arms Sales, Pressure for Regime Change On The Table
- West Liberty Would Get $1M Under Blue Ribbon Commission’s New Plan
- Dixie Group Has Drop In Net Sales, $2.9 Million Loss For 3rd Quarter; Chickamauga Tufting Plant Closed
- Election 2018: Fountain Valley candidates share their priorities and thoughts on local issues
- This city could soon have the highest tax rate on the Mississippi Gulf Coast
- Montgomery County sales tax goes up Monday; How does it compare to other counties?
- Candidates for Washington County Senate Share Their Views
- Tesla shares fall 14% on Musk worries
- Collier sales tax increase proposal on Nov. 6 ballot
- Sunoco's incidents, fines and shutdowns fuel residents' safety concernsYou may also be interested in...
- Everybody knows her name, but Donna Shalala is finding it difficult to get to Congress
- Hearings on state's budget to get going
- The Latest: Kavanaugh nomination gets past procedural vote
FLC chairman gets highest fine for unannounced share sale have 489 words, post on vietnamnet.vn at January 19, 2022. This is cached page on Talk Vietnam. If you want remove this page, please contact us.