SSC imposes administrative sanctions on numerous companies
January 20, 2018 | 01:12 AM GMT+7
The State Securities Commission of Vietnam (SSC) has issued decisions to sanction a number of companies due to their violations in the securities sector.
SSC has sanctioned numerous companies with fines of hundreds of VND million.
Among sanctioned firms, Dong Duong Securities Incorporation and Nam Dinh Textile and Garment Joint-stock Corporation were liable to a fine of hundreds of VND millions.
Specifically, Dong Duong Securities Incorporation was sanctioned due to two offences with a fine of VND160 million (US$7,056) of which a fine of VND60 million (US$2,646) was given to the mistake of delayed report.
The company got another fine of VND100 million (US$4,410) due to legitimate change in shareholding or capital contribution. The company has transferred 1,771,428 shares, equivalent to 14.17 per cent of its charter capital held by Ta Trung Chieu to Tran Hue Linh without SSC’s approval.
Nam Dinh Textile and Garment Corporation was fined VND200 million (US$8,820) for late registration of trading and listing securities for over 9-12 months.
Previously, SSC also issued a fine of VND60 million (US$2,646) to Trang An Joint Stock Company (Cau Giay District, Hanoi) for failing to report in time in accordance with the law.
Gia Lai Urban Construction Joint-Stock company was liable to a fine of VND40 million (US$1,764) due to late application for transforming into a public company for over 12-24 months. Although, the company has become a public company since July 01, 2016, SSC received the company's application until October 26, 2017.
The Joint Stock Company No.32 (Go Vap district, Ho Chi Minh City) was also sanctioned for late application for transforming into a public company for over 36 months with a fine of VND70 million (US$3,087).
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