Friday , June 21 2024

Asia Pacific Securities leaders arrested for stock manipulation

Five people related to Asia Pacific Securities, including its chairman and CEO, were on Wednesday on charges of stock manipulation.

Hanoi Police said they had arrested chairman Pham Duy Hung, 44, CEO Nguyen Do Lang, 49, and Lang’s wife Huynh Thi Mai Dung, 48, on accusations the trio had conspired to manipulate the local stock market.

Nguyen Thi Thanh, 42, head accountant, and Pham Thi Duc Viet, 41, deputy head of customer service, have also been detained for their alleged involvement, although police have yet to reveal any specifics on the nature of the crime they are accused of having committed.

The police announced six days earlier that they were investigating Asia Pacific Securities (APS) and two related companies, property developer Asia Pacific Investment (API) and IDJ Vietnam Investment (IDJ), for alleged stock manipulation.

Suspicions had been raised at the end of 2021 when shares in all three of the companies surged unusually, several-fold.

From August to November that year, the price of API stocks jumped nearly seven times from VND7,600 ($0.32) per share to almost VND50,000.

IDJ surged nearly six times from VND7,500 to VND42,000.

APS went up nearly five times from VND12,400 to VND57,000.

The shares then quickly dropped. API was then even lower than before the surge by the third quarter last year.

All three of the shares have hit the floor in the last three most recent trading sessions.

The State Securities Commission of Vietnam has reported that the alleged stock manipulation was committed by individuals and did not have any macro impact on Vietnam’s stock markets.

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