Friday , June 21 2024

Brokerage chairman probed for alleged stock manipulation

The Ministry of Public Security has begun an investigation of Pham Thanh Tung, chairman of securities brokerage Tri Viet, for alleged manipulation of stocks.

Tung, 43, was reportedly involved in the manipulation of Louis Land (BII) shares on the Hanoi Stock Exchange and Louis Capital (TGG) shares on the Ho Chi Minh Stock Exchange.

Tri Viet, of which he has been chairman since 2010, said in a statement Monday the investigation involves Tung personally and does not affect it or its shareholders and customers.

Tung is the latest to be investigated for the alleged violations related to Louis Holdings.

Investigators earlier recommended charges against five people related to Louis Holdings and Tri Viet for stock manipulation.

They include Do Thanh Nhan, chairman of Louis Holdings. The others are all from Tri Viet: CEO Do Duc Nam, deputy CEO Le Thi Thu Huong, financial services employee Le Thi Thuy Lien, and administrative director Trinh Thi Thuy Linh.

Investigators said Nhan and Nam were manipulating BII and TGG stocks between 2020 and the end of last year.

BII rose to a record VND33,800 ($1.43) on September 18 last year, about 10 times the price Nhan and his group had paid for it in January that year.

TGG rose to VND74,800 at around the same time, a 37-fold increase from their purchase price.

Nhan has admitted to manipulating the two stocks and profiting by over VND153 billion.

Investigators said Nam approved Nhan’s loan application and ordered his staff to help Nhan manipulate the market.

Nam allegedly took a commission of VND500 million for it.

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