Saturday , December 9 2023

FLC, related stocks plummet after regulator’s fine for disclosure violations

The stocks of real estate developer FLC and related companies hit the floor Monday morning after the company was fined for flouting disclosure regulations.

As of 11:11 a.m. over four million shares had been traded at VND13,600 ($0.59). It is now down nearly 40 percent from its historic peak on January 7.

Other companies related to FLC, such as CFS Investment and Import-Export Trading (KLF) and FLC Stone Mining and Investment (AMD) also took a hit.

As other speculative stocks also saw a selloff, VN-Index dropped 1.01 percent to 1,483.5 points.

The Ho Chi Minh Stock Exchange (HoSE) saw 337 tickers in the red and 115 in the green at the time of publishing, while 25 out of 30 blue chip stocks were in the red.

FLC was fined by the State Securities Commission Friday for late disclosure between 2019 and 2021 filing of incorrect financial information.

In January FLC chairman Trinh Van Quyet had been fined VND1.5 billion ($65,800) and banned from trading in the securities market for five months for failing to disclose plans to sell shares in his company.

He sold 74.8 million FLC shares on Jan. 10, but only informed the SSC on the evening of that day though regulations stipulate a three-day advance notification.

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