SSC cancels listing of 7 million ASA shares due to fraud

A worker operating a production system inside a plant of ASA. Photo asacorp.com.vn

HÀ NỘI — The State Securities Commission of Việt Nam (SSC) said it had issued a decision on January 23 to cancel the listing of 7 million shares of ASA Consumer Product JSC from a private placement to increase capital from VNĐ30 billion (US$1.3 million) to VNĐ100 billion. 

The decision is based on the inspection results of SSC and the investigation and verification by the Investigation Police Agency of the Ministry of Public Security.

Accordingly, Nguyễn Văn Nam, former Chairman of the Board of Directors of ASA, counterfeited records and documents to raise VNĐ70 billion from a private offering of 7 million ASA shares. 

Moreover, the Investigation Police Agency of the Ministry of Public Security also issued a decision on January 23 to prosecute the criminal case of “obtaining property by fraud at ASA and related units”.

ASA Consumer Product was listed on the Hà Nội Stock Exchange (HNX) in 2012, but the stock ticker ASA was delisted by the exchange on June 13, 2019 due to serious violations in the obligation to disclose information.

The stocks, then, were transferred to UpCoM exchange on June 21, 2019 with trading restrictions, meaning they could only be traded on Friday, as the registered organisation’s shares were delisted.

The Investigation Police Agency of the Ministry of Public Security is investigating the case. SSC said it will continue to work closely with the Investigative Police Agency and relevant agencies and organisations to strictly handle violations of the law, protect investors’ legitimate rights and interests. VnExpress News