Tuesday , September 26 2023

Stock watchdog fines, suspends trading by FLC chairman

Vietnam’s stock authorities have fined Trinh Van Quyet, chairman of real estate developer FLC, VND1.5 billion ($65,800) and suspended trading for five months due to failing to disclosure crucial sales plans.

The fine, issued by the State Securities Commission of Vietnam (SSC) on Tuesday, is the biggest applicable to an individual who is a big shareholder of a company for not informing stock authorities three working days before making a sale.

Quyet sold 74.8 million FLC shares on Jan. 10 but the SSC only received the disclosure by the evening of the same day.

The SSC blocked Quyet’s accounts the next day and cancelled the transaction, the first time such a large volume is treated so on Vietnam’s stock market.

But FLC and other related stocks like ROS of FLC Faros Construction and AMD of FLC Stone Mining and Investment continued to plunge with almost no buyers while millions of selling orders remain pending.

Some analysts said the fall of such speculative stocks have caused a ripple effect to the market and dragged the benchmark VN-Index down to 1,447 points, the lowest in six weeks.

This was the second time Quyet was fined by the SSC for failing to disclose his plan to sell.

In November 2017, he was fined VND65 million for selling 57 million FLC shares without a notice.

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