Nguyen Thanh Phuong, chairwoman of Viet Capital Securities (VCSC)’s board of management, recently had her holding ratio cut down from 11.44 percent to 9 percent.

To Hai, a member of VCSC board of management, also sold his shares resulting in a reduction from 12.53 percent to 9.05 percent in his holding ratio, according to a report from the company.

On July 7th, the State Security Commission of Vietnam (SSC) allowed Phuong to transfer her 1.65 million shares from Viet Capital Asset Management (VCAM) to Viet Capital Bank, meaning she now holds a 32.2 percent stake.

In 2012, Dragon Capital, which is VCSC’s partner, falsely wrote on its website that To Hai was arrested in connection with Nguyen Duc Kien, the co-founder of Asia Commercial Bank, triggering a sharp stock sell-off at VCSC. Dragon Capital later apologized for the mistake.