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Vietnam sacks top securities regulator for serious violations

Vietnam sacks top securities regulator for serious violations

Saturday, May 21, 2022, 10:21 GMT+7
Vietnam sacks top securities regulator for serious violations
Tran Van Dung, who was fired as chairman of the State Securities Commission (SSC) on May 19, 2022, is seen in this undated file photo. Photo: VietnamPlus

Vietnam’s Minister of Finance has fired Tran Van Dung as chairman of the State Securities Commission (SSC) for committing serious wrongdoings during his work and assigned Finance Deputy Minister Nguyen Duc Chi to take charge of the SSC.

The dismissal was announced in a decision signed on Friday by Minister of Finance Ho Duc Phoc, who also said his deputy Chi would run the SSC from the same day, pending a decision of the ministry on the SSC chairmanship.

The ministry also issued its warnings to Vu Bang, former chairman of the SSC, Nguyen Thanh Long, chairman of the Vietnam Stock Exchange, and Nguyen Son, chairman of the Vietnam Securities Depository (VSD) for their mistakes and violations. 

Two days ago, the Central Inspection Committee issued a notice of removing Dung, 57, who became SSC chairman in 2017, from all Party positions for his serious infringements and shortcomings in his work performance.

This supplied undated image shows Vietnamese Finance Deputy Minister Nguyen Duc Chi, who has been assigned to take charge of the SSC from May 19, 2022
This supplied undated image shows Vietnamese Finance Deputy Minister Nguyen Duc Chi, who has been assigned to take charge of the SSC from May 19, 2022.

Also, according to the notice, Le Hai Tra, general director of the Ho Chi Minh City Stock Exchange (HoSE) was expelled from the Party, while Bang, Long and Son received warnings from the Party for their violations and faults while on duty.

“The wrongdoings committed by these individuals will not affect the operation of the SSC, the stock exchanges, and the VSD,” the finance ministry affirmed in a statement.

The ministry said it ensures that the stock market will continue operating continuously, stably and safely and that all rights and obligations of domestic and foreign organizations and individuals engaged in the stock market will be protected.

The agency also stressed that it would designate personnel qualified in both expertise and ethics will be appointed to key positions at the SSC, stock exchanges and VSD in the coming time to help effectively manage and supervise the stock market.

The warnings and expulsions have come amid the Ministry of Public Security’s investigations into some stock exchange violations.

Earlier on March 29, Trinh Van Quyet, former chairman of real estate developer FLC, was arrested for allegedly manipulating the stock market, over two months after being found illegally selling nearly 75 million shares on the HoSE.

On April 20, chairman of the Louis Holdings conglomerate Do Thanh Nhan and general director of the brokerage firm Tri Viet Securities Do Duc Nam were also detained on the same offense.

In late March, the Central Inspection Commission issued a conclusion that the Party Committee of the SSC in the 2015 - 20 period had been negligent in their management and supervision activities, allowing certain organizations and individuals to violate laws, manipulate the market and make illegal gains.

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Vinh Tho - L. Thanh / Tuoi Tre News

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