Son of tycoon Tram Be fined for secret trading
Friday, September 21, 2012, 11:32 GMT+7
The State Securities Commission of Vietnam yesterday fined Tram Khai Hoa, board member of a major commercial bank named Sacombank for buying listed stocks without public disclosure as regulated.
The 24-year-old Hoa, the youngest millionaire on the stock market, violated circular 52/2012/TT-BTC issued on April 5, 2012 by the Ministry of Finance by buying 540,000 shares of Sacombank (coded STB) from June 15 to June 22 this year.
Hoa was fined VND40 million (US$2,000).
The Phuong Nam Securities Corporation of which Hoa is board chairman, was also fined the same amount for selling – again, without public disclosure – 2 million STB shares from September 6 to September 10.
Hoa is the son of Tram Be, a famous tycoon. Both father and son were elected members of Sacombank’s board of directors from May 2012. Tram Be himself is currently vice chairman of Sacombank (full name Saigon Thuong Tin Commercial Joint Stock Bank).
According to circular 52/2012/TT-BTC, trading in listed stocks must be made known to the State Securities Commission and the Stock Exchange at least 3 working days before the transaction and can only carry out the transaction 24 hours after a public announcement from the Stock Exchange.
According to decree 85/2020/NĐ-CP, concerned parties will be fined from VND30 million to VND50 million for failing to follow the above procedures.
