A man from Hanoi has been fined VND7.5 million (US$321) for spreading false information about the chairman of private conglomerate Vingroup Pham Nhat Vuong, which affected the brand image and reputation of the enterprise.

The Hanoi Department of Information and Communications confirmed on Monday it had imposed the fine upon To Vi Hoan, 38, who resides in Nam Tu Liem District.

Hoan was also required to remove the untrue information.

The man admitted to his violation and agreed to pay the fine in accordance with regulations.

Earlier the same day, Lieutenant General To An Xo, spokesperson of the Ministry of Public Security stated that Hoan was identified as the person who spread the false information that chairman of Vingroup Pham Nhat Vuong was banned from leaving Vietnam.

The rumor, which the Ministry of Public Security confirmed as inaccurate, affected the reputation and legitimate interests of the enterprise and adversely impacted the local stock market, Xo added.

Aside from Hoan, nine other people from seven provinces and cities in the country were also suspected to have popularized the misinformation, Xo stated, adding that competent authorities are verifying the case according to regulations.

A representative of the Hanoi communications department said that there has been a lot of unverified and untrue information on the Internet saying that authorities will prosecute individuals and businesses with enormous influence in the financial and securities markets.

The department demanded that people not post or share unverified information, as it can result in administrative or criminal charges.

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