FLC Chairman fined for VND1.5 billion, suspended stock trading for five months

SGGP
The State Securities Commission of Vietnam (SSC), on January 18, informed that it fined Mr. Trinh Van Quyet, Chairman of the Board of Directors of FLC Group, VND1.5 billion (US$66,000) for selling 74.8 million FLC shares without reporting it. At the same time, he is suspended from securities trading activities for five months.
Specifically, Mr. Trinh Van Quyet is fined VND1.5 billion, based on the provisions of Clause 3, Article 5, and Point h, Clause 5, Article 33 of Decree No.156/2020/ND-CP dated on December 31, 2020, of the Government, stipulating sanctioning of administrative violations in the field of securities and securities market as amended and supplemented according to the provisions of Clause 4, Article 1, and Clause 27, Article 1 of Decree No.128/2021/ND-CP CP dated on December 30, 2021, of the Government, which amends and supplements some articles of Decree No.156/2020/ND-CP.

The additional penalty is the suspension of securities trading activities for five months, specified at Point b, Clause 7, Article 33 of Decree No.156/2020/ND-CP as amended and supplemented according to Clause 27, Article 1 of Decree No.128/2021/ND-CP.

By Quang Minh – Translated by Gia Bao

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