Sanction Highlights: Businesses, Individuals Fined by the SSC

More businesses and individuals were fined by the State Securities Commission for violating regulations on information disclosure and transaction declarations.

On October 8, 2019, Ocean Hospitality and Service Joint Stock Company (OCH) was fined VND 50 million for inadequate information disclosure. The company failed to add forms of votes and draft resolutions for each issue in the agenda of its documents of the 2018 Annual General Meeting of Shareholders which were posted on its website and on IDS of SSC.

October 3, 2019, SDP Joint Stock Company (SDP) was fined VND 50 million for delayed information disclosure. The company failed to timely disclosure the following documents as regulated:  2017 Annual Report; 2017 audited financial statements; The reviewed semi-annual financial statements of 2018; The auditor's written statement of disclaimer on the audited financial statements of 2017 and the reviewed semi-annual financial statements of 2018; The audited financial statements of 2018.

On October 7, 2019, Pham Duc Khiem, Member of the BOD, Director of VVMI- Manufacturing and materials equipment trading Joint stock company (TB8) was fined VND 25 million for not giving reasons why he did not carry out transaction as registered.

On the same day, Vu Thi Thanh, a major shareholder of BVG Investment Joint Stock Company (BVG) was fined VND 30 million for not declaring her transaction.  Vu Thi Thanh is a major shareholder of BVG, and on April 24, 2019 she sold 27,000 BVG shares cutting her ownership in the company from 15.01% stake or  1,463,500 BVG shares to  1473% stake or 1,436,500 BVG shares.

The above decisions are effective immediately.

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