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Tan Viet Securities Company was suspended from buying securities

The Vietnam Stock Exchange (VNX) has decided to suspend the trading activities of Tan Viet Securities Company until it is no longer under special control.

The Vietnam Stock Exchange (VNX) has just decided to suspend the purchase of securities on the listed stock market and the registered trading market (UPCOM) for Tan Viet Securities Joint Stock Company(TVSI). at Ho Chi Minh City Stock Exchange ( HOSE ) and Hanoi Stock Exchange (HNX).

According to VNX, the reason for the suspension is that TVSI was placed under special control by the State Securities Commission under the decision of the Chairman of the State Securities Commission on May 18.

The suspension period applies from June 27 until TVSI is removed from special control status by the State Securities Commission.

Previously, TVSI said that the company could not find an auditor to audit the financial statements and report the financial adequacy ratio as of December 31, 2022. After the end of the financial year, the company contacted VACO Auditing Company, but this unit then sent a request to liquidate the audit contract.

The State Securities Commission has issued a decision to put TVSI under special control. The special control period is from May 18 to September 17.

TVSI is not allowed to pay dividends to shareholders, distribute profits or distribute bonuses to capital contributors, and at the same time cannot convert unsecured debts into secured debts with its assets.

Accordingly, TVSI is also not allowed to contribute capital to establish subsidiaries, not to invest in real estate; restrict investment in high-risk assets, or conduct business activities that increase the value of risk, reducing available capital.

TVSI is only allowed to manage securities trading money in the way that a customer of a securities company opens an account directly at a commercial bank selected by the company to manage securities trading money.

On May 30, the State Securities Commission also decided to fine TVSI 125 million dongs for violating regulations on margin trading restrictions.

From the beginning of the year until now, TVSI has been fined nearly 1 billion dong by the management agency due to violations related to bonds and margin granting (borrowing for margin trading) of securities.

TVSI leaders said that this year, the company will focus on solving bond issues, in parallel with maintaining its brokerage activities.

TVSI is one of the bond issuance consulting units of An Dong Investment Group - a business related to Van Thinh Phat Group, whichMs. Truong My Lan once chairedn.

Ms. Truong My Lan has been prosecuted and detained by the Investigative Police Department of the Ministry of Public Security to investigate the crime of fraud and appropriation of property.



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