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Wednesday, July 24, 2024

Dealing with irregularities

By Trieu Duong

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Even if the market is upgraded after satisfying technical criteria and attracting huge amounts of foreign investment, it cannot secure sustainable development if irregularities like insider trading, stock manipulation, and unequal access to information are not rooted out, and listed firms still aim for a quick buck. Short term pressure? On June 23, the State Securities Commission (SSC) announced that investigative police have pressed charges of stock manipulation against three companies related to APEC Group, namely APEC Securities, APEC Investment, and IDJ Investment. Upon the news, the stock market has seen shares of the three companies crashing to the floor, with panic selling and little buying interest. On the same day, the police prosecuted 15 more people for allegedly assisting former FLC chairman Trinh Van Quyet and some others in manipulating stock prices. The bad news, however, has not sent shock waves through the stock market, as the benchmark VN-Index has still earned points. It should be noted that more than one year ago the stock market witnessed a sharp plunge when the then board chairman of FLC was prosecuted. The question now is whether investors have now turned a deaf ear to sensational, negative news. Regarding the APEC Group-related […]
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