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Tien Phong Securities fined for unannounced land purchase

The Saigon Times

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HCMC – Tien Phong Securities Corporation (ORS) has been fined VND85 million for failing to publicize its deposit of VND500 billion for the purchase of a land lot from Sai Gon Thu Thiem Investment Company.

The fine, which was imposed by the State Securities Commission of Vietnam, was in line with the Government’s Decree 108/2013/ND-CP on administrative sanctions against violations in the securities sector, the local media reported.

According to the commission, Tien Phong Securities signed a contract in December 2020 to buy a land lot worth VND650 billion from Sai Gon Thu Thiem Investment Company to build its headquarters. It placed a deposit of VND500 billion, or 124% of the company’s assets. However, Tien Phong Securities did not announce this information as required by law.

The ORS stock has been traded on the Hochiminh Stock Exchange since early November last year. In the January-September period of 2021, the firm earned a profit of VND223 billion, triple the figure in the same period in 2020.

In related news, the benchmark VN-Index of the southern bourse lost 13.9 points, or 0.96%, at 1,438.94 points today, January 18, with 135 rising stocks and 339 falling ones, including 90 stocks hitting their floor prices.

Trade on the bourse contracted 25% in volume and 26% in value with more than 739.2 million shares worth VND22.96 trillion changing hands. Of these, over 48.2 million shares valued at VND1.9 trillion were traded in block deals.

Meanwhile, on the Hanoi stock market, losers outnumbered winners by 197 to 48 and the HNX-Index declined 24.13 points at 421.21 points.

More than 91.1 million shares worth some VND2.3 trillion were transacted on the bourse today.

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