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Tuesday, December 6, 2022

Vietnam Airlines fined for securities violations

The Saigon Times

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HCMC – The State Securities Commission on July 21 imposed a fine of hundreds of millions of Vietnam dong on Vietnam Airlines (stock code: HVN) for breaching regulations on securities.

The national flag carrier was fined VND50 million for its delayed information disclosure in the 2020 annual report, the first quarter financial report and its divestment in Cambodia Angkor Air.

Besides, HVN was slapped a fine of VND100 million for failing to have at least two independent members on the board of directors, which has six to eight members. In the 2021-2025 term, the board has seven members, but only one independent member.

Also, a fine of VND20 million was imposed on Vietnam Airlines as its audited 2021 financial report did not carry detailed description of the payroll, the local media reported.

Closing the trading session today, July 22, HVN gained over 0.9% despite its negative information.

With 182 winners and 279 losers, the VN-Index of the Hochiminh Stock Exchange shed 3.71 points, or 0.31%, from the session earlier, at 1,194.76.

Some 478 million shares worth VND10.9 trillion changed hands, down 9.8% in volume and 10.3% in value, against the previous session.

The VN30 basket became the main drag of the index.

On the Hanoi Stock Exchange, the HNX-Index added 0.74 points, or 0.26%, from the day earlier, at 288.83, buoyed by many large-cap stocks.

In the HNX30 basket, industrial development firm IDC reported the strongest gain.

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