Vietnam Expands Stock Manipulation Investigation... Stock Exchange Chairman Expelled from Communist Party

[Asia Economy Reporter Jeon Jinyoung] As Vietnamese authorities expand their investigation into stock price manipulation, high-ranking officials found guilty of misconduct have been disciplined following prominent business figures.

According to local media on the 19th, Le Hai Tra, chairman of the Ho Chi Minh Stock Exchange, was recently expelled from the Communist Party.

Tran Van Trung (57), chairman of the State Securities Commission (SSC), resigned from all party positions, and former vice chairman Phu Bang received a warning.

The authorities did not specify the charges against them in detail, but the Deputy Minister of Finance explained that there were personal-level regulatory violations among some high-ranking officials.

The Vietnamese Ministry of Public Security has been conducting investigations related to stock price manipulation since March this year. At the end of last month, Do Duc Nam, CEO of Chi Viet Securities, was arrested and is under investigation for stock price manipulation. Nam is accused of conspiring with executives from two companies, Luis Capital and Luis Land, to manipulate stock prices.

Earlier, on March 29, Tran Van Quyet, chairman of the large real estate developer FLC Group, was arrested.

He is accused of selling 74.8 million shares of FLC stock he owned on January 10 without notifying the Securities Supervisory Commission, causing losses to investors and disrupting the operation of the exchange.

This content was produced with the assistance of AI translation services.