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Vietnam Investment Limited fined for violations of Securities Law
The chief inspector of the State Securities Commission (SSC) today signed a decision on administrative penalty on Vietnam Investment Limited for violations of the Securities Law.
According to the Hanoi Securities Trading Centre (HASTC), from January to March 2008, Vietnam Investment Limited, a major shareholder of the Nui Beo Coal Joint Stock Company (NBC) that holds 10% of NBC’s stake, sold 299,100 NBC shares, thus reducing the total stake they hold to 4.985% without any reports to the SSC and HASTC where NBC shares are being listed.
The SSC head inspector also points out that Vietnam Investment Limited made consecutive violations as it did not make any reports on many changes of the total share it holds in NBC as required by the law.
Clause 3 of the Article 29 of the Securities Law states that if there is a change in the number of shares owned in excess of 1% of the number of shares of the same type currently in circulation, then within a time-limit of seven (7) days from the date of such change the major shareholder must lodge an additional report with the public company, the State Securities Commission and the Stock Exchange or Securities Trading Centre where the shares are listed.
Vietnam Investment Limited has to pay a fine of VND 20 million for the violations.
ND
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