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Cash penalties rise for Vietnamese stock fraud
Organisations and individuals that directly or indirectly take part in stock fraud will be penalised up to VND500 million (US$26,000).
The regulation is part of the recent government Decree 85 on stock market fraud.
It will will come into effect on September 20.
In addition, concealing important information that affects the issue, listing, transaction and investment in the stock market will be subject to the same cash penalty.
All illegal earnings from these activities will be seized.
The decree regulates that all illegal internal transactions that use or reveal inside information to other persons who make stock transactions will be subject to fines between VND150-200 million ($8,000 – $10,500).
Founding and major shareholders will be fined VND30 million – 50 million ($1,550 – 2,600) if they do not report transactions on time.
Stock companies and their staff will be fined between VND70 million and VND100 million ($3,700 – $5,200), and their business licences and professional certificates will be revoked if they are involved in illegal activities.
vietnamnews
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