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TAS: Explanation for insolvency to VSD
Trang An Securities Joint Stock Company (HNX: TAS) explained the Company’s temporary insolvency to VSD according to the Document the HNX sent to Trang An Securities Joint Stock Company as follows:
- Due to the deep drop in the stock market, many customers of the Company began to buy shares to catch the market bottom. However, after the transactions, some customers did not hand in the money for the purchase meanwhile financial institutions stopped the money advance service for securities sale, which caused the temporary insolvency to VSD, and the Company had to borrow VND7,090,538,300 from the Settlement Support Fund
- On 22/11/2011, VSD issued Decision warning the Company on violating the Securities Clearing and Settlement Regulations. Then, VSD also requested the Company to pay the loan to the Settlement Support Fund before 25/11/2011
- The Company has paid VND2,223,366,043, and the remain of VND4,867,172,257 will be paid in near future. The Company also urgently requests customers to pay money for the securities purchase to pay the loan in time. Besides, the Company has strictly controlled the order keying and handling to avoid the similar situation.
HNX
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