Property development firm chairman fined $21,600 for undisclosed share sale

By Dat Nguyen August 27, 2023 | 11:00 pm PT

An artist's impression of a project of LDG Investment in Ho Chi Minh City. Photo courtesy of the company

The chairman of property developer LDG Investment has been fined VND520 million (US$21,600) for selling shares in his company without advance disclosure.

Nguyen Khanh Hung has also been prohibited from carrying out stock market transactions for four months starting August 25, according to the State Securities Commission of Vietnam.

On August 15 he sold 2.6 million LDG shares without informing authorities beforehand.

He later blamed a member of his staff for failing to follow his instructions to make the disclosure.

The sale was worth around VND16.7 billion.

The Ho Chi Minh Stock Exchange cancelled the transaction the following day.

LDG, established in 2010, develops housing in Ho Chi Minh City and Binh Duong and Dong Nai provinces.