Three companies under investigation for alleged stock manipulation

By Pham Du, Minh Son   June 24, 2023 | 04:00 pm PT
Three companies under investigation for alleged stock manipulation
An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Hanoi police are investigating property developer Asia Pacific Investment (API) and two related companies for alleged stock manipulation.

The two other companies are Asia Pacific Securities (APS) and IDJ Vietnam Investment (IDJ).

Hanoi Police announced the investigation on June 22 but did not provide specifics on which individuals are being investigated and how the crime was allegedly committed.

Shares in all three of the companies surged unusually, several-fold, at the end of 2021.

From August to November that year, API jumped nearly seven times from VND7,600 ($0.32) per share to almost VND50,000.

IDJ surged nearly six times from VND7,500 to VND42,000.

APS went up nearly five times from VND12,400 to VND57,000.

The shares then quickly dropped. API was even lower than before the surge by the third quarter last year.

The State Securities Commission of Vietnam has reported that the alleged stock manipulation was committed by individuals and did not have any macro impact on Vietnam’s stock markets.

The commission has ordered the three companies to submit reports on what happened.

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