HoSE director expelled from Party in market manipulation probe

By Pham Du, Minh Son   May 18, 2022 | 05:15 am PT
HoSE director expelled from Party in market manipulation probe
Le Hai Tra, general director of the HCMC Stock Exchange (HoSE). Photo courtesy of HoSE
General director of the HCMC Stock Exchange (HoSE), Le Hai Tra, has been expelled from the Party, the latest development after investigations into stock market manipulation began in March.

A Wednesday announcement by the Central Inspection Commission also reported that Tran Van Dung, chairman of the State Securities Commission (SSC), lost all Party positions; Vu Bang, former chairman of the SSC, Nguyen Thanh Long, secretary of the Hanoi Stock Exchange Party Committee and Nguyen Son, chairman of the management board of the Vietnam Securities Depository (VSD), received warnings.

Tra, 48, used to work at the market development department of the SSC. He has spent 25 years working with the Vietnamese stock market.

Dung, 57, spent years working in the fields of finance, banking and stock exchange. He became chairman of the SSC in 2017.

Deputy Minister of Finance Nguyen Duc Chi said the violations of certain officials at the SSC are merely "personal."

"We’ve prepared different measures, including the addition of personnel to the SSC, HoSE and the VSD in case anything happens," Chi told the press Wednesday.

The warnings and expulsions have happened amid investigations by the Ministry of Public Security into several stock exchange violations.

Previously in March, the Central Inspection Commission said the Party Committee of the SSC in the 2015-2020 period had been negligent in their management, allowing certain organizations and individuals to "violate the law, manipulate the market and make illegal gains".

On March 29, former chairman of real estate developer FLC Trinh Van Quyet was arrested for allegedly manipulating the stock market. Just a month later, general director of the brokerage firm Tri Viet Securities Do Duc Nam and chairman of the Louis Holdings conglomerate Do Thanh Nhan were also arrested on the same charges.

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