Chairman of State Securities Commission Tran Van Dung was removed from all positions in the Party, while CEO of Ho Chi Minh Stock Exchange Le Hai Tra was expelled from the Party on Wednesday.
Apart from disciplining the two, the Central Inspection Committee warned Vu Bang, former chairman of State Securities Commission (SSC); Nguyen Thanh Long, secretary of Hanoi Stock Exchange’s Party Committee and board chairman of Vietnam Stock Exchange; and Nguyen Son, chairman of Vietnam Securities Depository Center’s board of directors.
In 2017, Dung, 57, held the position of SSC chairman after being the board chairman of Ho Chi Minh Stock Exchange (HoSE). Tra, 48, used to work at the SSC’s market development department.
The committee in late March stated that the SSC’s Party Committee in the 2015-2020 term lacked responsibility, showed loose leadership, and lacked inspection and supervision, giving rise to some organizations and individuals "breaking the law, manipulating the market, and gaining illicit profits".
The disciplinary action took place in the context that the Ministry of Public Security was investigating a series of violations in securities trading and intentionally disclosing work secrets that occurred at the SSC.
The ministry's investigative agency in late March arrested former FLC Group chairman Trinh Van Quyet for stock market manipulation. A month later, Do Duc Nam, general director of Tri Viet Securities, and Do Thanh Nhan, chairman of Louis Holdings, were arrested on the same charge.
The agency in late April detained Nguyen Hung, deputy director of the SSC’s securities market supervision department, to investigate the act of deliberately disclosing work secrets.