Deputy CEO Tran Anh Dao was appointed on Friday to take the reins of Ho Chi Minh Stock Exchange, replacing Le Hai Tra who had been disciplined by the Central Inspection Committee.
The committee on Wednesday announced the decision to expell Le Hai Tra, secretary of the stock exchange’s (HoSE) Party Committee and CEO, from the Party.
Dao joined the State Securities Commission (SSC) in late 1998. She is the first generation of staff to operate the HoSE since July 2000. Dao is Deputy CEO in charge of auction and listing management from 2013.
On Friday, the Ministry of Finance assigned Deputy Minister Nguyen Duc Chi to directly run the market regulator SSC, replacing Tran Van Dung who had been removed from all positions in the Party on Wednesday.
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.