The State Securities Commission of Vietnam has fined Tan Viet Securities Corporation (TVSI) a total of VND745 million ($31,800) for violations in offering corporate bonds in the 2021-2022 period.
Specifically, TVSI was fined VND300 million for not fulfilling its responsibility as a consulting organization when reviewing compliance with regulations on corporate bond offering documents of some issuers.
The Ho Chi Minh City-based company was fined an additional VND125 million for not retaining documents on the selection of investors to participate in the purchase of securities; VND100 million for not registering and depositing bonds on time; VND70 million due to delaying quarterly reports of issuing agents, reports on the structure of investors holding bonds, and its bond payment process.
It was also fined VND150 million for violating regulations on investment restrictions. Specifically, from January to August 2022, at many times, the investment value in bonds of this company exceeded 70% of its equity capital.
Tan Viet, one of the bond issuance consulting units under An Dong Investment Group Corporation, is a securities broker with bond trading volumes among the top biggest in the Vietnamese market.
The company traded its own bonds worth nearly VND179 trillion ($7.64 billion) and investors traded more than VND181 trillion in the first nine months of 2022.
In the period, its revenue reached VND2,345 billion ($100 million), up 9% year-on-year, while pre-tax profit reached VND418 billion ($17.83 million), down 10%.
By September 30, 2022, its total assets were more than VND9,709 billion ($387.4 million), up 31% compared to the beginning of the year, of which cash and cash equivalents were VND3,048 billion ($130 million).