State Securities Commission official arrested
Nguyen Hung, deputy head of market supervision at the State Securities Commission was arrested on Friday on charges of revealing work secrets.
Lieutenant General To An Xo, a spokesperson for the Ministry of Public Security, said that Hung was detained by the ministry’s investigative agency for further probing on intentionally disclosing work secrets, according to Clause 1, Article 361 of the Penal Code.
The probe is part of a case covering Hanoi and many other provinces, prosecuted on the same day, but without specific violations disclosed.
VN-Index sinks deeply into the red, losing a historic 68.31 points to close at 1,310.92 on April 25. Photo by The Investor/Trong Hieu.
Over the past month, authorities have prosecuted two cases related to stock market manipulation. In the first case, on March 29, the investigative agency arrested Chairman of FLC Group, Trinh Van Quyet. This was followed by detainments of FLC Deputy Chairwoman Huong Tran Kieu Dung and CEO of BOS Securities Nguyen Quynh Anh.
On April 20, the police arrested Do Duc Nam, General Director of Tri Viet Securities and Do Thanh Nhan, Chairman of Louis Holdings. The investigative agency alleges that from January 4, 2021 to October 6, 2021, Nhan colluded with Nam and others to "use multiple securities trading accounts to buy, sell and entice others to manipulate the stock price of Louis Capital JSC (trading code TGG), Louis Land JJSC (BII) and others." This behavior is considered illegal, earning hundreds of billions of Vietnamese dong illegally (VND100 billion = $4.35 million).
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