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Vietnam stock exchange director sacked

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Vietnam stock exchange director sacked

Fight against corruption intensifies with focus on financial markets

An electronic ticker displays stock prices on the Ho Chi Minh Stock Exchange in Ho Chi Minh City.  (Bloomberg file photo)

An electronic ticker displays stock prices on the Ho Chi Minh Stock Exchange in Ho Chi Minh City. (Bloomberg file photo)

HANOI (Reuters) – Vietnam has sacked the head of the Ho Chi Minh Stock Exchange, the government said on Saturday, as the country steps up a long-running crackdown on officials it accuses of corruption.

The 47-year-old Hai Tra was fired for “committing serious violations and wrongdoings,” the government said in a statement, without further details. He was also expelled from the Communist Party of Vietnam.

Tra, who holds a dual master’s degree in finance and administration from Harvard University’s Kennedy School of Government, did not immediately respond to requests for comment.

Vietnamese authorities in March called for an intensification of the fight against corruption in the country, with a focus on financial markets.

A series of high-profile corporate arrests on market manipulation charges sparked a $40 billion wipeout of Vietnamese stocks and shook investor confidence in the fast-growing economy.

Tra will be replaced by Tran Anh Dao, the exchange’s deputy head, the government said.

Authorities launched a massive crackdown on stock breaches amid alleged wrongdoing and poor oversight by authorities that led to market manipulation and “illicit profiteering” between 2015 and 2020. The country is pushing for more transparency as it seeks upgraded stock market status and more foreign investment.

Tra’s dismissal follows that of state Securities Commission Chairman Tran Van Dung on Thursday for committing “serious wrongdoing”.

On May 19, the Ministry of Finance also took disciplinary action in the form of warnings against Vu Bang, former chairman of the securities commission; Nguyen Thanh Long, Chairman of the Board of Members of the Vietnam Stock Exchange; and Nguyen Son, Chairman of Vietnam Securities Depository.

Since late March, police have arrested a number of corporate executives, including the former chairman of Bamboo Airways and its parent group FLC JSC Trinh Van Quyet, the former CEO of Tri Viet Securities Do Duc Nam and the former chairman of Louis Holdings Do Thanh Nhan. The department said a brokerage investigation would continue throughout the year.

The securities commission has fined FLC Group 100 million dong ($4,300) for failing to disclose required information, the government said on Saturday. The regulator also placed Hanoi-based Kenanga Vietnam Securities JS Corporation under special scrutiny between May 19 and September 18, it said without citing reasons.

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