CEO of Tan Binh Culture and related parties own more than 25% without public offering

The "underground purchase" of shares caused Mr. Hoang Minh Anh Tu to receive a fine of 100 million VND, and at the same time, he had to sell shares and give up his voting rights at Tan Binh Culture on the shares obtained from the violation.

The "underground purchase" of shares caused Mr. Hoang Minh Anh Tu to receive a fine of 100 million VND, and at the same time, he had to sell shares and give up his voting rights at Tan Binh Culture on the shares obtained from the violation.

The State Securities Commission issued a decision on administrative sanctions for violations in the field of securities and the securities market against Mr. Hoang Minh Anh Tu and Ms. Tran Thi Thuy Duong. Both individual investors did not register for a purchase offer despite being required to be announced according to regulations.

Accordingly, Mr. Tu was fined VND 100 million for not registering a public offering as required by law. Specifically, Mr. Hoang Minh Anh Tu - member of the Board of Directors and General Director of Tan Binh Cultural Joint Stock Company (code ALT, HNX floor) bought 320,000 ALT shares from January 29 to February 23, 2024. This action increased the number of shares of Mr. Hoang Minh Anh Tu and related persons after the transaction to more than 1.44 million shares, equivalent to 25.18% of the number of outstanding shares, but did not register a public offering as required.

Mr. Tu must be subject to remedial measures such as being forced to give up the right to vote directly or through an authorized representative on the shares acquired from the violation. Along with that, he is forced to sell shares to reduce the holding ratio below the level required for a public offering for the violation within a maximum period of 6 months, from the date the decision to apply this measure takes effect.

It is known that on August 27, 2024, Mr. Hoang Minh Anh Tu announced information on the website of the Hanoi Stock Exchange about the sale of 20,000 ALT shares, reducing the number of shares of Mr. Tu and related persons to 1,424,695 shares, equivalent to 24.83% of the number of outstanding shares, below the level required for public offering.

Meanwhile, Ms. Duong was fined VND 87.5 million for not reporting the expected transaction. Ms. Tran Thi Thuy Duong - a person related to Ms. Tran Thuy Linh, a member of the Board of Directors of SAMETEL Joint Stock Company (code SMT, HNX floor) bought 528,200 SMT shares on March 22, 2024 but did not report the expected transaction.

Sanctions will be increased on insiders illegally buying and selling stocks.

Buying and selling transactions of insiders and related parties are one of the contents expected to be "legalized" when added to the draft Law amending and supplementing a number of articles of the Securities Law; Accounting Law; Independent Audit Law; State Budget Law; Law on Management and Use of Public Assets; Tax Management Law; Law on National Reserves. However, in the report on receiving and explaining the discussion group's opinions sent to National Assembly deputies last week, the Ministry of Finance said it planned to report to the Government and the Prime Minister for consideration and decision in the direction of receiving and not adding regulations on the behavior of "insiders of public companies, public securities investment companies, public funds and related persons of these entities not disclosing information about expected transactions of shares and public fund certificates before the transaction" to the prohibited behaviors.

However, the Ministry of Finance also affirmed that it will strengthen sanctions against this behavior by increasing additional sanctions for the above behavior in the Decree on administrative sanctions for violations in the securities sector, which is currently being amended and supplemented. "The Ministry of Finance accepts and will supplement measures and sanctions in the Decree on administrative sanctions for violations in the securities sector, which is currently being amended and supplemented, to ensure compatibility with the additional prohibited behaviors in the Draft Law," the drafting agency emphasized.

Source: https://baodautu.vn/ceo-van-hoa-tan-binh-va-nguoi-lien-quan-so-huu-vuot-25-khong-chao-mua-cong-khai-d230014.html