On November 14, the State Securities Commission (SSC) issued a decision to impose administrative sanctions on 23 individuals who lent their accounts to trade securities, leading to violations of stock market manipulation for GKM shares of GKM Holdings JSC.

Specifically, the investors include Mr. Nguyen Van Dao, Le Thi Nguyet, Nguyen Phi Diep, Nguyen Thi Yen, Hoang Van Hai, Hoang Truong Vinh, Nguyen Ngoc Hung, Nguyen Manh Thang, Nguyen Quang Huy, Do Quang Trung, Pham Tien Dat, Nguyen Thi My Hanh, Nguyen Thi Thu, Pham Ngoc Thuyet, Pham Thi Cam Van, Hoang Van Minh, Nguyen Van Tung, Vu Thi Nhung, Nguyen Thi Huyen, Nguyen Thi Giang, Le Trong Long, Nguyen Thi Thuy Hang, and Pham Si Giang.

These 23 people lent Mr. Nguyen Viet Ha their accounts to trade securities, leading to stock market manipulation of GKM shares during the period from August 2, 2021 to January 28, 2022.

According to the State Securities Commission, based on the results of inspection and supervision, there is no basis to show that the 23 individuals mentioned above have any illegal profits from the violations.

The State Securities Commission decided to ban the above 23 individuals from securities trading for 2 years, starting from November 14. At the same time, they are banned from holding positions at securities companies, securities investment fund management companies, branches of foreign securities companies and fund management companies in Vietnam, and securities investment companies for a period of 2 years, also starting from November 14.

GKM shares have recently dropped sharply, from VND35,000/share in early September to VND5,800/share on November 13.

But in the last 2 sessions on November 14-15, GKM both hit the ceiling and is currently at 6,900 VND/share.

Recently, Chairman Dang Viet Le continuously sold GKM shares.

The famous stock manipulation cases that landed the chairman in trouble with the law . Many stocks involved in the price manipulation cases increased and decreased dozens of times in a short period of time. The businesses involved did poorly, even suffered losses, but were still praised on social media.