Former CEO of Khang Minh Group was fined 1.5 billion VND for stock manipulation

12/23/2023 07:42 Ha Loan Print article

ANTD.VN - Mr. Nguyen Viet Ha, former CEO of Khang Minh Group, was fined 1.5 billion VND and banned from securities trading for 2 years for manipulating the stock market.

The State Securities Commission (SSC) said that on December 21, 2023, based on the inspection results, this agency issued a decision on administrative sanctions against Mr. Nguyen Viet Ha (address: No. 68 Linh Lang Street, Ba Dinh District, Hanoi) for manipulating the stock market.

Giá cổ phiếu GKM của Khang Minh Group đã tăng mạnh trong khoảng thời gian cuối 2021, đầu 2022

Khang Minh Group's GKM stock price increased sharply in late 2021 and early 2022.

Specifically, from August 2, 2021 to January 28, 2022, Mr. Nguyen Viet Ha used 23 accounts to continuously buy, sell, and trade shares of Khang Minh Group Joint Stock Company (stock code: GKM) to create fake supply and demand, manipulating GKM stock prices.

The results of the inspection and calculation of the illegal income obtained from Mr. Nguyen Viet Ha's violations showed that there was no illegal income.

Therefore, based on regulations, the State Securities Commission decided to fine Mr. Nguyen Viet Ha 1.5 billion VND.

In addition, the management agency also issued a decision on applying preventive measures to prevent violations of securities and securities market laws against Mr. Nguyen Viet Ha. Accordingly, this individual is banned from securities transactions for a period of 02 years, starting from October 9, 2023.

At the same time, 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 02 years, starting from October 9, 2023.

It is known that Mr. Nguyen Viet Ha joined the Board of Directors of Khang Minh Group from May 2021 and was appointed General Director in October 2022.

However, in mid-October, Mr. Nguyen Viet Ha was dismissed from the position of Member of the Board of Directors for the 2021-2026 term, General Director, Person in charge of corporate governance, and Person authorized to disclose information of this enterprise.

Khang Minh Group was later renamed GKM Holdings.

During the time Mr. Ha was identified as having manipulated, GKM's stock price increased 5 times from VND8,000 to VND40,000/share.

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