The company has just appointed its fourth general director in a short period of time after the former chairman was involved in two cases of stock market manipulation.
On January 16, Tri Viet Securities Corporation (HoSE: TVB) sent a document to the State Securities Commission and Ho Chi Minh City Stock Exchange (HoSE) regarding the resolution of the Board of Directors to dismiss the general director and appoint a new general director.
Accordingly, Tri Viet Securities dismissed Mr. Chu Tuan An from his position as general director and legal representative from January 16, and appointed Mr. Ngo Long Giang as general director.
The person who signed the decision was Chairwoman of the Board of Directors Nguyen Thi Hang.
Also on January 16, Mr. Ngo Long Giang was dismissed from his position as general director at Tri Viet Asset Management Group Corporation - the parent company of Tri Viet Securities.
This is the fourth general director of Tri Viet Securities in the past year and a half.
In mid-June 2024, TVB appointed Mr. Chu Tuan An as the company's general director and legal representative after 2 months of this position being vacant. Mr. Chu Tuan An and chairwoman Nguyen Thi Hang are the two legal representatives of TVB.
Previously, Mr. Chu Tuan An's predecessor, Ms. Phung Thi Thu Ha, also held the position of general director for only 8 months, from August 10, 2023 to April 1, 2024. Before Ms. Ha, TVB's general director was Ms. Tran Thi Rong (resigned on August 8, 2023).
Not only the position of General Director, in the past few years, TVB has recorded strong fluctuations in the Board of Directors and the company's management. At the 2024 Annual General Meeting of Shareholders, shareholders approved a series of decisions to dismiss and elect additional members of the Board of Directors and members of the Supervisory Board of TVB.
Series of violations related to TVB
The high-level personnel changes at TVB began in 2022 after then-general director Do Duc Nam was prosecuted and temporarily detained (April 2022). Later, former chairman Pham Thanh Tung was also involved in two cases.
Mr. Do Duc Nam was accused of colluding with Mr. Do Thanh Nhan - Chairman of the Board of Directors of Louis Holdings, Louis Capital... to use many accounts to buy, sell and entice others to buy and sell securities to manipulate the stock prices of Louis Capital (TGG), Louis Land (BII) and other securities codes against the law, illegally profiting hundreds of billions of VND.
At that time, Mr. Pham Thanh Tung was also the chairman of TVB, claiming that he had not been informed about the fact that General Director Do Duc Nam gave Do Thanh Nhan's group money to manipulate the stocks of two codes BII and TGG.
Later, in the supplementary investigation conclusion, the police also prosecuted Mr. Pham Thanh Tung (then Chairman of Tri Viet Securities) and Chairman of Tri Viet Asset Management Corporation (TVC). Currently, Ms. Nguyen Thi Hang is also Chairman of TVC.
In May 2023, former Chairman of the Board of Directors of Tri Viet Securities Company Pham Thanh Tung was sentenced to 3 years in prison but given a suspended sentence for his involvement in stock manipulation at Louis Holdings Company, masterminded by Do Thanh Nhan.
In June 2024, Mr. Pham Thanh Tung was prosecuted in the second case, but on August 26, 2024, the Hanoi People's Court issued a verdict to fine the former Chairman of Tri Viet Securities VND 2 billion for manipulating the stock market.
Tri Viet Securities is a subsidiary of Tri Viet Asset Management Group Corporation (TVC).
On January 16, TVC announced information about registering to buy 1 million TVB shares between January 21 and February 19 to increase its capital ownership ratio at Tri Viet Securities from 64.04% to 64.93%.
TVB shares were traded at VND7,670/share on January 17. Tri Viet may have to spend about VND7.7 billion to buy the above number of shares.
TVB shares are currently under control due to violations of late submission of audited financial reports for 2 consecutive years.
Source: https://vietnamnet.vn/chung-khoan-tri-viet-co-tong-giam-doc-thu-4-sau-mot-nam-ruoi-2364383.html
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