Singer Khanh Phuong fined 245 million VND for illegally buying stocks

According to information from the State Securities Commission (SSC), on June 26, the SSC issued Decision No. 514/QD-XPVPHC on administrative sanctions in the field of securities and the securities market against Mr. Pham Khanh Phuong (singer Khanh Phuong - PV).

Accordingly, the State Securities Commission decided to fine Mr. Pham Khanh Phuong VND 150 million for not registering a public offering in accordance with the law. Specifically, from June 23, 2022 to October 28, 2022, Mr. Phuong purchased 3,155,718 shares of Song Da 1.01 Joint Stock Company (stock code SJC), increasing his holding ratio from 0% to 45.5%; on December 23, 2022, Mr. Phuong purchased 100,000 SJC shares and sold 21,800 SJC shares, increasing his holding ratio from 1,711,896 SJC shares (equivalent to 24.69%) to 1,790,096 SJC shares (equivalent to 25.81%) but did not register a public offering).

Singer Khanh Phuong was fined 245 million VND for illegally buying stocks. (Illustration photo)

According to the State Securities Commission, remedial measures include forcing the renunciation of the right to vote directly or through an authorized representative on the shares obtained from the violation and forcing the sale of shares to reduce the holding ratio below the level required for a public offering for the violation within a maximum period of 06 months from the effective date of the decision to apply this measure.

Mr. Pham Khanh Phuong was further fined VND 60 million for failing to report when owning 5% or more of the voting shares of a public company. Specifically, on October 14, 2022, Mr. Phuong purchased 96,600 SJC shares, resulting in an increase in the volume (ratio) of ownership from 289,200 SJC shares (4.17%) to 385,800 SJC shares (5.56%), becoming a major shareholder of SJC but did not report to the Hanoi Stock Exchange.

At the same time, the State Securities Commission also fined Mr. Phuong 35 million VND for not reporting any changes in the percentage of shares owned beyond the threshold of 1% of the number of voting shares.

Specifically, from October 21, 2022 to December 30, 2022, Mr. Phuong continuously bought and sold SJC shares, changing the share ownership ratio of Mr. Phuong and the group of related people after the transaction exceeding the threshold of 1% of SJC's voting shares, specifically: increasing from 5.56% to 8.42%; increasing from 47.66% to 48.62%; decreasing from 48.13% to 24.53%; decreasing from 48.06% to 47.83%; increasing from 47.83% to 48.26%; increasing from 25.81% to 26.04%, but Mr. Phuong did not report/reported late to the Hanoi Stock Exchange when there was a change in the share ownership ratio of SJC shares.

Thus, the total amount of money Mr. Pham Khanh Phuong was fined for the above 3 violations is 245 million VND. The decision takes effect from the date of signing.

Thanh Lam

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