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Son of tycoon Tram Be fined for secret trading

Sep 21st at 12:54
21-09-2012 12:54:20+07:00

Son of tycoon Tram Be fined for secret trading

The State Securities Commission of Vietnam yesterday fined Tram Khai Hoa, board member of a major commercial bank named Sacombank for buying listed stocks without public disclosure as regulated.

 
 

The 24-year-old Hoa, the youngest millionaire on the Vietnamese stock market, violated circular 52/2012/TT-BTC issued on April 5, 2012 by the Ministry of Finance by buying 540,000 shares of Sacombank (coded STB) from June 15 to June 22 this year without disclosing the transactions to appropriate watchdogs.

Hoa was fined VND40 million (US$2,000).

The Phuong Nam Securities Corporation of which Hoa is board chairman was also fined the same amount for selling – again, without disclosing to the public – 2 million STB shares from September 6 to September 10.

Hoa is the son of Tram Be, a famous tycoon. Both father and son were elected members of Sacombank’s board of directors from May 2012. Tram Be himself is currently vice chairman of Sacombank (full name Saigon Thuong Tin Commercial Joint Stock Bank).

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