Ailing Trang An offloads accounts
Trang An Securities Company would transfer its 12,000 trading accounts to the Viet Nam Investment Securities Company (IVS), the account receiver announced yesterday.
The number of shares held by these accounts reached around 30 million shares, according to the Viet Nam Securities Depository's data as of November 15.
Among the accounts, a large proportion belongs to Chinese investors as the current chairman of Trang An Securities holds Chinese nationality.
In April last year, Yang Xiao Dong, the largest shareholder of Trang An Securities, was appointed chairman of the company, replacing Le Ho Khoi who was then arrested earlier this year for appropriating clients' assets.
In May last year, many investors opening accounts at Trang An Securities reported that their money and securities disappeared without a reason.
After increasing his stake in Trang An Securities, Yang offered a loan of VND29.8 billion (US$1.4 million) to the company.
"In fact, the shareholder succeeded in acquiring the brokerage at a low price, and he can restructure it in his own way," a securities analyst said under the condition of anonymity.
Yang said he wanted to transfer the accounts to a domestic brokerage firm and continue to invest while the Vietnamese market remains promising.
Trang An Securities was de-listed in September, while the Viet Nam Investment Securities is performing normally, having no accumulated losses.