SSC removes Tân Việt Securities from special control list
SSC removes Tân Việt Securities from special control list
The State Securities Commission (SSC) has taken the decision to remove Tân Việt Securities Joint Stock Company (TVSI) from its special control list.
On May 18 of this year, TVSI was placed under SSC's special management due to its failure to report the audited financial safety ratio as of December 31, 2022. The control period was in effect from May 18 to September 17.
Following this decision, both Vietnamese stock exchanges in Hà Nội and HCM City decided to suspend TVSI from trading securities on the two listed stock markets and the Unlisted Public Company Market (UPCoM), which is managed by the Hà Nội Stock Exchange. This suspension period was effective from June 27, 2023, until TVSI was removed from the special control list.
As of the current status, the State Securities Commission has lifted its special control status after TVSI published the audit report. In line with this decision, TVSI will now resume its normal trading activities.
Ending June, TVSI reported total revenue of VNĐ134.3 billion (equivalent to US$5.6 million), down 92 per cent year-on-year, and a loss after tax of VNĐ336 billion.
TVSI, founded in 2006, was well-known as a consultant for bond issuance for An Đông Investment Group, an investment company under Vạn Thịnh Phát Group, owned by businesswoman Trương Mỹ Lan. Lan was arrested in October 2022 on allegations of fraud related to the issuance and trading of bonds, with the intent to misappropriate thousands of billions of Vietnamese đồng from investors during the 2018-19 period.
