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The State Securities Fee of Vietnam has fined native conglomerate Hoang Anh Gia Lai VND3 billion (US$129,400) effective for failing to report the commerce of its subsidiary’s shares.
Other than the effective, the State Securities Fee has suspended Hoang Anh Gia Lai (HAGL) JSC from securities buying and selling for 5 months.
Earlier experiences confirmed that Hoang Anh Gia Lai Agricultural JSC, a subsidiary of HAGL, had used its HNG shares to ensure bond issuance of a member firm at a credit score establishment.
As a result of overdue curiosity on this bond, the credit score establishment bought 20 million HNG shares on January 7 and one other 5.4 million on January 10 on HAGL’s securities account to get well the debt.
Nevertheless, HAGL didn’t report prematurely the commerce of those shares in accordance with rules.
Based in 1993 by Doan Nguyen Duc, Hoang Anh Gia Lai JSC was initially named Hoang Anh Pleiku Personal Enterprise, in accordance with the agency’s web site.
Based mostly within the Central Highlands province of Gia Lai, the corporate modified its title in 2006, and its shares have been listed on the Ho Chi Minh Metropolis Inventory Trade beneath the code HAG in 2008.
Following the buying and selling session on Thursday, HAG was valued at VND9,030 (US$0.39) per inventory, whereas HNG at VND6,230 ($0.27) apiece.
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