Phạt 4 cá nhân 6 tỷ đồng
The State Securities Commission (SSC) has issued administrative penalties against 4 individuals for market manipulation activities based on the results of monitoring and inspection.
The individuals involved are: Mr. Mai Huu Phuc (address in district 10, Ho Chi Minh City), Ms. Vo Nhu Thao (Cai Rang district, Can Tho), Ms. Do Thuy Tien (Vinh Thach, Can Tho), Mr. Tran Minh Hoang (Doi Can, Ba Dinh, Hanoi). Each individual has been fined 1.5 billion VND.
PSH stock experienced significant fluctuations during the market manipulation period.
In addition, the SSC has issued a decision to apply preventive measures to prevent violations of securities laws and the securities market for the 4 individuals mentioned above.
3 individuals, including Mr. Mai Huu Phuc, Ms. Vo Nhu Thao, and Ms. Do Thuy Tien, are prohibited from trading securities for a period of 2 years from May 27 and from holding positions in securities companies, securities investment fund management companies, foreign securities investment funds in Vietnam, and foreign securities investment companies for a period of 2 years from May 27.
Mr. Tran Minh Hoang, on the other hand, is prohibited from trading securities for a period of 3 years from May 27 and from holding positions in securities companies, securities investment fund management companies, foreign securities investment funds in Vietnam, and foreign securities investment companies for a period of 3 years from May 27, as specified in Articles 2 and 5 of Decree No. 155/2020 of the Government.
"Market manipulation" operation
The SSC announcement states that from February 1, 2021, to May 27, 2022, Mr. Mai Huu Phuc, Ms. Vo Nhu Thao, Ms. Do Thuy Tien, and Mr. Tran Minh Hoang utilized 26 accounts under the names of 15 investors to continuously trade PSH shares of Nam Song Hau Petroleum Trading Investment Joint Stock Company.
The group of 26 accounts participated in 135 out of 140 trading sessions during the period from February 1, 2021, to August 25, 2021. This group placed 12,860 buy orders with a total volume of over 91.5 million shares, accounting for 64.5% of the total market. The matched buy volume was approximately 67 million shares, accounting for 67.2% of the total market.
At the same time, the group placed 7,587 sell orders with a total volume of over 109.7 million shares, accounting for 60.4% of the total market. The matched sell volume was 74.76 million units, accounting for 75.1% of the total market.
Of these, buy orders accounted for over 70% in 97 out of 134 sessions, while matched buy orders accounted for over 70% in 98 out of 134 sessions; sell orders accounted for over 70% in 87 out of 135 sessions, and matched sell orders accounted for over 70% in 108 out of 133 sessions.
Subsequently, the accounts in the group participated in 81 out of 186 trading sessions during the period from August 26, 2021, to May 27, 2022. These accounts tended to sell with a net selling volume of 15.27 million shares; placed 1,584 buy orders with a total volume of 14.63 million shares, accounting for 3.1% of the total market, and the matched buy volume was 9.57 million shares, accounting for 3.9% of the total market.
The inspection agency determined that the group placed 1,090 sell orders with a total volume of 37.16 million shares, accounting for 7.5% of the total market, and the matched sell volume was 24.84 million shares, accounting for 10.1% of the total market.
Internal matches occurred in 157 out of 371 trading sessions (including 133 out of 157 sessions from February 1, 2021, to August 25, 2021) with a total matched volume of 55.28 million shares and a corresponding matched value of 1,310.26 billion VND. Matches accounted for over 50% in 102 out of 157 sessions.
On the negotiated trading system, the group of 26 accounts conducted internal match transactions with a volume of 5.6 million PSH shares, and the total value of internal matches was 91.19 billion VND.
Therefore, from February 1, 2021, to May 27, 2022, Mr. Mai Huu Phuc, Ms. Vo Nhu Thao, Ms. Do Thuy Tien, and Mr. Tran Minh Hoang used the 26 mentioned accounts to continuously trade PSH shares among these accounts to create artificial supply and demand, manipulate the price of PSH shares, violating the provisions of Article 3 of the Securities Law.
However, the inspection results and the calculation of illegal proceeds due to the violation activities of Mr. Mai Huu Phuc, Ms. Vo Nhu Thao, Ms. Do Thuy Tien, and Mr. Tran Minh Hoang showed that there was no illegal gain.
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