Central Inspection Commission considers penalising SSC heads

April 01, 2022 | 08:28

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Violations by the 2015-2020 State Securities Commission (SSC) Party Committee and its officials were found to have significant implications, according to the Central Inspection Commission of the Central Committee of the Communist Party of Vietnam.

Central Inspection Commission considers penalising SSC heads

Tran Van Dung, Secretary of the Party Committee and chairman of SSC

The Central Inspection Commission on the evening of March 31 stated that the SSC Party Committee has violated the principle of democratic centralism and its operating regulations, including a lack of accountability, weak leadership, direction, and an absence of thorough inspection and supervision, resulting in numerous violations and inadequacies.

Several high-level figures are deemed jointly responsible for the violations and shortcomings of the SSC, the Vietnam Stock Exchange (VNX), the Ho Chi Minh Stock Exchange (HSX), the Hanoi Stock Exchange (HNX), and the Vietnam Securities Depository Center (VSD), including Vu Bang, former Secretary of the Party Committee and former chairman of the SSC; Tran Van Dung, Secretary of the Party Committee and chairman of the SSC; Nguyen Thanh Long, Secretary of the HNX’s Party Committee and chairman of VNX’s Board; and Le Hai Tra, Secretary of the Party Committee and CEO of HSX; Nguyen Son, Secretary of the Party Committee and chairman of VSD’s Board.

The Central Inspection Commission stated that these people must take personal accountability for breaches and shortfalls in the fulfilment of assigned obligations.

“These infractions have had major implications, adversely influencing the domestic stock market, eroding investors’ confidence, tarnishing the reputations of political parties and the SSC, and fueling public outrage,” the Central Inspection Committee stated.

On March 29, the Ministry of Public Security's Investigation Police Agency decided to launch criminal proceedings against Trinh Van Quyet, chairman of FLC Group, following investigations on stock market manipulation.

By Trung Duong

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