An individual fined VND 200 million was Ms. Tran Thi Thu, the wife of Mr. Huynh Van Quang, Chairman of the Board of Directors of Tien Trung Investment Construction and Technology JSC (code: TTZ).
Of this amount, VND 137.5 million was the penalty for failing to register a public purchase offer. The regulatory authority determined that on November 5, 2021, Ms. Thu had purchased 25,200 TTZ shares, leading to a change in the proportion of voting shares owned by Ms. Thu and her husband, Mr. Huynh Van Quang, to 1,912,600 shares, representing 25.26%.
On March 15, 2022, Ms. Thu continued to purchase 17,400 TTZ shares but failed to register a public purchase offer with the State Securities Commission of Vietnam.
Ms. Tran Thi Thu was fined VND 30 million for failing to report on time when owning 5% or more of the voting shares of a public company. Specifically, on May 21, 2021, Ms. Thu purchased 54,900 TTZ shares, increasing her holdings to 420,100 units (equivalent to 5.55%) and becoming a major shareholder. However, it was almost a month later that the Hanoi Stock Exchange (HNX) received the report of becoming a major shareholder from Ms. Thu.
Ms. Tran Thi Thu was fined VND 200 million for buying TTZ shares without proper registration.
The State Securities Commission also fined Ms. Thu VND 32 million for failing to report changes in her shareholding ratio across the 1% threshold of voting shares. Specifically, from May 25, 2021, to November 4, 2022, Ms. Thu continuously bought and sold TTZ shares, causing her ownership ratio to cross the 1% threshold without proper reporting or timely reporting.
In addition to the monetary penalty, Ms. Tran Thi Thu was forced to relinquish her voting rights, directly or through an authorized representative, on the shares obtained through the violation. She was also compelled to sell the shares to reduce her ownership ratio below the level requiring a public purchase offer within a maximum of six months from the date the decision on this measure took effect.
TTZ, formerly known as Tien Trung Limited Company, was established in April 2003 and primarily engages in the extraction of sand, stone, and gravel for construction projects in the Thai Binh province.
In late July 2024, TTZ was subject to a tax office enforcement measure by the Tien Hai – Kien Xuong Tax Department (Thai Binh province) due to overdue tax debts exceeding VND 2 billion. The enforcement period is from July 29, 2024, to July 28, 2025.
