On October 20, the State Securities Commission of Vietnam (SSC) issued a decision to impose administrative penalties in the securities and stock market sector on Mr. Nguyễn Công Hùng, Chairman of the Board of Directors of SCI Joint Stock Company (stock code: S99).
Accordingly, Mr. Hùng was fined VND 175 million under Article 5, Clause 3, and Article 33, Clause 5, Point h of Decree No. 156/2020/NĐ-CP dated December 31, 2020, issued by the Government, which regulates administrative penalties in the securities and stock market sector (Decree No. 156/2020/NĐ-CP), as amended and supplemented by Clause 4 and Clause 27, Article 1 of Decree No. 128/2021/NĐ-CP dated December 31, 2021, issued by the Government, amending and supplementing certain provisions of Decree No. 156/2020/NĐ-CP (Decree No. 128/2021/NĐ-CP). The penalty was imposed due to failure to report the intended transaction.
Specifically, on June 13, 2024, Mr. Hùng executed a purchase of 1 million S99 shares without reporting or disclosing the intended transaction.
In addition to the administrative fine, Mr. Hùng also faces a supplementary penalty of a four-month suspension from securities trading activities, effective from the date the administrative penalty decision takes effect.
SCI Joint Stock Company (formerly Sông Đà 909 Joint Stock Company) originated from Sông Đà 903 Enterprise, a subsidiary of Sông Đà 9 Company under the Sông Đà Corporation, established on November 20, 1998.
In terms of business activities, the company undertakes the construction of civil, industrial, hydroelectric, telecommunications, and irrigation projects, including blasting methods. It also produces and trades construction materials and engages in the import and export of construction technology equipment.
In related developments, Ms. Nguyễn Thị Thu Hường, Mr. Hùng’s sister, acquired an additional 2 million S99 shares in July, increasing her ownership stake to 6.59%. Mr. Hùng currently holds nearly 21.6 million shares, representing 21.76% of S99.
On the stock market, S99 is traded on the HNX. At the close of the October 20 session, S99 fell by over 4% to VND 9,000 per share.
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