News about penalties

The State Securities Commission (UBCKNN) fined Thang Phu Minh, Lam Thuy Hang and Duong Thai Phuong Thao VND 1.5 billion each, totaling VND 4.5 billion, for using 61 securities accounts to repeatedly buy and sell KDC shares from 02/05/2024 to 06/01/2025 to create artificial supply and demand. The inspection found no illegal gains from these violations. The three are also barred from securities trading for 2 years from 02/11/2026 and from holding positions at securities firms, fund managers and related institutions in the same period. On the same day, 17 people who lent their accounts were suspended from trading for 9 months and face the same 2-year trading ban: 8 people lent 8 accounts to Minh, and 9 people lent 48 accounts to Hang.

On October 28, the State Securities Commission of Vietnam (UBCKNN) fined three individuals a total of 4.5 billion VND for manipulating shares of Kido Group (HOSE: KDC) through 61 accounts between May 2, 2024 and January 6, 2025. Thang Phu Minh, Lam Thuy Hang and Duong Thai Phuong Thao were each fined 1.5 billion VND and banned from securities trading for 2 years from November 2, 2026, along with a ban on holding posts at related firms. 17 individuals who lent their accounts were suspended from trading for 9 months and face the same 2-year trading ban. The regulator said there is no basis yet to determine the illegal gains of those 17 individuals. During the period, KDC fell as much as 15% from above 62,000 VND to 53,000 VND, then rose nearly 19% to 58,000 VND in mid-December 2024.

The State Securities Commission's inspectorate fined Education Infrastructure Group JSC a total of 230 million VND under Decision 628/QĐ-XPHC dated Oct. 21, 2026, for late periodic disclosures and late registration and trading registration of private corporate bonds EIGCH2227001 and EIGCH2227002, with delays of 12 months or more. Under Decision 632/QĐ-XPHC of the same date, Telecommunications Technical Services JSC (TST, UPCoM) was fined 60 million VND for incomplete disclosure, including failing to report a 5.9 billion VND loan from board member and CEO Lê Minh Hải in its 2025 corporate governance report. TST was also fined 85 million VND for disclosures made less than 15 days late and 6.25 million VND for another violation that the article cuts off.

On 23 October, UBCKNN published penalty decisions against SmartInvest Securities (AAS), Dong A Plastic Group (DAG), Telecommunications Technical Services (TST) and Phong Lieu Wind Power (PLWC) for reporting and disclosure violations. AAS was fined 150 million dong for inaccurate reporting on the use of company funds and assets to secure obligations to a third party, and must report correct information. PLWC was fined 77.5 million dong for registering its corporate bond PLWCH2135001 more than 12 months late, while DAG was fined 92.5 million dong for disclosing many financial and governance reports at least 15 days late. TST was fined a total of 151.25 million dong, including for incomplete disclosure of a loan of over 5.9 billion dong from a board member who is also general director, and for late notice to UBCKNN after it no longer met public-company conditions, with shareholders' equity of nearly 27.5 billion dong in its audited 2025 financial statements.