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Vietnam Arrests CEO in Market Manipulation Probe

Do Duc Nam was accused of colluding with executives of two local companies, Louis Capital and Louis Land, to manipulate the companies’ share prices


Vietnam
Asian countries such as Vietnam have been frustrated by a US delay in detailing plans for economic engagement with the region. File photo: AFP.

 

Vietnam police arrested the chief executive officer of Tri Viet Securities on suspicion of market manipulation, the Ministry of Public Security said on Wednesday, as the Southeast Asian country intensifies its crackdown on graft.

Do Duc Nam was accused of colluding with executives of two local companies, Louis Capital and Louis Land, to manipulate the companies’ share prices by indulging in “illegal” transactions, the ministry said in a statement.

Vietnam last month called for the crackdown to be stepped up, with a new target of cleansing its financial markets.

Tri Viet Securities said in a statement that the arrest would not alter the company’s future business direction, adding that it is cooperating with the investigators.

The police on Wednesday also arrested three other people for their involvement in the case, including executives of Louis Capital and Louis Land, the ministry said.

Late last month, Vietnam arrested the chairman of property and leisure company FLC Group and its Bamboo Airways subsidiary, on accusation of market manipulation.

A week later, police arrested Do Anh Dung, chairman of Tan Hoang Minh Group, another major property firm in Vietnam, on accusation of corporate bond frauds.

Other major arrests this month include that of a former commander of the Vietnam Coast Guard and a deputy foreign minister, on accusation of embezzlement and bribery.

 

  • Reuters, with additional editing by George Russell

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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