Phat Dat boss says he has no involvement in PDR stock price manipulation

Two individuals were fined VND3 billion for manipulating PDR stock prices in 2022. Phat Dat's board of directors affirmed that they had nothing to do with these activities in an announcement issued on the morning of March 24.

PDR stock price still goes down despite price manipulation - Photo: PDR

The State Securities Commission has issued Decision No. 55 on administrative sanctions against two individuals for manipulating PDR stock prices during the period from August 15 to December 9, 2022.

Based on the conclusions of the decision, the board of directors of Phat Dat Real Estate Development Joint Stock Company (PDR) affirmed that it had nothing to do with these activities.

In addition, PDR leaders said that Phat Dat's business activities are still going according to plan. It is expected that from now until 2027, Phat Dat will implement at least 6 major projects.

Previously, according to the decision of the Securities Commission, Ms. Nguyen Thi Phuong Thao and Mr. Phan Thanh Tam had to pay a fine of 1.5 billion VND each for using 164 accounts to continuously buy, sell, and trade PDR shares with the aim of creating fake supply and demand and manipulating prices.

The decision to impose the fine only stated that Ms. Thao resided in an apartment building on Luong Nhu Hoc Street, District 5, Ho Chi Minh City. However, according to Tuoi Tre Online’s investigation, Ms. Thao once held an important position at PDR and was and is the leader of several other companies.

At PDR's 2018 annual general meeting of shareholders, Ms. Thao appeared on the list of candidates for the board of directors of this real estate company.

However, the list of candidate results and positions on the board of directors of PDR announced later did not include Ms. Thao's name.

Notably, the decision to punish two individuals for manipulating PDR stock prices by the management agency showed that no illegal income was found from the actions of the two individuals mentioned above.

Looking back at the price fluctuations of PDR shares, the period from August to December 2022 (the time when the price manipulation took place) was also a period of sharp decline for this stock.

When this stock fell from the price range of 55,000 VND to more than 13,000 VND around the end of 2022, shareholders holding this code were "stunned".

Currently, PDR shares are trading at 20,300 VND, the market price has recovered more than 6% after 1 month but in the past year, it has still decreased by 29%.

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Source: https://tuoitre.vn/sep-phat-dat-noi-khong-lien-quan-vu-thao-tung-gia-co-phieu-pdr-20250324124632394.htm