Manipulating stocks of FRM and ABR codes, an individual was fined half a billion VND

On July 21, 2023, the State Securities Commission (SSC) issued a decision to sanction Mr. Tran Viet Thang for manipulating stock prices for two codes FRM and ABR.

According to information from the State Securities Commission, Mr. Tran Viet Thang used accounts under his name and others to continuously buy and sell the above two stocks to create fake supply and demand and manipulate stock prices.

During the process of manipulating stock prices, Mr. Thang earned an illegal profit of VND87.2 million. Mr. Thang was forced to return the illegal profit along with a fine of VND575 million.

Regarding the two stock codes related to the above incident, FRM is the stock code of Saigon Forestry Corporation, formerly Ho Chi Minh City Forestry Company. The company was established in 1993 with the main fields of operation being wood processing and crocodile farming. As of July 22, 2023, FRM's stock price is recorded at VND 5,700/share.

Manipulating stocks from and to a person was fined half a billion dong figure 1 — An individual was fined 575 million VND for manipulating the stock prices of FRM and ABR (Photo TL)

FRM's 2022 business results recorded net revenue of only VND 33.7 billion, profit after tax of VND 6.3 billion. However, in its main business activities alone, the company is losing VND 6.7 billion.

The code ABR of Viet Brand Investment JSC, formerly Kien An Wood Processing JSC. The company was established in 2012 with an initial charter capital of about 1 billion VND. The company was listed on the stock exchange in 2018. As of July 22, 2023, ABR shares are being traded at 13,700 VND/share, 1.5 times higher than at the beginning of 2023.

ABR's latest second quarter business results are recording net revenue of up to 19.9 billion VND and profit after income tax is also up to 15.4 billion VND.

Source