API, IDJ, APS replace chairmen after price manipulation

After the stock market manipulation incident, APEC group of companies replaces a series of presidents

Yesterday, June 29, 2023, the group of 3 companies mentioned in the stock market manipulation case, Asia Pacific Securities Corporation (HNX: APS), Asia Pacific Investment Corporation (HNX: API) and IDJ Vietnam Investment Corporation (HNX: IDJ) simultaneously announced the decision to replace the Chairman of the Board of Directors.

In which, APS and IDJ decided to dismiss Mr. Pham Duy Hung from the position of Chairman of the Board of Directors. The replacement of the position of Chairman of the Board of Directors of APS and IDJ is Mr. Vu Trong Quan - Member of the Board of Directors.

APEC Group's stock price plunges after scandal, loses chairman — Stocks hit the floor for 5 sessions due to price manipulation scandal, 3 companies API, APS, IDJ replaced a series of chairmen (Photo TL)

The Board of Directors of APS also elected Mr. Nguyen Quang Huy - Member of the Board of Directors as the person in charge of information disclosure, and Ms. La Thi Quy as the person in charge of accounting for APS from June 29, 2023.

For Apec Securities, this unit dismissed Ms. Nguyen Thi Thanh from the position of Chairman of the Board of Directors. Elected Mr. Nguyen Van Ly, a member of the Board of Directors, to replace her as Chairman of the Board of Directors.

APEC securities group stocks fall sharply, investors sell off amid price manipulation news

The case of stock price manipulation for the three codes API, APS, IDJ was announced by the State Securities Commission on June 23, 2023. Accordingly, the State Securities Commission announced that the Investigation Security Agency - Hanoi City Police had issued a decision to prosecute the criminal case of "stock market manipulation" at the three above-mentioned companies.

Immediately after this information was announced, the three stocks API, APS and IDJ fell to their lowest levels. Up to now, all three stocks have had 5 consecutive floor-price sessions, causing their stock prices to plummet.

The price of APS reached 17,900 VND/share on August 22, 2022, but in the morning trading session on June 30, 2023, it was only 8,700 VND/share. The API code, which peaked at 26,342 VND/share on August 22, 2022, is now only 7,600 VND/share. The IDJ code, which reached 17,100 VND/share, is now only 8,100 VND/share.

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