The State Securities Commission has just issued Decision No. 55/QD-XPHC dated March 21, 2025 to sanction and apply preventive measures and prevent violations of stock market manipulation and lending of trading accounts to manipulate shares of Phat Dat Real Estate Development Joint Stock Company.
Accordingly, Ms. Nguyen Thi Phuong Thao (in Ward 11, District 5, Ho Chi Minh City) and Mr. Phan Thanh Tam (in Nguyen Thai Binh Ward, District 1, Ho Chi Minh City) were fined 1.5 billion VND/person for stock market manipulation.
According to the State Securities Commission, from August 15, 2022 to December 19, 2022, Ms. Nguyen Thi Phuong Thao and Mr. Phan Thanh Tam used 164 accounts to continuously buy, sell, and trade PDR shares between accounts for the purpose of creating fake supply and supply, manipulating stock prices of Phat Dat Real Estate Development Joint Stock Company (PDR). This behavior violates the provisions of Clause 3, Article 12 of the Securities Law.
The authorities said that the inspection results did not show any illegal revenue generated from the violations of Ms. Nguyen Thi Phuong Thao and Mr. Phan Thanh Tam. In addition to being administratively fined, Ms. Thao and Mr. Tam are also banned from trading securities for a period of 2 years, starting from March 24.
During this time, the authorities also banned Ms. Thao and Mr. Tam from holding positions at securities companies, securities investment fund management companies, securities company branches and foreign fund management companies in Vietnam, and securities investment companies.
Responding to a reporter from Lao Dong Newspaper, Phat Dat Real Estate Development Joint Stock Company (PDR) affirmed that the company's leadership is not involved in stock price manipulation. Currently, these individuals also do not have any relationship with Phat Dat Real Estate Development Joint Stock Company.
According to Phat Dat's financial report, in 2024, the company's revenue will reach VND 2,017 billion, a strong increase compared to VND 618 billion in 2023. However, the company's financial revenue decreased by 58% to VND50 billion. As a result, the company posted a profit after tax of VND523 billion, down more than 23% compared to 2023.
In 2025, Phat Dat will implement 4 major projects. That is the Quy Nhon Iconic project (Binh Dinh) with phase 2 expected to open for sale in March 2025. Thuan An 1 & 2 High-rise Complex Housing Area (Binh Duong), expected to open for sale in the second quarter of 2025.
In addition, there are two Q1 Tower luxury apartment projects (Ngo May, Quy Nhon) opening for sale in the second quarter of 2025, and the Nhu Nguyet Commercial and Service Complex project (Da Nang), expected to open for sale in the third quarter of 2025.
On the stock market, at the end of the morning session of March 24, PDR shares are trading at VND19,250/share. Phat Dat's market capitalization reached more than VND 17,700 billion.
