April 25, 2024
Economy
FSC fines Mirae Asset W2b for non-diclosure
[THE INVESTOR] The financial regulator on March 8 fined Mirae Asset Daewoo 2 billion won (US$1.7 million) for failing to report its securities sale based on the Landmark 72 tower in Hanoi, Vietnam’s tallest building.
The Financial Services Commission made the final decision to punish Mirae, saying it failed to submit a report on the sale of asset-backed securities worth 300 billion won last year.
There were 15 special purpose corporations involved and Mirae argued the move was a type of privately offered sale. But the FSC viewed it as a publicly offered issuance involving more than 500 investors, which requires the transaction to be reported to the authorities.
Mirae acquired the Hanoi tower last year for 400 billion won.
(theinvestor@heraldcorp.com)
The Financial Services Commission made the final decision to punish Mirae, saying it failed to submit a report on the sale of asset-backed securities worth 300 billion won last year.
There were 15 special purpose corporations involved and Mirae argued the move was a type of privately offered sale. But the FSC viewed it as a publicly offered issuance involving more than 500 investors, which requires the transaction to be reported to the authorities.
Mirae acquired the Hanoi tower last year for 400 billion won.
(theinvestor@heraldcorp.com)
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