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OTC market trouble fixed as buyer transfers money   2009-05-11 - VNE

The chaos in the OTC market resulting from the troubled transaction of 1.5mil Military Bank shares is nearly at an end as the buyer has transferred the money and promised compensation for the delay in paying.

 

Hanoi OTC market chaotic on VND32bil in unpaid shares

 

The chaos in the OTC market resulting from the troubled transaction of 1.5mil Military Bank shares is nearly at an end as the buyer has transferred the money

Pham Thi Ty, Finance Director of Military Bank, said that by 10 am on May 8, the investor who purchased 1.52mil shares of the bank had delivered enough money to the bank so the bank could transfer the money to brokers and sellers.

 

“It is expected that all the brokers and sellers will get their money by the end of this afternoon, while the 1.5mil shares will be unlocked,” Ty said on May 8.

 

Ty added that the bank came forward to help settle the case, though it was not involved in the case, in order to ensure the interests of shareholders.

 

The buyer of the 1.5mil shares also promised to pay VND10mil for every lot of shares (10,000 shares for every lot) as compensation for the payment delay. In general, in OTC transactions, investors transfer money to sellers right after sellers transfer shares.

 

MB’s representative said that in this case, the buyer could not arrange money for payment at that moment, while he did not have the intention to avoid paying.

 

The case which raised chaos in the OTC market took place on May 5. The following morning, brokers and sellers, not having yet been paid, went to Military Bank and asked the bank to block the shares and submit the case to the investigation agency.

 

It also happened that this same investor once before purchased shares worth VND9bil and could not make prompt payment.

 

Transactions on the OTC market are carried out based on honour among brokers. Sellers give shares first, and then get paid, with no contract signed and no deposit put down. If one wants to purchase shares, one just has to make a call or make transactions with handwritten documents.

 



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