Portrait of HoSE General Director Le Hai Tra has just been expelled from the Party

As reported by Dan Viet, on May 16 and 17, in Hanoi, the Central Inspection Committee held its 15th session. Mr. Tran Cam Tu – Politburo member, Secretary of the Party Central Committee, Chairman Central Inspection Committee – preside over the meeting.

Expulsion of Party HoSE General Director Le Hai Tra

At this meeting, the Central Inspection Committee issued a disciplinary warning to the Party Committee of the State Securities Commission for the term 2015 – 2020, 2020 – 2025.

Excluded from the Party, Mr. Le Hai Tra – Secretary of the Party Committee, General Director of the Ho Chi Minh City Stock Exchange.

Previously, at its 13th meeting (March 28-31), the Central Inspection Committee reviewed the inspection results when there were signs of violations against the Party Committee of the State Securities Commission for the 2015 term. -2020, the Central Inspection Commission found that:

The Party Committee of the State Securities Commission has violated the principle of democratic centralism and working regulations; lack of responsibility, loose leadership, direction, lack of inspection and supervision, so that some organizations and individuals under the State Securities Commission have many violations and shortcomings in advising on institutional building, policies and implementation of state management of securities activities and securities market; for a number of organizations and individuals to violate the law, manipulate the market, and gain illicit profits.

Mr. Le Hai Tra and many leaders are personally responsible for violations and shortcomings in the performance of assigned responsibilities and tasks.

The above violations have caused serious consequences, negatively affecting the stock market, reducing investor confidence, the reputation of Party organizations and the State Securities Commission, causing frustration in the society. society, to the point of consideration and disciplinary action.

Portrait of HoSE General Director Le Hai Tra

According to research, Mr. Le Hai Tra was born in 1974. He holds a master’s degree in public management (MPA), with a dual major in leadership and financial market analysis from Harvard Kennedy University (USA).

Before joining the securities industry, Mr. Le Hai Tra used to work at a foreign auditing company. In 1997, he transferred to the Department of Market Development, State Securities Commission.

Mr. Le Hai Tra is said to have made many important contributions in the process of preparing for the opening of the Ho Chi Minh City Stock Exchange Center in 2000.

In 2006, Mr. Le Hai Tra was appointed as Deputy Director of Ho Chi Minh City Securities Trading Center. By mid-August 2017, he was elected to the position of in charge of managing the HoSE Board of Directors, replacing Mr. Tran Van Dung.

According to HoSE’s report, at the time of 2020 when Mr. Le Hai Tra was a member in charge of the Board of Directors, Mr. Tra received a total salary of VND 780.08 million this year. In addition, Mr. Tra also received a bonus and other income for the year was 58.51 million dong. Thus, Mr. Le Hai Tra received nearly 840 million VND in salary and bonus in 2020.

In February 2021, amidst the controversy related to the HoSE system blocking orders, Mr. Le Hai Tra was still appointed by the Ministry of Finance as the General Director of HoSE.

Also in this year, HoSE’s total revenue reached over VND 3,237 billion, up 208% compared to 2020 and reaching 187% compared to the plan for 2021.

HoSE’s total expenses in 2021 increased by nearly 95% compared to 2020, reaching VND 701 billion.

As a result, HoSE reported a pre-tax profit of VND2,536 billion, up 267% compared to 2020, reaching the highest level in more than 20 years of operation. This is also a record high profit in the history of this unit, far exceeding the planned profit before tax of VND 648 billion.

HoSE pays corporate income tax of VND 507 billion and pays VND 1,808 billion to the state budget and superior agencies.

In January 2022, rumors spread on social networking sites that Mr. Le Hai Tra had been arrested by the police. Immediately after this information, the Ho Chi Minh City Stock Exchange issued a statement confirming that it was fabricated information.

In March 2022, the stock market was shaken by the fact that former FLC Chairman Trinh Van Quyet was detained and detained for investigation and verification of the behavior of “stock market manipulation”, “hiding information in operations”. securities” occurred on January 10, 2022, causing serious damage to investors and affecting the operation of Vietnam’s stock market.

At that time, Mr. Le Hai Tra as General Director of HoSE shared with the press that market manipulation is always a potential risk in any stock market in the world. The common practice of ways to prevent manipulation of the stock market is that the securities market management and supervision apparatus has sufficient competence and the law prescribes strict handling of violations, from civil to criminal.

However, the question arises, as the General Director of HoSE, is it Mr. Le Hai Tra’s responsibility to let these incidents happen??