Agribank-VGFM Co's business license revoked

Thursday, May 8, 2008
The State Securities Commission (SSC) on May 5 issued a decision to revoke the business licensee No9dated on December 21, 2006 of Agribank-VGFM Securities Investment Fund Management Joint Venture Co (AVIM).

Under it, since May 5, AVIM must stop all activities noted in the business license and announce information via E-newspaper or printing paper during three consecutively editions.

According to the business license, AVIM with a chartered capital of over 16.09 trillion dong was a joint venture between Agribank accounting for 51% of chartered capital and Vietnam Global Fund Management 49% with the operation duration of 50 years.

Pham Hong Son, head of the SSC's securities management board said that AVIM is the first fund management company in Vietnam being revoked the business license. Under the securities law, after 12 months from being licensed, the companies that do not start operation will be revoked the business license.