Time limit for criminal prosecution for forging documents in offering or listing profile in Vietnam

Time limit for criminal prosecution for forging documents in offering or listing profile in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. What are the penalties for forging documents in offering or listing profile in Vietnam?

According to Article 212 of the Penal Code 2015, the crime of falsifying documents in securities offering and listing documents according to the penalty framework is as follows:

- Frame 1: Fine of from VND 500,000,000 to VND 2,000,000,000 or face a penalty of 06 - 36 months' imprisonment for the following acts:

A person who forges documents of the offering or listing profile and earns a profit of from VND 1,000,000,000 to under VND 2,000,000,000 or causes a loss to investors of from VND 1,000,000,000 to under VND 3,000,000,000.

- Frame 2: This offence committed in any of the following circumstances carries a fine of from VND 2,000,000,000 to VND 5,000,000,000 or a penalty of 02 - 07 years' imprisonment:

- The illegal profit earned is ≥ VND 2,000,000,000;

- The loss incurred by investors is ≥ VND 3,000,000,000;

- The offence is committed by an organized group;

- Dangerous recidivism.

In addition, the offender might also be liable to a fine of from VND 50,000,000 to VND 250,000,000, be prohibited from holding certain positions or doing certain works for 01 - 05 years.

2. Time limit for criminal prosecution for forging documents in offering or listing profile in Vietnam

Pursuant to Point b, Clause 1, Article 9 of the Penal Code 2015 stipulating the classification of crimes, serious crime means a crime whose danger to society is significant and for which the maximum sentence of the bracket defined by this document is from over 3 years' to 7 years' imprisonment;

Thus, the crime of forging documents in offering or listing profile is a serious crime.

According to the provisions of Clause 2, Article 27 of the Penal Code 2015, the time limits for criminal prosecution:

- 05 years for less serious crimes;

- 10 years for serious crimes;

- 20 years for very serious crimes;

- 20 years for extremely serious crimes.

Thus, the time limit for criminal prosecution for forging documents in offering or listing profile can be up to 10 years.

3. An application for follow-on offering in Vietnam

An application for follow-on offering consists of:

- The application form;

- The documents specified in Points b, c, d, g, h and i Clause 1 of this Article and the written commitment mentioned in Point e Clause 1 Article 15 of the Law on Securities 2019;

- A competent authority’s decision to approve the project and the plan for making up for shortage of capital in the event mentioned in Point d Clause 2 Article 15 of the Law on Securities 2019;

- The statement on use of capital generated by the latest offering which must be audited within 02 years from the date of application, unless the audited statement has detailed descriptions of the use of capital generated by the latest offering.

(Clause 2, Article 18 of the Law on Securities 2019)

Nguyen Ngoc Que Anh

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