Vietnam fires head of country’s main stock exchange for ‘injustice’

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HANOY – Vietnam has fired its chief director general of the Ho Chi Minh Stock Exchange (HOSE), the government said on Saturday, adding that the country was intensifying a long-running crackdown on officials accused of corruption.

Le Hai Tra, 47, was “fired for serious misconduct and wrongdoing,” the government said in a statement, without elaborating. He was also expelled from the Communist Party of Vietnam.

Tra, who has a double master’s degree in finance and administration from Harvard’s Kennedy School of Government, did not immediately respond to a request for comment.

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Authorities in Vietnam called on the Southeast Asian nation to step up its anti-corruption campaign in March, focusing on financial markets.

Successive high-profile corporate arrests over alleged market manipulation have wiped out $ 40 billion for Vietnam stocks and eroded investor confidence in a fast-growing economy.

The truck will be replaced by HoSE Deputy Chief Tran Anh Dao, the government said.

On Friday, Vietnam fired its state securities commission chairman, Tran Van Dunk, on the same charges as Tra. (Reporting by Fuong Nguyen; Editing by William Mallard)

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