Vietnam sacks head of the country’s main stock exchange over “wrongdoing”

The Vietnamese government said on Saturday it had fired the general manager of the main Ho Chi Minh Stock Exchange (HoSE), as the country ramps up a long-running campaign against officials it accuses of graft.

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

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

Vietnamese authorities called in March for an intensified anti-corruption campaign in the Southeast Asian country, with a focus on financial markets.

A series of high-profile corporate arrests on accusations of market manipulation has led to a $40 billion write-down of Vietnamese shares and shaken investor confidence in the fast-growing economy.

The government said Tran Anh Dao, vice president of HoSE, would replace Tra.

Vietnam on Friday sacked the head of its state securities commission, Tran Van Dung, over the same accusations made against Tra.

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