(Bloomberg) -- The head of Ho Chi Minh City’s bourse Le Hai Tra was fired for “serious violations” at work, the stock exchange said in a statement late Friday.

His dismissal came after Vietnam’s finance ministry fired State Securities Commission Chairman Tran Van Dung on May 19 for committing “serious wrongdoings.”

Authorities have launched a wide-ranging crackdown on securities violations amid alleged “violations and shortcomings” by officials that resulted in market manipulation and “illicit profits” between 2015 and 2020.

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