Overview of Trinh Van Quyet’s “undercover sale” of 74.8 million FLC shares
In the trading session on January 10, 2022, FLC shares of FLC Group, chaired by Mr. Trinh Van Quyet, had a strong rally. Right from the beginning of the morning session, this stock hit the ceiling at 24,100 dong/share.
However, in the afternoon session, in just a few minutes, this stock suddenly dropped to the floor, causing investors to panic, falling into a sell-off situation, pushing the price to the floor at 21,000 dong/share. The total trading volume of FLC in this session amounted to 135 million out of 710 million shares outstanding on the market of FLC, equivalent to nearly 20%.
After the end of the trading session, the website of FLC Group posted information that Mr. Quyet had registered to sell 175 million shares, also from January 10. However, this document is dated January 5.
A few hours later, the FLC website posted another document, announcing that Mr. Quyet had registered to sell 175 million shares, but the time was from January 14.
On the morning of January 11, both of these documents were removed. Meanwhile, the website of HOSE or the Securities Commission does not have these two documents.
Also in the morning of January 11, the State Securities Commission said that at 5:45 pm on January 10, the Commission received a report from HOSE about Mr. Quyet’s illegal sale of 74.8 million FLC shares on January 10. first.
The State Securities Commission immediately issued a document directing HOSE to block all accounts of Mr. Trinh Van Quyet, and at the same time ordered the illegal sale of 74.8 million shares mentioned above. Investors who matched orders with shares sold by Mr. Quyet were refunded.
On January 18, the State Securities Commission issued a decision to fine Mr. Trinh Van Quyet 1.5 billion dong and apply an additional sanction of suspending securities trading activities for 5 months.
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