Trinh Van Quyet was arrested, who will replace the chair of FLC, Bamboo Airways?

On March 29, 2022, the Ministry of Public Security issued a decision to prosecute the case against Mr. Trinh Van Quyet, Chairman of the Board of Directors (BOD) of FLC Group.

Right after information about the arrest of Mr. Trinh Van Quyet, FLC Group would like to have official information about the incident.

According to this group, the case is related to Mr. Trinh Van Quyet personally conducting securities trading transactions recently and is still in the process of initial investigation, with no official conclusion. Mr. Trinh Van Quyet has been and continues to coordinate with relevant authorities in the process of investigating and clarifying related issues.

According to FLC, the incident does not affect or change important orientations of FLC in production, investment, business activities as well as sustainable development in the coming time. At the same time, it also does not affect the legitimate rights and interests of customers, shareholders as well as partners having transactions and cooperation with the Group.

Immediately after receiving information related to the prosecution, Mr. Trinh Van Quyet authorized Ms. Vu Dang Hai Yen, Deputy General Director of FLC Group.

Accordingly, Ms. Vu Dang Hai Yen will represent and represent Mr. Trinh Van Quyet to perform the duties and rights of the Chairman of the Board of Directors of FLC Group Joint Stock Company – Chairman of the Board of Directors of Tre Viet Aviation Joint Stock Company. Bamboo Airways) as well as all shareholder rights in the two companies mentioned above in accordance with the law and the company’s charter.

Mr. Trinh Van Quyet also authorized Ms. Vu Dang Hai Yen to have all rights related to the properties and property rights owned by Mr. Trinh Van Quyet.

Mr. Trinh Van Quyet authorized Ms. Vu Dang Hai Yen, Deputy General Director to replace Mr. Quyet to take the position of President of FLC, Bamboo Airways.

Besides this decision, the Board of Directors of FLC also had a meeting and quickly came up with measures and plans to ensure that FLC’s business activities run stably in the new situation, in accordance with the objectives and plans. set by the Board of Directors and the Board of Directors.

According to this Group, with about 300 projects being researched, invested and legalized in more than 40 provinces and cities nationwide, FLC aims to complete the legal process to continue implementing a series of projects in 2022.

On the evening of March 29, the Investigative Police Agency of the Ministry of Public Security issued a decision to prosecute and temporarily arrest Mr. Quyet to investigate the behavior of manipulating the stock market according to article 211 of the Penal Code. Quyet’s behavior occurred on January 10, 2022.

Specifically, the investigative police agency of the Ministry of Public Security (C01) investigated and verified Trinh Van Quyet, Chairman of the Board of Directors of FLC Group Joint Stock Company, and individuals of the Group Joint Stock Company. FLC, BOS Securities Joint Stock Company and related companies for the act of “Manipulating the stock market”, “Concealing information in securities activities” occurred on January 10, 2022, causing damage serious consequences for investors, affecting the operation of Vietnam’s stock market.

The above behavior of Trinh Van Quyet, Chairman of the Board of Directors of FLC Group Joint Stock Company, has enough elements to constitute the crime of “manipulating the stock market”, specified in Article 211 of the Penal Code. Initially, on March 29, 2022, the Police Investigation Agency of the Ministry of Public Security issued the Decision to prosecute the criminal case No. 06/QD-VPCQCSĐT, the Decisions to prosecute the accused, and the arrest warrant for the accused. with Trinh Van Quyet. At the same time, organizing search of residences and workplaces at 21 locations for related subjects.

Decisions and procedural orders of the Investigative Police Agency of the Ministry of Public Security have been approved by the Supreme People’s Procuracy (Case 3) in accordance with the law.

On January 11, the Ho Chi Minh City Stock Exchange. Ho Chi Minh City Stock Exchange (HoSE) announced to cancel the sale of 74.8 million FLC shares on January 10 under the direction of the State Securities Commission. The reason for the cancellation of the transaction was because the Chairman of the Board of Directors of FLC Group Trinh Van Quyet did not report or disclose information before the transaction.

On January 18, the State Securities Commission fined Mr. Quyet 1.5 billion dong and suspended his securities trading activities for 5 months.

Along with the decision to prosecute Mr. Quyet, the Police Investigation Agency also searched 21 locations for the subjects involved. The decisions and procedural orders of the Investigation Police Agency of the Ministry of Public Security have been approved by the Supreme People’s Procuracy in accordance with regulations.

PV