Twice secretly selling shares of Mr. Trinh Van Quyet
HanoiChairman of FLC Group Trinh Van Quyet, before being caught in labor, was twice administratively sanctioned for illegally selling shares, causing investors to wobble.
On March 29, Mr. Trinh Van Quyet, 47 years old, was prosecuted by the Investigative Police Agency of the Ministry of Public Security and detained to investigate the crime. stock market manipulation, according to Article 211 of the Penal Code; maximum penalty of 7 years in prison.
He was accused along with some people of “manipulating the stock market”, “hiding information in securities activities”, causing serious damage to investors, affecting the operation of the stock market. Vietnamese securities.
FLC Chairman Trinh Van Quyet. Photo: Ngoc Thanh
According to FLC’s management report, by the end of 2021, Mr. Quyet owns more than 215.4 million FLC shares, equivalent to 30.34% of the group’s total shares. In addition, the chairman of the group also owns more than 23.7 million shares of FLC Faros Construction Company (ROS), 7.5 million shares of GAB of Mining Investment and Asset Management Company. FLC and more than 3.1 million ART shares of BOS Securities Company.
According to the value at the end of the session on March 29, the total number of Mr. Quyet’s shares is worth more than 4,400 billion VND.
Quyet’s scandal related to securities has occurred since November 2017 when he sold 57 million shares but did not report transaction information to the Securities Commission and the Ho Chi Minh City Stock Exchange. Mr. Quyet’s transaction was made when one FLC stock was at the threshold of VND 7,100-7,700, with an estimated transaction value of more than VND 400 billion.
For this behavior, Mr. Quyet was administratively sanctioned by the State Securities Commission of VND 65 million. The “F” stocks then made investors wobble many times.
Five years later, on the afternoon of January 10, Mr. Quyet was discovered to have sold 74.8 million FLC shares but did not disclose the information before that. The Ho Chi Minh City Stock Exchange (HoSE) on January 11 issued a notice to cancel this transaction – an unprecedented measure on the Vietnamese stock market.
On January 17, Mr. Quyet was fined VND 1.5 billion by the State Securities Commission, the highest level according to current regulations on securities, and suspended trading for 5 months.
FLC headquarters in Cau Giay street was blocked and searched on the evening of March 29. Photo: Giang Huy
According to lawyer Dang Van Cuong, “stock market manipulation” means using one or more of one’s own trading accounts or that of others or colluding with each other to continuously buy and sell securities to create supply, artificial demand; use methods or perform other trading behaviors to create artificial supply and demand, and manipulate securities prices. When the violation is not serious enough to be criminally handled, the person who causes the incident will only be fined up to 1.5 billion VND as in the case of Mr. Quyet in January.
If it is the act of “hiding information in securities activities” as above, Mr. Quyet will only be administratively sanctioned. However, the case that has been administratively sanctioned for this act but continues to violate it will be examined for penal liability for the crime. Intentionally disclosing false information or concealing information in securities activities, under article 209 of the Penal Code.
The police sealed the computer when searching the FLC headquarters. Photo: Police
In addition to Mr. Quyet, in recent years, many people have been criminally prosecuted for securities manipulation. In mid-2020, Ms. Pham Thi Hinh, former president of Binh Thuan Industry and Mineral Joint Stock Company (KSA) and three defendants were sentenced to between 15 months of suspended prison and 18 months of imprisonment for the crime. Stock market manipulation.
Ms. Hinh is accused of masterminding and directing her subordinates to use 69 accounts to continuously execute buy and sell orders for KSA securities in order to create artificial supply and demand in the market to “blow up prices”. This behavior was determined to have caused damage to nearly 1,500 investors in KSA shares more than 8 billion dong.
In another case in 2017, Hanoi police prosecuted Ms. Nguyen Van Giang, former director of Dong A Bank Securities Company Limited – Hanoi branch, also on charges of Manipulating stock prices. Ms. Giang is accused of using the information of many other people to open securities accounts or borrow securities accounts at many securities companies to cross-trade CDO shares.
The investigative agency believes that Director Giang’s job has pushed up CDO’s share price. Ms. Giang then sold it for the purpose of making a profit, causing damage to 572 investors with an amount of more than 11 billion dong.
at Blogtuan.info – Source: vnexpress.net – Read the original article here
