Why was Mr. Trinh Van Quyet prosecuted even though he was previously administratively fined?
According to the lawyer, the same thing related to the illegal sale of shares, but the crime for which Mr. Quyet was prosecuted for criminal responsibility was different from the behavior of the Chairman of FLC Group who was administratively sanctioned.
Grandfather Trinh Van QuyetChairman of the Board of Directors of FLC Group Joint Stock Company, has just been detained by the Investment Police Agency of the Ministry of Public Security for investigation on the charge of stock market manipulation.
The investigating agency said that Quyet was investigated in connection with the illegal sale of FLC shares on January 10. Also related to the case, on January 18, the State Securities Commission issued a decision to fine Mr. Trinh Van Quyet 1.5 billion dong and suspend securities activities for 5 months over the above case.
Why is Mr. Quyet still being prosecuted even though he was previously sanctioned for the same case?
Explaining this issue, Dr. Dang Van Cuong, Head of the Law Office of Chinh Phap, said that in principle, an act of violating the law is only handled once, if it has been administratively sanctioned, it will be punished. not subject to criminal prosecution.
“However, for the case of Mr. Trinh Van Quyet, the investigating agency prosecuted the chairman for a different crime than the defendant’s previous administrative sanction.”lawyer Cuong said.
Mr. Trinh Van Quyet was prosecuted for manipulating the stock market. Photo: Hoang Ha.
Dr. Cuong analyzed that in January, Mr. Quyet was administratively sanctioned for “failing to report on expected transactions” under Decree 128/2020/ND-CP on sanctions in the securities sector. Meanwhile, on March 29, the Ministry of Public Security prosecuted Mr. Trinh Van Quyet for manipulating the stock market.
According to Chief of the Chinh Phap Law Office, on January 11, the State Securities Commission administratively sanctioned Mr. Quyet for the act of “failing to report and not disclose information before performing transactions”. This behavior can be considered an “incident” and is subject to administrative sanctions only.
“However, after investigating, the authorities discovered that in the case of under-selling stocks on January 10, Mr. Quyet had many sophisticated tricks and tricks to create fake supply – demand and push up stock prices. in order to gain illicit profits from 500 million VND or more. Therefore, the Chairman of the Board of Directors of FLC Group was prosecuted for criminal liability.” Lawyer Cuong said and affirmed that the prosecution agency did not do anything wrong in this case.
Following the case, lawyer Le Hang, T&T Law Firm, said that in case the authorities have administratively sanctioned, but then determine that the violation is sufficient to constitute a crime, criminal action must be taken. , then the person competent to sanction administrative violations must cancel the sanctioning decision, transfer all exhibits, means of violation and documents to the criminal procedure agency to prosecute the case.
The decision to prosecute was made after the authorities identified Mr. Quyet and individuals from FLC Group Joint Stock Company, BOS Securities Joint Stock Company and other companies involved in the stock market manipulation case. hiding information in securities activities occurred on January 10, causing serious damage to investors, affecting the operation of Vietnam’s stock market. Immediately after the incident, the State Securities Commission requested to cancel the transaction for the above 74.8 million shares. |
According to Zing
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