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Why Mr. Trinh Van Quyet on trial even though he was administratively fined?

Why Mr.  Trinh Van Quyet on trial even though he was administratively fined?  - first

Police present at FLC headquarters in Cau Giay district, Hanoi on the evening of March 29

On March 30, the Investigative Police Agency of the Ministry of Public Security (C01) issued a decision to prosecute the accused and a temporary detention order for Trinh Van Quyet – Chairman of the Board of Directors of the FLC Group Joint Stock Company on charges of crimes against him “Stock market manipulation”.

According to the investigative agency, Quyet was tried and detained to clarify misconduct related to the “hidden” sale of 74.8 million shares of FLC on January 10. Also related to this “underground” share sale, Mr. Quyet was administratively fined 1.5 billion dong, suspended from securities activity for 5 months with the decision to sanction administrative violations for the act of “Failed to report on the expected transaction” of the State Securities Commission (SSC).

Why Mr.  Trinh Van Quyet on trial even though he was administratively fined?  - 3

Dr. LS Dang Van Cuong – Head of Law Office

LS Dang Van Cuong, Head of Chinh Phap Law Office, said that Quyet’s prosecution was not related to the previous administrative sanctions decision as they were two different offences.

“During the investigation of the unreported sale of shares on January 10, the police discovered that Mr Quyet had many sophisticated tricks and tricks to create fake offers – requests, pushing the share price to an illegal profit of 500 million VND or more. From this base, Mr. Trinh Van Quyet was investigated for criminal liability”, said Dr. LS Cuong.

Why Mr.  Trinh Van Quyet on trial even though he was administratively fined?  - 4

Lawyer Diep Nang Binh – Chief Lawyer Tinh Thong Law

Agreeing with his colleague’s view, lawyer Diep Nang Binh, head of Tinh Thong Luat’s law office, said that in principle, illegal acts can only be handled once. It is strictly forbidden to keep cases of violations with criminal marks to deal with administrative violations, if the violation is subject to administrative sanctions it will not be investigated for criminal liability. In the case that it has to be dealt with criminally, the decision on administrative offense sanctions must be annulled. However, in this case, Mr. Quyet is criminally charged with “Manipulating the stock market” which is completely different from “Failing to report an expected transaction” – that is, selling “undercover” stock.

“Therefore, the authorities do not need to overturn the previous administrative sanctions decision. As for the extent of Mr Quyet’s guilt, how much damage he caused, how much profit he made, the police will clarify, based on that, to proceed with the treatment according to the charges charged,” the lawyer said. Binh’s comments.

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