FLC accounting committee member arrested
Trinh Thi Minh Hue, an officer of the accounting department of FLC Group, was arrested for allegedly helping Mr. Trinh Van Quyet to manipulate the stock market.
On April 4, Lieutenant General To An Xo, Chief of the Office and spokesman of the Ministry of Public Security, said that Hue was prosecuted and detained for the crime of Manipulating the stock market. This is a new development when the Investigative Police Agency of the Ministry of Public Security (C01) investigates the case of stock market manipulation and concealment of information in securities activities that occurred at FLC Group.
Before that, the chairman of FLC Group Trinh Van Quyet was the first person in the case to be prosecuted and detained for the crime Stock market manipulation. C01 said that the work of these people caused serious damage to investors, affecting the operation of Vietnam’s stock market.
FLC Group then issued a statement on the case related to Mr. Quyet’s “personal affairs” in the securities purchase and sale transaction. The Group “is not a related entity”, so this “does not change the important orientations” of FLC in business and production. Currently, Mr. Dang Tat Thang, who is the Vice President of FLC and Bamboo Airways, takes the role of president in both businesses instead of Mr. Quyet.
Police seized documents after searching Mr. Quyet’s house in My Dinh 2 urban area, on the evening of March 29. Photo: Pham Chieu
The case that caused FLC Chairman and others to be investigated stems from the afternoon of January 10, Mr. Quyet was found to have sold 74.8 million FLC shares but did not disclose information before. 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. Many investors get a refund of their purchase.
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. In November 2017, Mr. Quyet was fined 65 million dong for selling 57 million shares without notifying the market regulator.
After the above violations, on March 31, the Central Inspection Committee assessed that the Party Committee of the State Securities Commission for the 2015-2020 term had many violations in the state management of securities activities so that a number of individuals manipulating the market. Related leaders such as Mr. Vu Bang (former Chairman of the State Securities Commission), Tran Van Dung (Chairman of the State Securities Commission), Le Hai Tra (General Director of Ho Chi Minh City Stock Exchange) … jointly take responsibility for the violations and shortcomings of the Party Committee of the State Securities Commission, the Ho Chi Minh City Stock Exchange.
Mr. Trinh Van Quyet, 47 years old, started his career as a lawyer and then established the FLC brand. After more than 10 years, the charter capital of FLC reached VND 10,500 billion at the beginning of 2021. As of January 2022, the Chairman of FLC owned more than 215 million FLC shares (equivalent to about 30% of capital) and tens of millions of shares. votes at member companies such as ROS, ART, BOS, GAB…
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