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Cancel the decision to fine Mr. Trinh Van Quyet VND 1.5 billion

The Securities Commission canceled the “decision on administrative fines of VND 1.5 billion and suspension of transactions for 5 months” with Mr. Trinh Van Quyet because the Chairman of FLC was prosecuted.

According to the State Securities Commission, this decision was annulled at the request of the Investigative Police Agency of the Ministry of Public Security (C01), after this agency had prosecute Quyet on charges of “manipulating” and “hiding securities information”, on March 29.

Previously, on January 18, the Securities Commission decided to impose an administrative fine on the Chairman of FLC Group with a level of VND 1.5 billion, the highest fine according to Decree 128 on sanctions in the field of securities with a limit of VND 1.5 billion. effective earlier this year. In addition, Mr. Quyet was suspended from securities trading activities for 5 months.

Mr. Quyet sold 74.8 million FLC shares on the afternoon of January 10, but did not disclose information earlier. On the evening of the same day, SSC said that it had just received the report, so it made a decision to block the account of the head of FLC. The Ho Chi Minh City Stock Exchange (HoSE) on January 11 issued a notice to cancel this transaction and on January 12, investors were refunded the purchased money.

Since the incident, investors have continuously sold off FLC and Mr. Quyet’s related stocks such as ROS, AMD, KLF, HAI. These codes had a series of deep declines for 7 consecutive sessions and often fell into a state of no buyers.

Also today, Ms. Huong Tran Kieu Dung, Vice President of FLC was administratively fined 70 million by the Securities Commission for being a member of the Board of Directors of 7 companies at the same time.

During the period from May 2020 to October 2021, Ms. Dung was a member of the Board of Directors of FLC Group and held the same position at 6 other companies. Meanwhile, according to the provisions of the Securities Law, a member of the Board of Directors of a public company cannot concurrently hold this position in more than 5 other companies.

Minh Son

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