Accordingly, the State Securities Commission issued a notice to cancel the decision on sanctioning administrative violations No. 34 dated January 18, 2022 for Mr. Trinh Van Quyet – Chairman of the Board of Directors of FLC Group (currently Mr. this, after Mr. Quyet was arrested to investigate securities manipulation).
The content of Decision 34 is an administrative fine of VND 1.5 billion and a 5-month suspension of transactions for Mr. Trinh Van Quyet for “under-selling” 74.8 million FLC shares.
According to the committee, the reason for the cancellation of the above sanctioning decision is because on March 29, the Investigative Police Agency of the Ministry of Public Security (C03) issued a decision to prosecute a criminal case, prosecute the accused, and make temporary arrests. Mr. Trinh Van Quyet detained.
C03 sent a written request to the committee to annul Decision No. 34 sanctioning administrative violations against Mr. Trinh Van Quyet (based on Article 4 of the 2015 Penal Code; Articles 5 and 168 of the Criminal Procedure Code. 2015, Clause 3, Article 62 of the Law on Handling of Administrative Violations; Point g, Clause 1, Article 13 of Decree No. 118/2021 of the Government detailing a number of articles and measures to implement the Law on Handling of Administrative Violations) .
On the same day, the Securities and Exchange Commission announced the decision to sanction administrative violations in the field of securities and the securities market for Ms. Huong Tran Kieu Dung – a member of the board of directors of FLC Group Joint Stock Company for violating the law. major in the field of securities and the stock market.
Specifically, according to the law, a member of the board of directors of a public company cannot concurrently be a member of the board of directors at more than 5 other companies.
However, in the period from May 2020 to October 2021, Ms. Huong Tran Kieu Dung was a member of the board of directors of FLC Group and held this position at 6 other companies.
In this case, the committee fined Ms. Dung 70 million dong, applying the extenuating circumstance “the administrative violator has voluntarily remedied the consequences”.
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