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Thursday, September 29, 2022

FLC chairman arrested over stock market manipulation allegations

The Saigon Times

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HCMC – Ministry of Public Security investigators have just detained the high-profile FLC Group chairman, Trinh Van Quyet, on alleged charges of stock market manipulation.

Local news reports quoted the ministry’s Investigative Police Agency as saying today, March 29, that investigators are looking into the alleged attempts of Quyet and his associates at FLC Group, BOS Securities Co., and other affiliated businesses to interfere with the free and fair operation of the stock market and hide stock trading information.

Their practices have done harm to stock investors and negatively affected the normal operation of the market.

According to investigators, what Quyet had done constitutes a criminal offense as stipulated by Article 211 of the Penal Code.

The police have searched 21 locations of FLC Group and other businesses involved for evidence.

Yesterday the local media reported the Ministry of Public Security had launched an investigation into the FLC chairman, aged 47.

In January 2022, the Hochiminh Stock Exchange (HoSE) canceled Quyet’s sale of 74.8 million FLC shares, citing his failure to disclose information prior to the transaction as regulated by the current stock trading rules. The State Securities Commission fined him VND1.5 billion, the highest level permissible under Government Decree 128 on stock trading irregularities.

FLC Group is the owner of Bamboo Airways and other luxury resorts in the country.

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